FTB - Just declined at bank.....

buyahousein2010

.... what next.

My gf and I have just been declined for a Lloyds-TSB "lend a hand" mortgage. We're both absolutely gutted!!

We have total incomes of 75,000 GBP

The house was worth 215,000 GBP and we had about 12.5% deposit with the rest being made up from savings from my dad to get to 25%.I have a loan with 3,500 GBP left and 2,000 GBP on a C/C, my gf has 5,000 GBP Car Finance.

We can't believe it, the mortgage is comfortably affordable and our credit history shows no defaults. The guy in the bank could not believe it when the system said no, it would only lend up to a 65% LTV.

It's very hard to take when a computer says no and that's it, nothing can be done about it.

Just wondering what our next steps are....???

black_taxi_2

guy in bank should of told you the reason

if all he does is press buttons to get results--its an insult to you

greent

The guy in the bank won't get a reason - it's written into the program to accept/ decline and just advises this and he may be able to guess a reason, but shouldn't. It really isn't the bank staff member's fault in any way - he is just doing his job.

I think this query would be better off on the mortgages & endowments boards, rather than MFW. My guess is you should try somewhere else for a mtge - not particularly helpful, but there's not much else that you can do, I think.

black_taxi_2

hes in lloyds bank and they cant give him the reason it was refused

pure garbage/joke/fixed programe my ar-se

go to hsbc they will treat you with respect

mutron_2

I beginning to think that it's just an excuse to avoid any sort of confrontation. Banks constantly refer to other departments as 'us' and 'them' when they all use the same centralised system.

I would ask to speak to a manager and insist that a specialist underwriter look at it on the grounds that there is no valid reason why it was rejected.

lee636

Have you checked your credit history on a specialist site? There must be something wrong as your joint income is way above what you need to get a mortgage for £215k.

If the check shows nothing maybe use your income (spare amounts) to reduce the loan and CC and re-apply - this may be better than adding to a bigger deposit. Might also be worthwhile seeing a broker and getting them to soft check your application.

Not that helpful but might set you up on the right track.

katsu

Try finding a broker who can help you - broader range of options than a single bank can offer and may also be able to work out why some lenders would not lend to you?

jwil

We were refused a mortgage earlier this year (after we had an agreement in principle), we went to London and Country mortgage brokers panicking as we had already sold our house, and they got us a much better deal elsewhere, it all went through no problems.

I agree with other posters - go and see a broker who covers the whole of the market, they'll know which companies are more likely to offer you a good deal for your circumstances (which incidentally, are much better than we were in!)

pavlovs_dog

we'e curently using london and country to process our mortgage application and have been very impressed with the service received thus far

cat10_2

It does seem daft that you have been turned down for this mortgage. But as a previous poster has already mentioned, it could be that your existing debt of £10,500 is working against you.

LilAmbar

My sister and her OH had exactly the same thing happen to them. When they got their credit rating checked, one mortgage provider they had made enquiries with had done 3 credit checks without them knowing about it or the provider having any reason for doing so, and the second (the one they had wanted to go with) had done the same but 4 times. This lowered their credit rating so when they went to get the agreement in prinicple, the got refused. Contact Experion asap and have a look at your credit rating and get it fixed if there is a problem. Not suprisingly, my sister has had her mortgage from a completely different provider.