Dream house found, declined mortgage by 3 diff companies

Bullfighter

andys15 wrote: »

I just wanted to live in a nice area, where the kids can play safely. You have got to pay the price for that. I am not interested in my house as an asset. I dont care what it is worth, as long as I can repay my mortgage. I didn't want to continue renting as your life is in the hands of someone else. I paid over inflated price for it without a doubt, and the previous owners walked away with a £100000 profit. I didn't go above 2 1/2 joint salary as I didn't want a big mortgage payment every month. We could have, we were offered 5xsalary. I sympathies with other though, because I am a high earner so fortunately I can get a nice house in a nice area, but guys with less salary who strive for the same thing are having to pay 5 times salary, but I completely understand why they do it.

I also want to live in a nice area, and do. I rent.

However, for the sake of clarity I wanted to address some of your points as I hear them a lot without challenge:

I didn't want to continue renting as your life is in the hands of someone else

I get the feeling that you are living in someone else's house, I do. However unless you own your house outright then guess what, your life is in someone else's hands (your employer, the BOE, the bank etc)

I am not interested in my house as an asset. I dont care what it is worth, as long as I can repay my mortgage.

Great, but since you are reliant on a bank's discretion to lend you lots of money you have to worry about interest rates and your LTV. If your bank moves you to a 'punative' SVR, and you are in negative equity.. guess what suck it up.

This applies less to you, and a lot more to those who have over-extended themselves in the hope that houses are magical money boxes that perpetually !!!!!! gold coins.

We all make life decisions, and maybe yours was/is right for you, I hope so.

delveh

Hi all, just wondering. If we cant get a mortgage on the house we want do we have any chance of getting a mortgage on a cheaper property?

Already been having a look at considerably cheaper properties that are around 75k so we would put down a 20% deposit.

Any thoughts much appreciated.

herbiesjp

You should be able to get a mortgage based on both scenarios.

kent_money_saver

delveh wrote: »

Thanks for the info! I'll certainly mention that to the advisor and see what he thinks.

Like i say, just trying to get a better understanding / info as to what is available. 2 days is too long to wait lol.

Unfortunatley false hope by HSBC through the mortgage in principle etc. wasted 2 weeks of our lives!

Exactly the same as us,blinking hsbc, oh sorry weve lost this form , lost that form, 3 return joiurneys to and from the high street bank,even the clerk in the bank called the callcentre staff stupid,at this point i thought im in the wrong bank, they even said my wifes passport wasnt a valid id, funny its ok for passport control, agreed in principal, then i get a phone call to say oh sorry we cant help you, we cant give you the amount you want, well how much will you give us,(thinking ive got 20k in savings for emergencies), oh nothing.
house value 300k, mortgage outstanding 100k, ages 45, endowment due in 3 years for 45k,both in full time employment,me for 10 years in this job , wife in hers for 4 years,never missed a payment, anywhere,always pay off credit cards each month,Pah.
everytime you ring up you get some foreign callcentre who really hasnt got a clue what youre on about.
wont be going back there again for anything, a really bad experience, AVOID.