Ftb: What can we do?!

desperate_now

Hi just come to this thread and my question may have been covered if so, sorry. My husband and I bought a house and became outright owners on May 29th 2009, But we chose not to move in because we had not sold our house, where we have lived for 40 years, (hope to complete 2nd Oct) In the meantime we have arranged gas electric water supplies to the new house and in addition notified the council but fortunately do not have to pay a second tax until November. We have changed most of our connections, bank account etc. We do not have any mortgage or bridging loans and have never had any bad debts. OK so you now have the picture.
Can anyone tell me why when today I applied for a pay monthly mobile telephone from Vodaphone giving my new address (because we will physically move shortly) I was refused and more importantly where can I get an answer why. Someone has some info affecting me and I want to know why and How.
Thanks a million in anticipation.

DVardysShadow

vespertine wrote: »

I am new to this board; it always appears when I google, so thought someone might be able to help?!

Hubbie and I have joint income of £84k. Stable, permanent jobs.
Loan of £17k (funding post grad study few years ago)
No credit cards, overdrafts or anything else hiding anywhere.
Low monthly commitments.
Checked credit rating on Experian - both of us rated 'fair'
Only just gone onto electoral role, so possibly not reflected on our credit rating.

Just been declined for £135K discount, 90% mortgage with HSBC
HSBC unhelpful in giving reason; will tell us Monday.
Already have made offer on property that has been accepted.

Question: should we just plough on and apply elsewhere; wait for HSBC and plead our case; forget it and remain in miserable rented house until we die (bitter? )

Thanks for any help.

No help on what to do, but it stands out to me from your info that you might not look a good prospect at all. You have £84k coming in, but you have £17k of loan and can only manage about £15k of savings. You show little evidence of putting money to something regularly - either to pay off credit or towards savings.

In other words, for a 90% LTV product, you don't sparkle as borrowers, because you do not appear to accumulate capital and it is not easy to see what you do with your money. Although your income will easily support a £200k mortgage, because of the lack of sparkle, you don't come anywhere near the top of the pile for a 90% LTV product.

You could probably save £2k/month easily. After 18 months, you could have £50k available. With £50k, you will go into a quite different LTV category, and suddenly you will sparkle as borrowers - your income may even lead to a suggestion from the lender that you take a bigger loan!

If the post grad loan is at lower rates than your savings, it may make sense to keep it on, but take some time over saving heavily.

DVardysShadow

desperate_now wrote: »

Hi just come to this thread and my question may have been covered if so, sorry. My husband and I bought a house and became outright owners on May 29th 2009, But we chose not to move in because we had not sold our house, where we have lived for 40 years, (hope to complete 2nd Oct) In the meantime we have arranged gas electric water supplies to the new house and in addition notified the council but fortunately do not have to pay a second tax until November. We have changed most of our connections, bank account etc. We do not have any mortgage or bridging loans and have never had any bad debts. OK so you now have the picture.
Can anyone tell me why when today I applied for a pay monthly mobile telephone from Vodaphone giving my new address (because we will physically move shortly) I was refused and more importantly where can I get an answer why. Someone has some info affecting me and I want to know why and How.
Thanks a million in anticipation.

I suggest

1. you start a new thread. This one is for Vespertine's question about getting a mortgage
2. you start your new thread in another forum - this board deals with Mortgages and Endowments

This benefits you in that you are more likely to get useful responses - I suggest Mobile Phones or Debt Free Wannabe will have useful experience. It also helps everyone else to keep focus on vespertine's problem

Vodafone

Hi

Moving is never easy and things like this can make it harder.

We have a lot of help and information on this query here.

I'm sure that will help to clear it up for you.

Kirsty
Web Relations Team
Vodafone UK

milan_ns

HSBC online calculator said I can borrow up to £120k, but when I called them to do agreement in principal figure dropped to.... wait... £70k?!

On the phone, I supplied the same data as when filling in online form. I have no bleimshes on credit record.

I think they are just pretending to offer 90% LTV mortgages for sake of PR (helping FTBs, being all noble and such), where as in reality they offer more like 60% LTV.