FTB Post Office App Help

Want2Buy

Hi All, First time poster here and first time buyer!!

I just applied online for the Post Office 3 year fixed rate 90 % LTV mortgage. I submitted the Application in Principle (AiP) section of the application and got a response in minutes saying "We are unable to proceed with your application, as the case falls outside our lending criteria."

I'm not sure in what way it falls outside the lending criteria. I think my credit report should be good. I earn £28,800 and am hoping to borrow £90,000 on a £100,000 property with £10,000 downpayment from my own savings. I currently live with family. I have £200 per month of outgoings.

One thing I wasn't sure about was the "type" of flat - whether leasehold, freehold or "simple". I selected "simple" because it said that applied in Scotland. I don't know whether this would be the problem but they did say they would consider "simple".

I will phone them tomorrow but does anyone have any experience of this? Will the fact that they were unable to proceed show up badly on my credit rating? I now don't know if I should go ahead and apply with the Clydesdale. Or whether that would badly affect my credit rating.

Sorry if I'm rambling but I really need to move as quick as possible with this application.

Thanks, in advance, for any help/advice.

_Andy_

One credit search (if indeed they have done one) isn't going to impact your credit options.
Regarding why they've declined them, you'll get an idea when you phone them.

Want2Buy

Thanks Andy. They open in 10 min so I'm going to call them then. I just don't know how "negotiable" these decisions are. I guess I'll find out...

mic200202

Is isn't the Post Office who runs these mortgages it's Bristol & West - the PO are just being used to brand them. Go and see an independent broker and you may save a lot of time, effort and money.

Want2Buy

I know it's run by them but they are now only available through the Post Office.

I have taken a look at my credit report and what I thought was ok, actually isn't. I have 4 credit cards (but only 2 active) so there is too much available credit. When I use the "forecast" tool it seems to suggest that I will move up a band in "credit rating" if I were to close these unused accounts. I guess I committed a cardinal credit sin.

Thanks for replying.