Thanks PFS, this gives me confidence with my own application going in this week with a sub-prime lender. I’m a little bit anxious over work history having only returned to work a little over three months ago (have three recent payslips) after a break during covid lockdowns, I do have a good salary relative to line of work / contract. Match all of their opening requirements … Let’s see!
If I get a text from the lender saying they are booking a valuation Will they have already done the underwriting prior to having the valuation done? or will that still need to be done after valuation? Is getting to a valuation stage a good indicator? or do they value the property on offer irrespective of failure at underwriting stage?
@@Progressfs thanks a lot It was 3 bed and 1 bathroom property, we Change it in to 4 bedroom and 2 full bathroom,do u think I rent out 1 or 2 bedroom with my mortgage like Airbnb Thanks 😊
Bank statements.... what if they are looking poor because youve been paying all credit cards ect off? 😬 one month is great with good savings but the two previous months they are poor because i paud off such a large amount off my credit cards which is now paid in full.
So if the lender decides to back down for whatever reason, dod you loose the broker's and solicitor's fee? I mean, do you need to pay these fees each time a lender declines you?
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Question - What is worrying you most about your own situation?
Today I have received my mortgage offer!
Congratulations
Thanks PFS, this gives me confidence with my own application going in this week with a sub-prime lender. I’m a little bit anxious over work history having only returned to work a little over three months ago (have three recent payslips) after a break during covid lockdowns, I do have a good salary relative to line of work / contract. Match all of their opening requirements … Let’s see!
Good luck
If I get a text from the lender saying they are booking a valuation
Will they have already done the underwriting prior to having the valuation done?
or will that still need to be done after valuation?
Is getting to a valuation stage a good indicator? or do they value the property on offer irrespective of failure at underwriting stage?
👍👍👍
Hi, on my valuation, for mortgage purposes, it says residential element greater than 40 % what does it mean any idea real like to know thanks
It means it means that 40% or more of the property usage is for residential purposes. In other words not for business or commercial usage
@@Progressfs thanks a lot
It was 3 bed and 1 bathroom property, we Change it in to 4 bedroom and 2 full bathroom,do u think I rent out 1 or 2 bedroom with my mortgage like Airbnb
Thanks 😊
Bank statements.... what if they are looking poor because youve been paying all credit cards ect off? 😬 one month is great with good savings but the two previous months they are poor because i paud off such a large amount off my credit cards which is now paid in full.
If I have too much expenditure on my payslips will it affect the mortgage approval?
Possibly but depends what it is
So if the lender decides to back down for whatever reason, dod you loose the broker's and solicitor's fee? I mean, do you need to pay these fees each time a lender declines you?