Why oh Why Can't I get a Mortgage ???

SAGWALA_3

Here is an interesting one, ........

I currently live in a property recently valued at circa 300k. Current outstanding mortgage 215k, although this is more than 100% offset by money.

I have recently been informed by my current lender C & G that my mortgage is not portable, although the rate is. (0.95% over base :j)
My problem therefore is this,

I am looking to purchase a property for approx 475k. I have approached the lenders for circa 200k mortgage. The balance is funded personally.

I am being declined on the basis that I currently am not employed ( I have recently been bought out of a business with a very nice sum.) I have only one lender who has expressed interest in the deal at what I feel is a penalty rate more in line with someone with an armful of CCJ's. (4.7 OVER BASE :mad:)

I do have an income from fixed income investments and private investments, but they will not accept this. I have no debt and a squeaky clean Credit History.

My dilemma therefore is, how can I get a lender to understand that their risk of relending my current 200k is being significantly reduced by the fact the loan to value will be circa 45% instead of 75%.

Any suggestions on where to go and take my business would be gratefully appreciated.

SAGWALA

angel81

Hi SAGWALA

According to your other posts you have only just come out of an IVA, so I would have thought it is unlikely that you would get a mortgage anyway. Why not just release some of the cash from your investments and use that to pay for the house?

_Andy_

Adverse credit+no job and you wonder why no-one will lend?

SAGWALA_3

_Andy_ wrote: »

Adverse credit+no job and you wonder why no-one will lend?

Well spotted, however

This post is nothing to do with me, the OP Sagwala, but a very good friend of mine, who I offered to post their situation to try and take advantage of the forums useful information.

Would appreciate your comments. :beer:

Wutang_2

SAGWALA wrote: »

Well spotted, however

This post is nothing to do with me, the OP Sagwala, but a very good friend of mine, who I offered to post their situation to try and take advantage of the forums useful information.

Would appreciate your comments. :beer:

Still the same outcome whoever you're enquiring for.

Conrad

You need to view this from a lenders stance. Imagine you are the lender, then the client gets into arrears and you are now turning to a judge for a repo order. What do think he will say when the 'poor' applicant explains the lender knew very well at outset that they had no nincome, and that you the lender had leant irresponsibly?

You won't be able to get a repo order as you had leant knowing full well there was no earned income and the ability to pay had not be proved.

Now, there are some lenders with lower rates than that you outline, that may be able to lend - a very experienced broker should be able to help you.

petebeale

Hi Sagwala,

I think you need to speak to a true lending specialist. Perhaps the bank dealing with the corporate sale will be able to put you in touch with someone who can sort this out. Often banks have special teams that deal with +£m individuals and people who have non conventional work history (FTSE Directors etc)

SAGWALA_3

Wutang wrote: »

Still the same outcome whoever you're enquiring for.

What ??

_Andy_

SAGWALA wrote: »

What ??

Wutang is pointing out that whether it's you that wants the mortgage or someone else, the criteria for obtaining a mortgage remain unchanged.