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Why cant i get a mortgage
catmac00
Posts: 14 Forumite
I am getting really confused now. Me and my partner have a 10% gifted deposit, and a combined income of over 70K a year, yet still cannot get a mortgage agreed. We dont have excessive debt, and our credit scores are both good. The only thing is that my boyfriend owns half a house already, but is getting out of this mortgage. Why can we not get a mortgage?
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Comments
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What are the reasons you've been given so far?0
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Gifted deposit, existing commitments,etc
also why don't you ask those that are refusing you....0 -
Why not wait until your boyfriend is out of the mortgage before applying?0
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Hi
Long time lurker first time poster!
What is wrong with a gifted deposit?0 -
What is wrong with a gifted deposit?
It shows you have made no commitment to save your own deposit. It can also mean that you cant afford to save so you are already under financial pressure before you start.
Also, many gifted deposits are not really gifted. They have just increased the sale price of the property to cover it.
It seems quite clear why this one is being refused. Too much debt and not enough deposit. The boyfriend being on the other property is really the killer.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you can show you can easily afford the monthly repayments though, is that not all a mortgage company cares about?
As long as you can pay back the money they should be happy? Or is that too simple?0 -
Simple!!....naive I would say.....!0
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Son_of_a_beesting wrote: »If you can show you can easily afford the monthly repayments though, is that not all a mortgage company cares about?
As long as you can pay back the money they should be happy? Or is that too simple?
No, it isn't all they care about - they look at salary multiples, LTV, credit files etc too.0 -
I have asked the first Mortgage company that refused and it was because it wasnt actually a product that they sell based on a 10% deposit even though they advertise it. Our mortgage application is currently with the second mortgage company's underwriters. Does this mean it will be declined? So the fact that my boyfriend is still in a mortgage this will work against us?0
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I have asked the first Mortgage company that refused and it was because it wasnt actually a product that they sell based on a 10% deposit even though they advertise it. Our mortgage application is currently with the second mortgage company's underwriters. Does this mean it will be declined? So the fact that my boyfriend is still in a mortgage this will work against us?
It means the commitment for that will be taken into consideration when calculating his affordability
Oh and watch doing multiple applications, this will also have an affect on your credit score which would then add to your existing obstacles0
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