Can't get a mortgage despite good credit

HelpWhereIcan

GreyKnight wrote: »

Yes the credit report says I am on the electoral role at my current address and the address is exactly correct and is how I always give it to any companies. I've been in my job for 7 years too...

I'm interested that Barclays have a pre-approved mortgage limit for all customers, I didn't know that (I do bank with Barclays).

The limit could be zero, but for many people who have been with them for more than 6 months it can be very generous.

Your adviser should have the number they need to call and ask Woolwich - PAML team I believe.

S/he then just needs to submit the case in the normal way but quote the PAML rather than an AIP number - not forgetting to phone and book the funds first. Who says we just input the application online andit's all simple

herbiesjp

Exactly

Should take 5 minutes to get the PAML though

Hopefully after 7 years the OP will have built up good account conduct, and also a decent pre-agreed limit

GreyKnight

herbiesjp wrote: »

Exactly

Should take 5 minutes to get the PAML though

Hopefully after 7 years the OP will have built up good account conduct, and also a decent pre-agreed limit

I've been with Barclays for 12 years and have always had plenty of money in my current account.

Do I need to get my mortgage broker to apply for me, or should I just do this myself?

HelpWhereIcan

As far as I know either your broker or your local branch can get it for you. Your broker just needs your account and sort code numbers.

I would not be surprised if that is what the person you spoke to at Barclays (assuming they were a mortgage adviser) was referring to when she said she would get back to you on Monday.

seikothrill

Greyknight - I am self employed and I got my mortgage via a broker who checked my Barclays PAML (pre-approved mortgage limit)

I had banked with Barclays for 11 years prior to the mortgage.

My PAML limit was £265850 depsite fact I was only purchasing a property value of £185000. I had a 40% deposit and utilised my PAML.

I was so glad my broker was aware of PAML as I was put on the Base Rate tracker +0.18% product otherwise it would have been a self cert fixed at about 6.3%.

The best thing of all is at time of mortgage (2007) is that I had only been self employed for 10 months, had no accounts to prove income or had a regular consistent income.

You state your broker is good - well he wasn't that good if he didn't utilise the PAML!!

herbiesjp

GreyKnight wrote: »

I've been with Barclays for 12 years and have always had plenty of money in my current account.

Do I need to get my mortgage broker to apply for me, or should I just do this myself?

Sorry got the 7 years with your employer confused with the length of time in your job

Not sure if you go direct how long it would take - can't see why it would be any longer to get the limit.

Like I said it can take a broker 5 minutes to find out, so not sure if you want to go down that route.

All the points raised in this post are things that your broker should really have done for you - so to be honest you may want to find another broker in order to get a second opion and see if they can't get something agreed for you a lot more quickly without getting any more declined applications!

CLS26

Are there any other banks who operate a PAML system, or is it just Barclays? Specifically, anyone know what the position is with HBOS/Halifax (and now Lloyds I guess!!!).

Thanks,
CLS