mortgage declined advice pls

payless

- prime example why individual registration must happen.

Can only assume its not the business owner who posted that number,- that would be a really silly thing to include in spam - ( let google be your friend , and see where it gets you)

payless

we all know his posts will be deleted sometime tonight

jockosjungle

With an £11k loan, how much credit card debt could you in theory rack up with five cards? What are their credit limits? How much were you looking to borrow, how much wages do you have and what deposit?

If you have five cards each with a £5k limit, thats an extra £25k loan you have access to.

R

chullan

thanks for the feedback guys.

i have got 5 cards with varying limits 1000 to 5000. i checked the credit report. no credit card debts. there was an accidental overdraft on a second account couple of months ago. thats the only negative that i could find with the report.

i am thinking of cancelling the unused credit cards. but is it better to cancel the high credit limit cards or the low credit. which will help to boost my mortgage possibilities.

chullan

i was looking to find how much i could borrow; when the bank gave me a surprise declining my mortgage. realistically i am looking for 175,000 with 10% deposit on an income of 35k

maninthestreet

chullan wrote: »

i was looking to find how much i could borrow; when the bank gave me a surprise declining my mortgage. realistically i am looking for 175,000 with 10% deposit on an income of 35k

That's 5 times income - perhaps that's the problem?

luckyfool

maninthestreet wrote: »

That's 5 times income - perhaps that's the problem?

If the 10% deposit means they are borrowing less then its actually 4.5 times income.

Still a huge stretch for most lenders, especially at 90% loan to value.