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Mortgage declined by underwriters after mortgage manager being so positive!!
firsty
Posts: 46 Forumite
Hi all,
Just need to 'vent'!!
Our mortgage has been declined after it was sent to underwriters (because we only have a 10% deposit), and it all comes down to both of us (my partner and I) using our overdraft. So they now think we can't afford payments as we were still using our overdraft.
The maddening thing is, we both have enough savings to pay off the amount used in the overdrafts, - if we were told before our application went off to the underwriters, we would have paid it off. They are aware of our savings and the fact that we can more than afford the mortgage (good house price).
I am just kicking myself that we didnt just pay the blooming thing off months ago!!!!
Does this seem too strict to you?
Will this affect our credit rating now because we have been declined?
Our mortgage mangager says to re-apply in 3-4 months time... But that's no good to us!!! We've lost our dream home now.... :mad:
Just need to 'vent'!!
Our mortgage has been declined after it was sent to underwriters (because we only have a 10% deposit), and it all comes down to both of us (my partner and I) using our overdraft. So they now think we can't afford payments as we were still using our overdraft.
The maddening thing is, we both have enough savings to pay off the amount used in the overdrafts, - if we were told before our application went off to the underwriters, we would have paid it off. They are aware of our savings and the fact that we can more than afford the mortgage (good house price).
I am just kicking myself that we didnt just pay the blooming thing off months ago!!!!
Does this seem too strict to you?
Will this affect our credit rating now because we have been declined?
Our mortgage mangager says to re-apply in 3-4 months time... But that's no good to us!!! We've lost our dream home now.... :mad:
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Comments
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Which bank was it? HSBC by any chance?
See a good broker. May be able to get a mortgage now and get your dream homeI 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 -
Are your savings the 10% deposit? So if you used them to clear the overdraft you wouldn't seem to have a 10% deposit?0
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GMS - YES it was HSBC!!!!
BoGoF - It would make things a little tighter, but still have our 10%, because we are able even to go 15%, but didnt want to at the time as it would make things a little tighter - wish we did now though, as we may have bypassed the underwriters.0 -
HSBC offer great rates, get huge amounts of applications, and cherry pick the best deals.
I would definitely suggest you have a chat with a good broker. Migh be other options for you.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 -
What is a "mortgage manager" ??Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Took GMS advice & got in touch with a broker - fingers crossed everyone - a little glimmer of hope...0
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Hope you get a result. Good luck.Took GMS advice & got in touch with a broker - fingers crossed everyone - a little glimmer of hope...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 -
Had my stepbrother (mortgage broker) not told me HSBC were a shower of s'''te, i would have gone with them!! My experience with YBS has been perfect.0
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HSBC offer great rates, get huge amounts of applications, and cherry pick the best deals.
I would definitely suggest you have a chat with a good broker. Migh be other options for you.
All us brokers like to hear negative stuff about HSBC :cool:
No love lost between them and us.
Mind you, I do respect them for openly putting two fingers up to brokers. At least, unlike some other lenders, they have the balls to do it.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 -
Hi all,
Does this seem too strict to you?
:mad:
Why so cross? The Daily Mail has been crusading against loose lending for years ,and the public has had it's wish granted.
This is the thing; 'Other peoples' borrowings to the Daily Mail reader are 'outrageous' 'ridiculous' but when it comes to thier turn of course, thier own application is affordable in thier minds - always.
10% is a tiny deposit - get saving0
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