additional loan

android_2

i am about to borrow£50 000 on above method but did the application yesterday and sent off today,when i did application with abbey she said everything looked fine re credit checks when it goes to underwriters then why might they refuse loan,ALREADY HAVE MORTGAGE WITH THEM, tried last week through FIRSTPLUS glad it got refused but went to underwriters who refused loan .....who are underwriters your help will be much apprieciated.if i get refused again what is the best method to borrow money.my credit rating is 705(poor) BECAUSE I BORROWED MONEY FOR FAMILY MEMBER WHO IS IN TROUBLE WITH BAD PEOPLE!!!!!!!

homer_j_3

Each lenders will have their own way of assessing people when they request to borrow money. This is their lending policy.

If a case looks on the surface to meet this policy then you will be initially accepted.

The application is then passed to an underwriter. An underwriter is a person who check applications and ultimately decides whether an applicant is somebody who meets the lending policy and double checks the application.

If you are getting refused constantly then there is obviously something that is alerting lenders that you may be too much of a risk. Whether it be affordability, poor credit history or just that there has been something on the application that has conflicted with the lending policy.

You need to speak to an IFA to see what can be done having done a full financial review on you.

android_2

how long does the process last???? do the underwriters work for say abbey,a and l etc or is it one body????????

scfung

how about rasie some captial from your house if you have a mortgages ? because if they got somthing to secure on it they are more likely to borrow the amount you asked for and it is really the equity you relase from the house

hope it will help!

android_2

additional home loan is in conjunction with mortgage,how long will whole process take????