Why cant i get a mortgage

dunstonh

How much are you attempting to borrow?
How much are your incomes?
How much are you monthly debts?
How much is your debt (loans and credit cards)?
How much is the mortgage payment on your bf's mortgage?

How much personal deposit do you have? (we know the gifted is 10%)?

catmac00

dunstonh wrote: »

How much are you attempting to borrow?
How much are your incomes?
How much are you monthly debts?
How much is your debt (loans and credit cards)?
How much is the mortgage payment on your bf's mortgage?

How much personal deposit do you have? (we know the gifted is 10%)?

I have sent you a private message with these details.

jamesd

Gifted deposits are a problem because they are usually effectively a scam from the point of view of a mortgage lender. Price increased to make the deposit gift so the price ends up increased by that much over the real market value. So they may value based on the real market value and that would reduce the loan to value.

There's been some fuss over false reporting to the Land Registry using these inflated prices and that resulted in extra guidance to solicitors on reporting the real price paid rather than the inflated one.

Some lenders will accept a portion of the deposit as gifted. No way to tell whether this is what is happening without an answer from the specific lender but gifted deposits and presumably a new property with possibly inflated price for being new already leave them in a more vulnerable position than for previously sold properties.

It may not be you specifically but just them choosing between the best of the applicant and property combinations that approach them for a mortgage, given the amount of money they want to be lending in each period.

VIGILANT22

catmac00 wrote: »

Both of our credit scores are coming out as 'good' on credit expert. QUOTE]

Never mind the "score"....when you look at the credit report for each financial commitment....do all the months say zero or do some say 1 or 2 for example?

herbiesjp

Sorry - but what is the purchase price?

The deposit is being gifted by whom - the vendor or a family member?

How much is the mortgage payment each month on the property your bf has?

Do either of you have any other debts?

Edit: my system must be playing up , as just noticed the other posts asking the same question - was not there a moment ago

MortgagePerson

Contact experian and pay them £2 for 2 credit reports

happybroker

catmac00 wrote: »

First and second applications have now been rejected. I cant apply for a 3rd as it will affect the credit score even more. They would not tell me the reasons for being rejected over the phone, is it possible to get the reasons for a rejected application? Writing to them perhaps?

They are obliged only to tell you the source of information that led to the decline I'm afraid though most will tell you if it's failed score, credit agency data, affordability etc. It sounds to me like you were led up the garden path on th first one.

Are you applying direct to lender? If so get a copy of your credit file and speak to a good whole of market broker. This way at least you should get some meaningfull advice without making loads of applications that will result in a reduced score.

Don't give up, professional help is what you need.....good luck with it.

LooniesMum

There's another thread running regarding Vendor Assisted Deposit - may be of interest.

Thanks for your comments JamesD