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Just applied for a bit of extra money to sort a few things out, Loan to value will still be under 50% so I thought it would go straight through, but its been referred to the mortgage advisors superior for their approval, should I be concerned I'm not going to get the money?
What will the multiple be against your salary?
multiple? its an extra 100 quid a month. salary is 22k
The multiple is how many times your salary are you looking to borrow in total i.e. 4 x £22k = £88k. don't forget to take off of your salary any loans, hire purchase agreement or 3% of credit card balances before applying the multiple.
Alot of mortgage applications have to go for referal. If you went direct to the lender and the advisors had to refer it to his/her superior then it could be that the advisor is a trainee and is still being supervised. In other words they are not yet viewed as having competent advisor status 😐
Years ago (2001?) I went to Nationwide for a mortgage increase for an extension which would have taken me back to the 4x multiple I had when I bought the house. Not only would they not lend me the extra but they said they wouldn't lend me the amount I had already borrowed when my salary was lower. Very odd I thought so maybe the rules had changed - though I did it through the manager of a branch who maybe had the ability to overrule the rules? Well they lost me as a customer as I remortgaged with a less fussy lender - Woolwich.
£100 extra on £22k is quite alot ! Have yoiu worked out your total repayments if interest rates were to double or triple?
true, but as my name is the only one on the deeds I have to apply on my own, that 100 will be split by my wife and me, shes on more money than me. we never got round to changing the deeds as we are trying to move