Rejected by C&G

MortgageMamma

Is the flat you live in a freehold or flying free hold?

TerryB_3

MortgageMamma wrote:

Is the flat you live in a freehold or flying free hold?

Flat Details
The flat is leasehold. The freeholder is Lambeth Council. The ground floor is a newagents open from 7am-10pm, 1st floor is another flat, 2nd floor is me.
The building was built in 1900 and is standard construction. The flat is 2-bed with only my wife and I living there.

Credit History
My credit report from Equifax shows the following:
Lived in current address for 2 years. On electoral role. Five current credit agreements. £14,000 outstanding on Cr. Card. Perfect payment history.
1 search in last six months. My current mortgage is not on my file. No negative info on file.
I have requested a report from Experian but will take a few days.

Thanks!

stanmoresaver

TerryB wrote:

Flat Details
The flat is leasehold. The freeholder is Lambeth Council. The ground floor is a newagents open from 7am-10pm, 1st floor is another flat, 2nd floor is me.
The building was built in 1900 and is standard construction. The flat is 2-bed with only my wife and I living there. Thanks!

This sort of property will rely on valuers comments-

Ask to see the valuation report- often "open All Hours" newsagents may have other permitted usage- Lenders are particularly wary of grocery usage as if the shop is unlet for a time and there is stock left this would have a detrimental effect on th eproperty value.

That's their view- btw- not mine!

SS

payless

who is your current lender... have you asked them for a new rate ( and if required further advance)

herbiesjp

Also what is either side of the newsagent? The adjacent shops (if there are any) can also cause a problem.

stanmoresaver

herbiesjp wrote:

Also what is either side of the newsagent? The adjacent shops (if there are any) can also cause a problem.

get the feeling we are doing the mortgage brokers job here??

seriously- i'm sure that all the regular brokers on here would have just made a call to the relevant surveyors office- that's what decent brokers do!

rant over!

SS

AndrewSmith

stanmoresaver wrote:

get the feeling we are doing the mortgage brokers job here??

seriously- i'm sure that all the regular brokers on here would have just made a call to the relevant surveyors office- that's what decent brokers do!

rant over!

SS

Couldn't agree more SS

herbiesjp

Indeed - these are the obvious questions to ask!

TerryB_3

stanmoresaver wrote:

get the feeling we are doing the mortgage brokers job here??

seriously- i'm sure that all the regular brokers on here would have just made a call to the relevant surveyors office- that's what decent brokers do!

rant over!

SS

Very valid points.

The reasons for my posting was to find out why I was rejected. Thanks to all who were kind enough to share their experiences and knowledge with me. After checking with Experian and Equifax, there is nothing wrong with my credit record. I believe it's that the combination of type of property and my residential status that caused the application to fail. Obviously, my current broker isn't very thorough.

For those who asked there is a residential block on one side, and another shop on the other. My current lender is RBS, the rate is favourable but there is a redemption penalty, so I'm reluctant, but it's nice to know they are there as a backstop.

Anyway, I'm pretty clear on what my next move should be...

Thanks all for your help!!