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Remortgage appeal advice
oliel
Posts: 241 Forumite
Applied for an extra £22k £13 debt consolidation, £9k home improvements (long term house project finishing off).
Current loan £102000
House value £240000
New loan £124000 (52%ltv)
Abbey have on application earnings as £1424 (hubby net income based on £20k basic annual an £6.5k overtime/2nd job plus my £860 net income based on £9875 wages and £1726 child benefit. I sent in 3 months pay slips with application. They based monthly expenses as £1378. Leaving £866 disposable for mortgage (quoted mortgage as £711).
Abbey have refused remortgage and have said the reason is affordability possibly because i didnt include a copy of my child benefit letter. They said if I send a copy of the letter they will appeal decision, I have done this.
However looking at wage slips closer, earnings are more like this
Hubby £17500 basic
Overtime/2nd Job £7000 (consistent over last few years)
Me £9875 basic
Child Benefit £1726
I understand that they only take 50% of 2nd job/overtime. I guess what Im asking is, is it likely i will win the appeal? I checked my credit score and it came up excellent. Also if i dont win the appeal who else is likely to lend me this money?
Thanks
Current loan £102000
House value £240000
New loan £124000 (52%ltv)
Abbey have on application earnings as £1424 (hubby net income based on £20k basic annual an £6.5k overtime/2nd job plus my £860 net income based on £9875 wages and £1726 child benefit. I sent in 3 months pay slips with application. They based monthly expenses as £1378. Leaving £866 disposable for mortgage (quoted mortgage as £711).
Abbey have refused remortgage and have said the reason is affordability possibly because i didnt include a copy of my child benefit letter. They said if I send a copy of the letter they will appeal decision, I have done this.
However looking at wage slips closer, earnings are more like this
Hubby £17500 basic
Overtime/2nd Job £7000 (consistent over last few years)
Me £9875 basic
Child Benefit £1726
I understand that they only take 50% of 2nd job/overtime. I guess what Im asking is, is it likely i will win the appeal? I checked my credit score and it came up excellent. Also if i dont win the appeal who else is likely to lend me this money?
Thanks
0
Comments
-
Wait..............abbey will get back to you soon.
They actually asked for the child benefit letter to see how old the children are. If they are 9 and above, the can actually discount the whole amount. You have to remember child benefit eventually stops.
As for overtime - if you have 3 years worth of P60's, they will average that out.
So patience.Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
TEDDYRUKSPIN wrote: »Wait..............abbey will get back to you soon.
They actually asked for the child benefit letter to see how old the children are. If they are 9 and above, the can actually discount the whole amount. You have to remember child benefit eventually stops.
As for overtime - if you have 3 years worth of P60's, they will average that out.
So patience.
Probably do have 3 years worth for my husband - but hes hours have increased about 2 years ago so his basic is more. Kids are under 9. Am supposed to hear tomorrow but was wondering who else might lend to me if they dont.0
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