Terrible News - I feel sick

Housebuyer958

Hi All:(

My broker just called me to tell me that my application had been referred to "Halifax Head Office" and was immidiately declined. No reason......nothing.

Why do these stupid banks do this - why give me an AIP when they can just make an immidiate decssion to say NO just 1 day later.

My dream house is gone, my wife is devesated, my kids are going to have to go to an awful school now......I've just had the wind knocked right out of me.

I have spoken to another Broker and explained the problem - he's one of these bad credit mortgage guys - Have to admit that he was a lot more real about stuff that my other broker - suppose he just works for himself so he can be.

He reckons on ths surface of what I've told him then I can probably get a mortgage though the amount to lend may be an issue. Anyone used anyone like this before or got any stories about it

........................not sure if I care anymore though............about anything actually.

beecher2

Breathe. And then breathe again. Maybe you should have one thread which is your diary rather than these random panicked posts.

Take one step at a time and keep things in perspective. Your kids don't have to go to an 'awful' school - there are always options. Maybe you just need to be a bit more realistic about what you want.

dmg24

I am a great believer that if something is meant to be it will happen. Maybe this just was not meant to be?

beecher2

BSounds about right - my house is £222,000 and borrowing £186,000 - £980 per month on a tracker. If I did a fixed it would be £1170 per mth so might be worth looking at a tracker instead of fixed (see my other post just now!)

My Dad originally said that he would give me 50K as a deposit a few weeks ago and to go looking for places, which I did and had the offer accepted. I happen to have bought a house from someone who is on a mission to get everything sorted asap and he reckons 6-8 weeks to complete which is fine with me as FTB.

However, my Dad told me today that he can't get the money together now until mid to end July!!!!!

2 months ago I contacted a broker to enquire if there was any chance at all that I could ever get a mortgage (no way I thought).

When I originally spoke to the broker we were talking about getting a mortgage in December. My wife is a student nurse but will be in a full time job by then so I told him I was on £50 per year and she would be on about £18K.

But everything moved quicker and as she is still a student that is why I have had to adjust the salaries to input. After going though all the paperwork I have it works out that I am on about 42K inc bonus and she gets a bursery of 7K per year. The broker worked out that I could get a mortgage on my own with halifax for about £186K and my purchase price is £222K. Or I could go with the Natwest who accept burseries as income and be able to borrow £220K so that seemed like the best option, but it was declined.

Bit of background.

Save up a deposit, wait until your wife is in work, and look again at the end of the year.

GEEGEE8

Sorry to hear that, it's smashed up your dreams into tiny little pieces, of course you will be gutted and nothing will make you feel better but time.

Give it a few days and everything will look different.

GEEGEE8

Ah right, well background makes more sense now. You will just have to wait a year by the sounds of it. All is not lost..

Housebuyer958

Yeh sorry I do have the tendancy to panic........

I'd like to be more realistic about where I look for but the reason this house is the dream one is because is it actually so affordable.

If I start looking at anything lower value in my area then I'll either be looking at a 2 bedroom or a 3 bedroom that needs 10K of work done.

From what I gather anyway, if I don't get this mortgage then I never will and I'll be destined to rent a house forever

Housebuyer958

Why would I have to wait a year?

What difference would that make?

PS - Also, have just been told that by the first broker that his "contact" at Halifax has told him that I am on some kind of list of Adverse Credit Risks that can never be cleared? Don't know how much that is true - he thinks it has got something to do with IVAs or CCJs but I've never been involved in any of them and my credit report clearly shows that I have none.

Sounds a bit dramatic to me

PS - Are you stalking me, even I didn't know what a panic nut I am!!

GEEGEE8

I think 1 year was mentioned because you wife will be in paid employment and your dad will have the 50k.

Housebuyer958

Well maybe - but it doesn't seem like all the money in the world would matter with my credit history (even though on expereian it doesn't look that bad)

Anyone got any advice on the bad credit mortgage guy? I know that I'll pay a higher rate of interest but I'm willing to do that for a couple of years if it means my credit gets better.

FraudBuster

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