Mortgage application depression :(

iamana1ias

Dark_Jester wrote: »

Yes my wedding cost 12k, so bloody what! .

so that PhD wasn't in English or maths then, because it was £12k loan plus £1k dress plus £4k honeymoon. That's £17k plus whatever of your own money you spent. And if you're repaying at minimum payments it will take about 8 years and cost closer to £50k. Pretty expensive day, eh?

Maybe you should look at some other areas of the site and look at ways to pay the debts off ASAP as they are bound to be causing an issue for HSBC.

Dark_Jester

iamana1ias wrote: »

so that PhD wasn't in English or maths then, because it was £12k loan plus £1k dress plus £4k honeymoon. That's £17k plus whatever of your own money you spent. And if you're repaying at minimum payments it will take about 8 years and cost closer to £50k. Pretty expensive day, eh?

Maybe you should look at some other areas of the site and look at ways to pay the debts off ASAP as they are bound to be causing an issue for HSBC.

Its too bad you ruined the constructive advise you gave in the last paragraph by posting what you did in the first paragraph - another pathetic sly dig at me, my spelling and my wedding expenses.

Honestly why? Yes, I know you dont agree with my belief that I have a right to get an explanation from a lender as to why and how they rejected me, but why do you feel the need to insult me? Was my original post, the one that prompted all this abuse, that offensive to you? what exactly did I say?

We are not paying min on the card but paying a fixed agreed sum of the loan over 5 years. However, when myself and my wife get our bonuses at the end of the year we will use that to pay of a significant sum of the debt (around £8-10k paid off depending on my bonus, wifes could be more). Unfortunately, we both were not working long enough with our respective employers to get the bonuses for 2009. So in all honesty, the loan is not really bothering us personally. This is the fact that our bank manager explained to the senior underwriter and low and behold, he is reviewing our application again.

Back to the abuse, I wonder what the responce would have been if I never mentioned that I was 27, had combined £56k salary, 12k wedding, PhD and Barrister wife (24yrs).....since when I go back through all the post these seem to be the things some people are having an issue with.

iamana1ias

Oh my :rotfl:

clearing_out_my_pockets

Cannon_Fodder wrote: »

Whilst I agree that "computer says no" is going to be, like CCL says, down to the overall debt versus deposit situation, I disagree about the underwriter's viewpoint.

In my opinion, it would be the precise detail of that last loan being less than a year old, and "blown" on a wedding that a human would interpret as an indicator of poor risk/attitude.

Able to save £9k in 8 months, but not able to save £10k during relationship/engagement ? Doesn't add up.

"we wanted to" - sums up so much about society today. That's not to say you shouldn't - but its a choice;

- If it was all your own money that would be fine.

- If it was partly your money and partly a loan, without planning on a mortgage, its a matter of personal preference.

- Knowing you will want a mortgage after the wedding, but still taking out a loan in the midst of the [STRIKE]greatest[/STRIKE] worst credit crunch in living memory was naive.

When there are so many other applicants out there, vying for a slice of the limited mortgage funds, to not give yourself the very best credit history was shortsighted - the banks will be cherry-picking the best applicants, and you are nowhere near a half-decent applicant, let alone an attractive risk.

But that was a choice, yours.

Just as the decision of the bank is their choice.

Dark Jester, you appear to be being defensive and confrontational whilst ignoring the one post that makes most sense and probably explains WHY you have been declined.

Underwriters will be wary of large loans and debts incurred in one 'lump' - from your credit file it will look like you've amassed £17k in the space of a few months and now you're looking to borrow twice as much again. When we applied for our mortgage, the underwriters were nervous about the available credit on my credit card (no balance) and the balance of OH's loan (£3k which was paid off prior to completion). The phrase affordability probably doesn't apply to you servicing the loan, but to your perceived habit of applying for credit.

I am not an expert and I do not claim to know anything about mortgages. But I love my partner no less than you love your wife. However, we prioritised slightly differently. We bought our house first and are now SAVING towards our wedding. I am not judging you so don't jump down my throat :A

Dark_Jester

clearing_out_my_pockets wrote: »

Dark Jester, you appear to be being defensive and confrontational whilst ignoring the one post that makes most sense and probably explains WHY you have been declined.

Underwriters will be wary of large loans and debts incurred in one 'lump' - from your credit file it will look like you've amassed £17k in the space of a few months and now you're looking to borrow twice as much again. When we applied for our mortgage, the underwriters were nervous about the available credit on my credit card (no balance) and the balance of OH's loan (£3k which was paid off prior to completion). The phrase affordability probably doesn't apply to you servicing the loan, but to your perceived habit of applying for credit.

I am not an expert and I do not claim to know anything about mortgages. But I love my partner no less than you love your wife. However, we prioritised slightly differently. We bought our house first and are now SAVING towards our wedding. I am not judging you so don't jump down my throat :A

nah, I remember Cannons advise and I appreciated it. Unfortunately, I have not had the time to respond since I have busy arguing with the morons who felt the need to make fun of me and my personal situation. Guess that makes me one for going down to their level. Oh well, Im only human and most people would defend themselves when confronted with judgemental BS.

I see your point in regards to buying first then wedding and trust me that would have been my option but for personal circumstances which left me no choice but to take the loan at the time. When I joined this forum two days ago, I had planned to slowly reveal more information about my personal circumstances as I got to know more people on these forums. I did not feel that going in "guns blazing" telling people everything would be a good idea at least until I established my self better and gained some mutual trust with some members, unfortunately some people have been hostile and rude from the start and this has put me right off telling people everything. I honestly was not expecting people to be this rude.

Its strange because I have read other threads where people do exactly what I planned to do, and slowly reveal more info about themselves based on trust gained with the forum members, and benefited from it. However, for some reason my post and the info that I gave appears to have !!!!ed people off! I have no clue why, I have read my posts over and over and not sure what exactly I said wrong that made people think they had a right to be judgmental and rude

VIGILANT22

So you think we are all wrong and you're right!.....why doesn't this surprise me..

clearing_out_my_pockets

Regardless of all the in-fighting, I suspect that the speed at which debt was built up may be your problem.

If I were in your position (if you get no joy with HSBC or Barclays), I'd use the £9k to pay off some of your debts, overpaying the others and then start saving for a deposit. Once your debts are cleared you'll be able to save twice as much per month.

On a separate note, I'd steer clear of shared ownership, but that's another issue!

Conrad

Vigilant your'e always confrontational, why? You've been with me and a multitude of others. My guess and I don't mean this in a harsh way, is that you hate the situation you find yourself in as a broker. There are a lot of miserable brokers out there due to the crash.

Being angry is bad for your long term health.

Dark_Jester

VIGILANT22 wrote: »

So you think we are all wrong and you're right!.....why doesn't this surprise me..

In regards to what?

(1) You telling me that I would never get an explanation from an underwriter and me telling you that it was not impossible? Well HSBC senior underwriter has agreed to give us one in writing if we get rejected again. All this happened without me even going through the complaints route! HSBC made a decision, they had second thoughts and have told me they are reviewing it again. Once again, all this without me making an official complaint! You did not think I would even get that far. So I guess that makes me right on that count.

(2) The abuse that I have recieved being out of order? You implying that I deserved it from the start? If so, please go back to my original post and tell me what I said that warranted the below the belt digs that have been thrown at me over the last few days? I came here for advise, if people did not like what I believed in then there are better ways of expressing it without resorting to petty comments and sly digs. We are adults after all.
Therefore unless you can show me what I wrote in my original post that is deserving of all that, I will consider my self right on that count as well.

pwllbwdr

You might find that the underwriter's idea of a written explanation falls short of the amount of detail you think you are owed.