Mortgage in principle using a broker. How likely is an approval?

[LaksaLover]

Hi,

Recently had an offer accepted on a house and have been using an independent mortgage advisor.

Because the house ticked most of our boxes, we have pushed to the top end of our budget. We didn't expect or want to do this tbh.

I know the closer to your top end you go, the more scruntiny you will be under and so more likely you are to be rejected I guess.

How much more reliable is a broker putting in your application to you making one yourself?

DP has an excellent credit history. I understand that we will have had a hard credit search, not soft.

We are not FTB and have never missed a mortgage repayment. Everything we have put forward is honest and there are no financial skeltons in our closet.

Our repayments will be an extra £500 pm, but my DPs salary has increased quite significantly since our first application and is likely to increase further in the not too distant future, although I doubt the lenders will take that into account.

Anyway, I'm so stressed about the final decision and was just wondering if anyone could shed some light on the likelihood, given our circumstances.

TIA

Bump 🤞

The benefit of you using the independent mortgage adviser is that they can look at a range of products from various vendors to recommend to you. Vs going direct to your existing provider who can only recommend their own products.

A good adviser will have made sure he versify's your position before going through the application process - so as not to waste his or your time. If you already have an AIP and all the details are correct there should be no difference from you applying directly.

Good luck.

I used a broker as I was a first time buyer. I didn't have a clue what I was doing. It cost £500 but he was very helpful. When I renew I'll do it myself.

It will all depend on your incomings and outgoings. My husband chose to increase his pension contributions which limited the amount he could borrow so my dividends had to be taken into account too for example.

Each mortgage provider have their own criteria regardless pf whether you use a broker but a good broker will be able to match your circumstances to a lender.

We're actually locked in with our existing lender, so we don't have any other option.

So what's the broker doing then? Don't you just call them up?

So you are porting your current mortgage and taking out another product on the additional borrowing? Your broker will be able to tell you the likelihood of the lender agreeing the level of borrowing you need, and if they won't, or if there are good enough products available elsewhere it might be worth looking at remortgaging elsewhere and stomaching the ERC. Did you know you planned to move within your product date when you took out your current mortgage- your broker should have talked through this at the time too and taken it into account

I'd recommend going through the broker. We just ported our mortgage to buy a new property and didn't use a broker, because we thought they were just there to advise on the different products and we knew we had to stay with the same bank. But the process was quite slow and our solicitor advised us (too late, unfortunately!) that it's usually quicker with a broker.

Just FYI as well, the bank took into account a pay increase that I was contracted to get from a couple of months after the mortgage start date (internal promotion) even though it hadn't kicked in at the time, so you might be able to use your husband's future earning increase in the application (if you have something in writing from his employer confirming that it will definitely happen).