Please talk some sense into me

[HouseAnxiety]

I am doing my own head in over this :(

House: 720,000
Deposit: 405,000
Mortgage applied for: 315,000

DH: 42,000
Me: 34,000

2 DC (childcare £300 PM but get £243 in childcare vouchers).

Mortgage applied for over 30yrs: 2yrs @ 1.18 then 4.99 for term.

We've had agreement in principle and now have paid valuation fee and some other costs to YBS totalling about 1k. I am having really bad anxiety that they will reject our mortgage.

We did use their mortgage calculator that said we could apply for up to 330K.

Do you have any experiences? How long will it take? My nerves are shot to pieces. If they reject it we lose the money :(

I also think you're overthinking it a bit. The lender looks at 2 things when deciding whether to lend- the applicants and the property. They might think you're brilliant applicants but if the state of the house renders it unmortgageable (in extreme cases) then they're not going to lend anything against that house.

The only way to find out what the house is like is a survey. They know what you're like and they seem happy (I'm sure you'd know if they had issues) so you just have to move it forward to the next step.

After two years fixed you change your mortgage to something better and you bring the years down. You'd be really silly not to.

The first thing my mortgage advisor said to me was that the years are irrelevant.

I'm feeling a bit calmer this morning. The fear gets me at night!

Can't help feeling it'll all go wrong but don't wanna let on to DH and stress him out unnecessarily.

When you say rejected by HSBC, do you mean rejected after a formal application process or something else?

Wow that is one pricey house, lucky that you have that much deposit! Do you have to move? Shame that you have to have a 30 year mortgage after being mortgage free? I would be tempted to buy a cheaper house and buy a rental aswell and still have spare cash, but if it's London I guess that's the problem

Yes formal rejection from hsbc. Well they offered us 58k under what we need. Our plan is to reduce term at next remortgage. If DH makes headship anyway!

We have deposit largely through inheritance so very nice but obviously rather have the people.

We feel fortunate. We also made 100k on the house we just sold.

Our income is similar to yours, about 80k combined, but more complicated as DH is self employed (well, director of a limited company on a contract), we have just borrowed £300,000. We have slightly less loan to value. We were unfortunately turned down twice during our application, both after agreement in principle, but before the valuation survey had been done. Our broker seemed to think that they wouldn't bother with the survey unless they had already decided to lend. The first two lenders really screwed us around, they were Leeds Building Society and then Virgin, both said we could borrow up to 310k and then completely reneged on that after we'd spent weeks on the application. Thankfully Metro bank came to the rescue! So try not to worry, if you have done the sums and you can afford it, I'm sure you will get the mortgage you need. You might need to shop around though, and spend a lot if time hassling your broker! It's very scary because the numbers are so big, but that's the reality of living in London.

We had to spend a LOT of time and effort proving multiple times where our deposit was from (despite it all being very straightforward) right up until completion date so make sure your paperwork's all in order.

We ended up with a much lower (although was enough for us) final offer compared to what we got as a DiP. For the actual mortgage offer they went through every bit of our finances in great detail, checking how much we spent on children's activities/socialising/savings etc. All things not discussed in initial meeting. Friends had indicated the new process is much more brutal than it was years ago. But during the process the house valuation was the last thing they did (or that's what held it up once finances all confirmed) I'm sure it will be fine. We borrowed less than you but had a 10% deposit which is significantly less than you. However our base rate after 2 years is 3.99 so your seems high.

Still no news! Valuation booked for Monday

Good luck!

Fanx!

I earn 52,000 and DH earns about 20,000 but is self employed so it varies. We borrowed 300k as a remortgage to fund building work and had it agreed but they won't give us anymore (overspent on build). We are actually a bit worried that they won't let us move onto a decent rate when our fix is up. Getting stuck on their shitty standard variable would really fuck us up. We are paying out over £600 a month to service the loan for finishing the building work, so am hoping our good repayment record on the loans will prove we can service higher mortgage repayments. Also hoping DH has a good tax return this year ;)

House was worth £380k ish (mortgage valuation massively undervalued it IMO) but now worth around £600k.

Who with TeddyBee?

Newcastle. They were complete shits when we wanted to borrow extra though, even when we had bank statements to prove we were servicing much higher repayments already.

Offer approved!

Omg it's really happening!!!

How long will it take now?!

Congrats!!

Thangyooo