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  • FIRST POST
    greenjellybean
    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.
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