Refused by First Direct

torridon18

Hi,

I am looking for some advice. I have just been refused a mortgage by first direct because of my credit score. I wanted to borrow £138k against a £185k purchase with a basic salary of £41k. I checked on experian and have a score of 987, no outstanding debts.

Is this normal and is it worth applying to another lender? I don't understand why I was refused and don't want to wreck my credit score by making lots of applications.

Regards,

Paul.

nrsql

Experian credit score is fairly meaningless - just a revenue earner for them.
FD work on 3.5 times income and you are quite close to that so any other debt or adverse indications would probably cause problems.
You could try asking FD why you were refused and to reconsider.
Could also try a broker.

ror100uk

First post here, but I think relevant for you.

My partner and I are FTB's too, and have just signed on a deal with Bristol and West via the Post Office.

Property value £175,000
Mortgage £138,000
Joint income £35,760

No problems at all, applied on Monday 29th June, offer received Thursday 9th July. My only thoughts are that possibly First Direct won't lend the amount of salary multiples that you need?

For info we have fixed for 5 years at 5.2% on repayment basis £822.90 per month.

hth

Roger.