Been turned down for a mortgage today

manmonkey

Due to move in two weeks time. Time to panic....
House is sold, due to complete in 2 weeks
Got a decision in principle for mortgage more than 4 weeks ago, now they have come back and declined it, based on exactly the same information.
We have 25% deposit and are trying to borrow only x1.5 our combined annual income.
Been mortgage borrowers for 9 years, never missed a payment, perfect credit history.
Nothing dodgy about the house, survey was tip top.
Only issue is part of my wifes salary (GP) is on a locum basis. She has been with the same employer for 5 years and has a letter confirming that her other (perm) post will up her to full time if her locum work finishes.


How times have changed....

WhiteHorse

Given that doctors are in such high demand it is amazing that they should consider her nominally temporary status to be a problem.

Thrugelmir

A mortgage in principle is not the same as the full application process.

There must be something, that the potential lender has uncovered to decline your application given your circumstances as stated.

Do you have any debts other than the mortgage?

tkitmike

I'm in the same boat as you, which lender declined your application?

My suggestion is you speak to your broker and get them to investigate further and try and found out what the reason is and contemplate speaking to another lender pretty quickly!

Nukumai

Well, for what it is worth...

I don't know which lender turned you down, but Scottish Widows has a mortgage product which is explicitly marketed towards "professionals", such as doctors, lawyers etc.

http://www.scottishwidows.co.uk/bank/mortgages/prof_intro.html

Though I don't work as one, I am a qualified chartered accountant, and have had one of these mortgages for 7 years now. Things may have moved on a bit since I took out my facility, but I can add that their service was very prompt (over the phone) and business-like and I would definitely use them again.

Worth a try?

luckyfool

Scottish Widows service is not what it was, and their rates are not competitive. If the circumstances are as described then I cannot see there being too much trouble getting another lender to assist.

Nukumai

luckyfool wrote: »

Scottish Widows service is not what it was, and their rates are not competitive.

Shame. I had no problems with them on either front.

luckyfool wrote: »

If the circumstances are as described then I cannot see there being too much trouble getting another lender to assist.

Yes. The lender's response, based on the information OP provided, does seem a little odd.

TrickyDicky

A question to the OP: have you exchanged contracts?

Jackinbox99

I had the same thing with First Direct recently. I actually checked several times with different FD mortgage advisors but then once they started processing my app they changed their mind. Then changed it back but with very strange conditions on it, then changed their mind, then changed their mind about what conditions they wanted.

All was very bizzare for a straight forward mortgage application when my income, savings and situation were "perfect".

mraaanderson

Hi,

I'm a journalist working on an article about mortgages for a national newspaper. I'm looking for cases of people who have been turned down for a mortgage despite having good credentials, credit rating etc. It's important issue and hopefully if we highlight some good cases it might alert a better lender to your situation and things might change for the better.
You can contact me directly on 02072933881 or garybriananderson@yahoo.co.uk.

Thanks

Thrugelmir

mraaanderson wrote: »

Hi,

I'm a journalist working on an article about mortgages for a national newspaper. I'm looking for cases of people who have been turned down for a mortgage despite having good credentials, credit rating etc. It's important issue and hopefully if we highlight some good cases it might alert a better lender to your situation and things might change for the better.
You can contact me directly on 02072933881 or [EMAIL="garybriananderson@yahoo.co.uk"]garybriananderson@yahoo.co.uk[/EMAIL].

Thanks

You need to distinguish between those that believe that they have a good credit rating and those that actually do.