Single mum trouble getting a mortgage

luckyfool

sofedup123 wrote: »

Been told by the IFA that RBS will charge a £99 fee if I drop out of their offer (if I get one) HUH I said can I charge them £99 if they don't accept me?, answer..........NO!

They charge this fee if you pull out after they have gone to the trouble of providing you with a mortgage offer. This seems fair to me and if they decline you then of course it doesn't apply.

sofedup123

Other problem is I just don't fit the banks boxes self employed work part time single mum relying on tax credits and maintenance, gone from a 2 income very comfortable lifestyle to this. Getting pretty fed up of it all:(

herbiesjp

Nothing wrong with your scenario at all.

Being self employed is not an issue, as you have accounts. You are also able to verify your tax credits and maintenance, so that is not a problem.

Why it seems such a problem, is because the IFA has made it a problem.

This really sounds like it should be straightforward, but then again the IFA has all your details and may have information that could make the application harder to place than it seems.

You say there are deductions - what are these?

sofedup123

Yes I know everyone I have spoken to can't believe I have been turned down twice now with the LTV alone it's a fairly sure bet for the banks they won't lose their 80K if I were to default, not that I am planning to by any way shape or form!

sofedup123

Sorry just mean after tax!

Conrad

sofedup - by all means try your bank but just keep in your mind you are likely to end up facing someone with a 'text book' mentality. The training these Banks give does'nt even come close to dealing with the 'real world'. In training scenarios the example applicants are always relatively straightforward. This means meeting someone with more 'complex' affairs (if you'll forgive that expression) is like trying to get jelly into a straw.

You need to consider things like this;

Tax credits are obstensibly for low earners, and as such will imply your taxable EARNINGS are below the threshold. This then might conflict with the earnings you are stating, perhaps.

herbiesjp

But they would be looking at your NET profit and tax credits/maintenance.

You really need a whole of market mortgage adviser to help you out - as your are getting stressed out by someone who is not doing the job properly it seems.