Mortgage application depression :(

VIGILANT22

Dark_Jester wrote: »

I disagree! In this circumstance they got it wrong big time. They rejected us based on affordability and considering the facts I have mentioned here repeatedly (all of which can be proved) confirms that their reasons for rejecting us based on affordability is BS!!

They don't have to give me the money but based on the above facts they have to tell my why and how they came to the conclusion that we can not afford it!!

I will get what I want an explanation and show HSBC that they can not just fob people off with BS - we have a right to know the full reasons as to why we was rejected!

Ill show you guys!

ye right!!....you have a lot to learn.........:rotfl:

Dark_Jester

Laugh all you want!

I will get an explanation and you will eat your words

CloudCuckooLand

The banks do not view "not even 35%" of monthly income as a minor amount.

And they will see the total debts, in excess of £35k, and wonder why you are only putting down £9k deposit.

From their point of view, not only have you borrowed your deposit, you have also borrowed and spent, as you do not have it to hand to increase your deposit, a further £26k.

This is not 2007. Banks have disappeared from the high street and those that remain have severely tightened their criteria.

Stop focusing on "you cannot afford it". It is not meant to be a precise explanation for a negative decision, it is a catch-all phrase to avoid getting into detailed discussion as the branch staff are not privy to such decisions.

Read other threads here, of which there are plenty, of Lenders looking upon debts as back-door deposits, which they DO NOT approve.

Income becomes irrelevant in such circumstances.

VIGILANT22

Dark_Jester wrote: »

Laugh all you want!

I will get an explanation and you will eat your words

I don't think so...i am not a naive ftb....lenders do not, what are you not understanding here...do not have to give you chapter and verse as to why they do not want to lend you their money...they have the right to say no and do not have to give you any further information.....

Dark_Jester

CloudCuckooLand wrote: »

The banks do not view "not even 35%" of monthly income as a minor amount.

And they will see the total, in excess of £35k, and wonder why you are only putting down £9k deposit.

From their point of view, not only have you borrowed your deposit, you have also borrowed and spent, as you do not have it to hand to increase your deposit, a further £26k.

This is not 2007. Banks have disappeared from the high street and those that remain have severely tightened their criteria.

Stop focusing on "you cannot afford it". It is not meant to be a precise explanation for a negative decision, it is a catch-all phrase to avoid getting into detailed discussion as the branch staff are not privy to such decisions.

Read other threads here, of which there are plenty, of Lenders looking upon debts as back-door deposits, which they DO not approve.

Income becomes irrelevant in such circumstances.

My 9k deposit did not come from any loan. My wife and my self have a saving account and our bank statements clearly show that we have been making regular monthly payments into it to make the 9k.

In addition, my debt consists of (1) a car loan (ie finance), so how exactly can that help me get a deposit and (2) a wedding loan, where my bank statements clearly show how and where that money went. My 4k credit card dent was honeymoon, this is clearly backed up on statements.

In regards to my wife, (1) her loan is a graduate loan which is paid directly to her university and (2) her 1k debt was on a wedding dress and other accesories for wessing, all of which is backed up on statement.

Your points are not valid for my circumstances but nice try

CloudCuckooLand

Jeez, some people just don't want to be helped. One more try.

It is not that you did get your deposit from a loan, directly.

It is that you took out loans in the first place, demonstrating your inability to save very much.

Getting a loan for the car, for example, helped you continue your saving programme. You should, in the banks mind, have paused saving, bought the car, then started saving again.

That would have avoided the debt you now have.

Indirectly, the loans have funded your savings.

You are the one with two failed applications, not me, if you think you know better why did you allow yourself to get into this situation?

Here's a tip, go to other banks and ask for multiple mortgage applications, to build up your credit score.

Dark_Jester

CloudCuckooLand wrote: »

Jeez, some people just don't want to be helped. One more try.

It is not that you did get your deposit from a loan, directly.

It is that you took out loans in the first place, demonstrating your inability to save very much.

Getting a loan for the car, for example, helped you continue your saving programme. You should, in the banks mind, have paused saving, bought the car, then started saving again.

That would have avoided the debt you now have.

Indirectly, the loans have funded your savings.

You are the one with two failed applications, not me, if you think you know better why did you allow yourself to get into this situation?

Here's a tip, go to other banks and ask for multiple mortgage applications, to build up your credit score.

I don't see how your last two sentences is very helpful, more like kicking a man when his down! Thanks.

Both my self and my wife started saving for deposit in June 2009. At the start of 2009 we had a combined earnings of £50k but since then we have got pay rises. We got married in May 2009, and my bank loan was for that. Yes we could have waited and saved a bit more but we wanted to get married. I received the loan in April 2009.

My car finance and my wifes graduate loan started in 2004, when we was both students.

VIGILANT22

Dark_Jester wrote: »

I don't see how your last two sentences is very helpful, more like kicking a man when his down! Thanks. QUOTE]

For god sake get real...we're talking bricks and mortar here....you really need to take a more mature view to this...all this "I will demand an explanation etc"..."i will show you".............is laughable

CloudCuckooLand

You are still thinking that your personal circumstances matter. They do not.

What came first, wedding, car, loan, savings, etc. All that is irrelevant.

You borrowed £35k but only have £9k deposit to show for it, and now want more money from the bank...?

They want good risks, who have NO debts and still have £10k+ in cash.

Numbers on a form, punched into a computer. Computer says no.

Referred to underwriter, they check computer has got it right. Double-check the criteria. They say no.

End of.

Bored, now.

inca_2

Dark_Jester wrote: »

they have to tell my why and how they came to the conclusion that we can not afford it!!

- we have a right to know the full reasons as to why we was rejected!

No, they don't have to tell you anything. You seem very misguided about the fact that it is not your right to borrow money from a bank or your right to have a mortgage or to decide what a bank's lending policy should be. Why people continue to think like this is beyond me, although i accept that banks themselves were clearly perpetuating this myth a little while ago.

They owe you no explanation. They do not think you are a viable risk to lend their money to, simple as. Look at it this way, if someone wanted to borrow 40k from you and you didn't feel right about it and told them so but they kept on and on at you telling you that you had to give them more of an explanation and that they had a right to know why, would you not tell them where to go?