We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help! getting nowhere with remortgage...
Darlinbud
Posts: 26 Forumite
Really need some help here! Our situation is that we brought our home cash 3 years ago, we now want to take out a mortgage (although it's actually a remortgage as not buying property with the money) to build an extension and do vitual repairs to property. The house is worth approx £200K we want to borrow £60K. My husband has a default on a loan repayment from earlier this year, he has now settled this debt, but beacuse of this we just keep getting turned down!!
Really at the end of my tether! I would have thought our situation is quite a good one but apparently not! We have applied to our own banks, both turned us down so now we are using a mortgage advisor but today she has got in touch to say we have been turned down again and is going to try elsewhere.
Could it be possible that no-one will lend us the money? aS part of our planning permission we can only do building works between Oct and March so builders want (and need) to start next month!! eek.... what else can we do??
Really at the end of my tether! I would have thought our situation is quite a good one but apparently not! We have applied to our own banks, both turned us down so now we are using a mortgage advisor but today she has got in touch to say we have been turned down again and is going to try elsewhere.
Could it be possible that no-one will lend us the money? aS part of our planning permission we can only do building works between Oct and March so builders want (and need) to start next month!! eek.... what else can we do??
0
Comments
-
You can understand from a lenders point of view that on paper if a smaller, unsecured loan can't be handled well then lending a larger amount is riskier.
Not surprising that high street lenders have turned you down.
Which lender has your broker tried so far? I would be getting a bit concerned with the amount of searches being done.
Presumably your broker is now going to try a more suitable (i.e. adverse) lender?0 -
Affordability?
No mention is made of current income and existing debts.0 -
SouthCoast wrote: »Affordability?
No mention is made of current income and existing debts.
we earn approx £24000. we have 2 loans, one for £6K which we will pay off with the remortgage and one for £20K (£300 a month), no credit cards or other debts.0 -
How many applications have you made?
Which lenders have turned you down?
How much was the default for?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The reason you keep getting turned down is that you are going to the wrong Lenders. If you don't know what to look for you wont find it.
It's a bit like going to the pharmacy with a headache and trying all the medicines from the shelves to see if they will work. Would you not ask the Pharmacist for help?
Go to an independent broker and pay for some sensible guidence.
Particularly if you need the builders to start work soon.0 -
How many applications have you made?
Which lenders have turned you down?
How much was the default for?
Have been turned down by our bank - Natwest, our building society - Derbyshire and the mortgage advisor tried Woolwich who also turned us down.
The default was for £385 (although on the credit file it says £635 - should we contact Equifax about this?? or will it not make much difference??)0 -
The figures do make a difference, so it is always best to have an accurate credit file - get this corrected.
You can place a notice of correction on your file in the meantime if need be - as long as you have evidence to back up what you are saying about the figures.
As like another post, I cannot see why you are applying to these lenders (via your broker). Surely the broker is looking at lending criteria, or even better, discussing verbally with the lender.
Get a second opinion from another whole of market adviser - one that hopefully will not further damage your credit score by applying to lenders that will not be able to helpI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
IN the past we were struggling to sort out a deal with our BS.
I tried my bank and they agreed, then the BS changed there minds.
I wonder if a refused application from your bank will not help.
definately worth a look to see what is on the credit files.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards