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Mortgage refused after agreement in principle
Comments
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They have now recieved a letter saying that her and her partner are now linked via credit rating and they will have to pay to be unlinked.
How unfair is that!0 -
miss_bentley wrote: »They have now recieved a letter saying that her and her partner are now linked via credit rating and they will have to pay to be unlinked.
How unfair is that!
They can only be linked if they have joint credit. If there is no joint credit then they need to file a 'Notice of Disassociation' with the credit agencies.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
miss_bentley wrote: »We are honest people.
The house was a bargain - new development - houses needed to be shifted!
They will relocate eventually - they are in secure jobs at the moment and would be foolish to move in the current climate. They can quite feasibly commute - Easyjet is very handy and yes they can afford it.
I think is is a shame that there is so much disbelief. What they want to do is totally genuine, but I think they just don't fit any boxes.
Ironically, they could probably get a Buy To Let mortgage. This will cost themm more money, but they don't want to rent it out. This may be their last and onlly option.
Iv'e seen the 80's stupidity of negative equity - this is a very sensible decision.
It is a shame we live in a world where your word is no longer your bond.
What was the loan to value of the mortgage?
The commute will be deemed as unreasonable but new builds are alos something lenders do not particularly like at present.
You seem to be taking the rejection as a personal insult to your family. This is not the case. The lender can only lend in a sensible manner. A 280 mile commute would not be seen as sensible. If the lender were to need to repossess (and I am not suggesting they would) then they would need to go to court and explain how they felt a commute of that distance was possible. Chances are a judge would deem them to have acted in an irresponsible manner and side with the customer.
The lender would be concerned that there would soon be a need to find work closer and as a result could put the payments of the mortgage in danger of being missed whilst jobs were found. As you say, they are in secure jobs at the moment and would be foolish to move in the current climate. Very true so how can a lender be expected to see it as a sensible lending decision?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
miss_bentley wrote: »Ironically, they could probably get a Buy To Let mortgage. This will cost themm more money, but they don't want to rent it out. This may be their last and onlly option.
The lender probably believes that renting out the property could be their intention.0 -
miss_bentley wrote: »Ironically, they could probably get a Buy To Let mortgage. This will cost themm more money, but they don't want to rent it out. This may be their last and onlly option.
So why not get a BTL and then rent the house out to themselves...0 -
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So why not get a BTL and then rent the house out to themselves...
Cannot rent your own property to yourself.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
We are honest people.
They have no way of knowing that and it actually puts you in a minority. For all the shouting and screaming some do on this site about how bad and greedy banks and insurance companies are, consumers are no different.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They have no way of knowing that and it actually puts you in a minority. For all the shouting and screaming some do on this site about how bad and greedy banks and insurance companies are, consumers are no different.
Being indignant and taking it "personally". Would suggest that there is far more to this than is being said. Anybody with an ounce of commonsense would question what the real objectives are. Underwriters aren't stupid people, they've seen it all before so to speak.0 -
Agreed, you're barking up the wrong tree tbh. 280 mile round trip , i think the word "DECLINE" crosses my mind...
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