Hi my sister has got the principle letter and have submitted her mortgage application through her mortgage advisor..it’s been 3 weeks now she has received a recommendation letter from the bank 3days ago….any idea how much more time it can roughly take for her to get an approval and plus what is this recommendation letter mean ?
Hi Saba, it's tough to know what this recommendation letter is without seeing it. Maybe this was the suitability letter from the adviser confirming what the mortgage recommendation was? I wouldn't be able to comment on timescales of individual cases if we aren't the advisers on the case, but I'd recommend your sister speaks with her adviser if there's any concerns with the timescales.
I have applied for first time buyer mortgage and I have been declined from 2 different lenders; I was also buying a share ownership property. 40k deposit, no debit, no credit cards, no loans , perfect credit score. My tax years where like 45k,43k and 25k due to covid, they said they wanted to give me money because last year was low the max that I could get I think was around 33k 😅 my next tax return will be higher than all my previous years do you think they will still count the 25k when I will try to apply again for a mortgage next year
Hi Domenico, sorry to hear about the declines! Were you using a broker? Most lenders would base the lending on your latest year's income where it's lower, but some are a bit more flexible - you might've been able to proceed using an average of the latest 2 years where there's been a dip, for example, which may then allow you to borrow more. If you wait until next year and your tax return is strong, there may be some lenders that can consider using your latest year's income.
Are you looking for a mortgage?
Decent video 👍
Thanks Paul!
Hi my sister has got the principle letter and have submitted her mortgage application through her mortgage advisor..it’s been 3 weeks now she has received a recommendation letter from the bank 3days ago….any idea how much more time it can roughly take for her to get an approval and plus what is this recommendation letter mean ?
Hi Saba, it's tough to know what this recommendation letter is without seeing it. Maybe this was the suitability letter from the adviser confirming what the mortgage recommendation was? I wouldn't be able to comment on timescales of individual cases if we aren't the advisers on the case, but I'd recommend your sister speaks with her adviser if there's any concerns with the timescales.
I have applied for first time buyer mortgage and I have been declined from 2 different lenders;
I was also buying a share ownership property.
40k deposit, no debit, no credit cards, no loans , perfect credit score.
My tax years where like 45k,43k and 25k due to covid, they said they wanted to give me money because last year was low the max that I could get I think was around 33k 😅 my next tax return will be higher than all my previous years do you think they will still count the 25k when I will try to apply again for a mortgage next year
Hi Domenico, sorry to hear about the declines! Were you using a broker? Most lenders would base the lending on your latest year's income where it's lower, but some are a bit more flexible - you might've been able to proceed using an average of the latest 2 years where there's been a dip, for example, which may then allow you to borrow more. If you wait until next year and your tax return is strong, there may be some lenders that can consider using your latest year's income.
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