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    How is anyone getting a mortgage please?
    • #1
    • 14th Jun 12, 4:32 PM
    How is anyone getting a mortgage please? 14th Jun 12 at 4:32 PM
    My plan was to borrow money on my existing property (getting a new let to buy mortgage on that) to put down as a deposit on a new residential mortgage. My FA initially advised that the best offer was with First Direct so I duly applied and all seemed to be going well. Then after 10 days, they advised me that they didn't think I could cope with 2 mortgages running along side by side so they were declining me.
    I applied to Smile with whom I have been a current account customer for over 10 years. Two one hour long phone calls went well, I sent in my documents as requested. Just had a phone call, a week after my initial application phone call, and have been turned down by them too. They dont allow a person to borrow on an existing mortgage. I pleaded with him that my current account history shows I am sensible with money and I know I can cope with 2 mortgages. To no avail. It's another no. I am now worried my vendors will think we have taken too long; can I afford to have another week of waiting whilst I apply for a third time? I am also worried that my credit rating, which has been excellent, will be adversely affected by 2 declines in 2 weeks.
    My FA advises he can find me someone who will let me borrow on this criteria but I just dont understand why the 'apply yourself mortgage lenders' suggest all these great deals but then don't let anyone actually successfully get anything. What is the secret?
    Sorry for the rant. My 'furious' typing is preventing me from crying so that's good.
Page 2
    • Conrad
    • By Conrad 16th Jun 12, 12:00 PM
    • 26,157 Posts
    • 43,071 Thanks
    jellybean - woolwich can do such a case but they are a difficult lot to deal with typically (not every time), and use processing centres in India which adds to the complexity.

    There are FAR easier ways to approach this frankly.

    Don't for a second assume Woolwich fully recognise what you are trying to do, thier systems are not designed for cases such as yours (systems designers know nothing about real world mortgage clients).

    At the last moment some underwriter will review your whole case so it isn't cut n dried until the fat lady takes voice, so for me the downside of this lender is too great.

    You know when things are bad, you cant spell a word and have change the entire sentence to avoid using it.
  • The J

    The J, I am not a difficult customer at all. I dont quite understand where you are getting that about me. But thanks for your input.
    Originally posted by greenjellybean
    Come off it, you think you should get the best deals but you can't. You're either difficult or a scary person who the FA doesn't want to take on, I'm not sure what is worse. Did they honestly say "I recommend you speak to First Direct as I definitely think they will do it" or did they say "You have to apply directly for that one, I'm not sure if they will do it or not"?

    I'm guessing you spoke to a fees free whole of market broker? They tend to be a bit green and can bin off difficult clients without too much trouble.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
    • zappahey
    • By zappahey 16th Jun 12, 12:54 PM
    • 2,177 Posts
    • 1,985 Thanks
    Thanks Thrugelmir, why don't they ask exactly where the deposit is coming from in the initial phone calls then? Would save a lot of time for both parties.
    Originally posted by greenjellybean

    I'm currently applying for a mortgage with Smile and they asked me this question during the first phone call, so I'm surprised you got so far with them.
    What goes around - comes around
    • Thrugelmir
    • By Thrugelmir 16th Jun 12, 1:19 PM
    • 44,940 Posts
    • 37,917 Thanks
    Thanks Thrugelmir, why don't they ask exactly where the deposit is coming from in the initial phone calls then? Would save a lot of time for both parties.
    Originally posted by greenjellybean
    Turning the question around. Why didn't you ask if this was acceptable? As your plan was based on assumption.

    There's a world of difference on how consumers view lending , and how the lenders do. In any business proposal. Banks like to see investors putting their own money at risk.
    "Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step."
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