Mortgage Denied - Advice Needed Please

Skyler

Maybe I'm being a little sensitive as this issue has obviously put me in a position where I'm scared that I won't be able to get a mortgage and we'll end up homeless.

I came on here for advice but so far there's only one person on here who has given me useful advice and not chastised me for my personal financial circumstances.

I think I'll just request my thread is deleted.

patchwork_cat

Don't Skyler - some parts of MSE do criticise, I think that what other posters are trying to point out is that to the mortgage offerers your situation may not look optimistic. They have gone VERY risk averse, so mush so that it is getting seriously hard to get credit/ mortgages. - I understand where you are coming from - you have seen the perfect place and you want it, maybe it isn't to be, but let your broker see what they can do.

Skyler

patchwork_cat wrote: »

Don't Skyler - some parts of MSE do criticise, I think that what other posters are trying to point out is that to the mortgage offerers your situation may not look optimistic. They have gone VERY risk averse, so mush so that it is getting seriously hard to get credit/ mortgages. - I understand where you are coming from - you have seen the perfect place and you want it, maybe it isn't to be, but let your broker see what they can do.

Thank you

I can see exactly what people are saying and I do understand where people are coming from but I came on here for advice about my situation not to be criticised.

I can't change the situation I'm in I can only work with it. Yes we have seen a property but it isn't the end of the world if we don't get it. There's no guarantee that an increased offer would be accepted anyway, it will be two weeks since the first offer was accepted so they might decide that the process is too far gone and stick with the original offer and purchasers.

We have seen other properties that we like but as I don't want to waste anyones time I have decided to wait until I have a mortgage offer in place before we start making offers as I don't want to mess the sellers around. I can't make an offer on a property if I don't even know whether I can get a mortgage.

If the worst comes to the worst and I can't then as a previous poster has said we'll just have to go into rented for 6 months and see what happens.

I know that lenders are far more risk adverse and they won't look favourably on my current financial situation. I have experianced this first hand by being refused a mortgage.

I have had 3 mortgages in my lifetime. I had a joint mortgage with my son's father when I was with him and we NEVER missed a payment. I lived on my own with my first son when I split up with his father and I NEVER missed a mortgage payment. I then moved in with my now husband and we have NEVER missed a mortgage payment.

Although I have a large amount of outstanding debt I always make the payments on time. Even when I've been on maternity leave I've never had to go to any of my lenders and plead hard up and ask for a payment holiday.

I take my financial committments very seriously and I would NEVER not pay back a loan. I'm 32 years old and I've never defaulted on anything ever.

patchwork_cat

Did you see Martin's programme on Friday - people's credit score and eligibility can be improved. Possibly you will get more help tomorrow or monday.

getmore4less

Skyler wrote: »

Maybe I'm being a little sensitive as this issue has obviously put me in a position where I'm scared that I won't be able to get a mortgage and we'll end up homeless.

I came on here for advice but so far there's only one person on here who has given me useful advice and not chastised me for my personal financial circumstances.

I think I'll just request my thread is deleted.

It is very difficult to propose options without all the information so a critical analysis of the infomation avalable is sometime necesary.

The main point people are making is that allthough you meet all your comitments you do seem to have accumulated some significant debt.

You are proposing to take on even more commitments without any sign of an increase in income and with hubby seting up a new business.

On the face of it you might be overstretching again, if you are there is the risk you start to increase the debt again. so more a warning to consider your options carefully.

The question you have to answer for yourself is how come we have £28k of debt and how do we stop it happening again.

You don't have to tell us, just be very sure of your own comitments and budget, to do this you need an analysis of the spends data that caused this debt to acumultate.

What you are doing is transfering the current unsecured debt to secured if you take on a bigger mortgage.


Have you done a SOA and have a full budget for the next year with an outline plan for a few more?


I think the rental option may have a lot of value, prices are still dropping and gives you a chance to consolidate the thinking and be sure of the budget and be ready to move when a great place comeson the market..