Mortgage declined

LisaB1970

We had an agreement in principle several weeks ago, so on the advice of our broker we found a house and subsequently put in an offer, which was accepted.
Yesterday we were called by our broker telling us our mortgage had been declined. We've already paid money out for an independant survey and the mortgage "booking fee"

I have a copy of my credit file which is all satisfactory with no CCJ's, defaulted payments or anythign like that and my credit score is 735

We havent been able to obtain a copy of my husbands but he thinks its pretty pants.

We asked for a mortgage of £82k and have a £15k deposit taking us to £90 odd thousand

I'm now trying to see if anywhere will do a sole mortgage in my name. I earn 27k per year. I DO have a fair bit of credit which will probably go against me but......

Any advice?

GMS

Did the valuation get done?

TrickyDicky

My advice is pay off your credit before trying to buy a house. As a quick sum, any debts will be subtracted from your deposit to get the real deposit you have. Sounds like your credit may have hit your savings value.

kingstreet

LisaB1970 wrote: »

We havent been able to obtain a copy of my husbands but he thinks its pretty pants

Can you elaborate? Please avoid use of technical jargon

LisaB1970

We didnt get the valuation done by the bank thankfully so we didn't pay out for that, just the arrangement fee of £99
My husband has no credit, no cards, loans or anything and hasn't done for years. Only a bank account.
He lived on a houseboat for several years before he met me.
We think this may be the reason, he's probably been under the radar so to speak?

ManicMum

you say his credit is pants - what's the reason? just cos he lived on houseboat?

on 27k sure you could get a mortgage on that. It's probably your debts going against you.

Nothing wrong with saying 'pants'. we all know what you mean. Don't listen to MSE snobs. How boring if everyone on here spoke financial lingo solely IYSWIM.

LisaB1970

Thanks.
He's not had credit for several years, and we know that can go against you. Our broker has put my application with anotehr lender now so we have to wait till next week to see if we get it. In the meantime the EA has been on the phone telling us they showed a "cash buyer" around the property we had the offer accepted on today and could we "hurry things along a bit".... not sure if this is true or not but we're REALLY stressing right now!
(its pants!)

kingstreet

ManicMum wrote: »

you say his credit is pants

Nothing wrong with saying 'pants'. we all know what you mean. Don't listen to MSE snobs. How boring if everyone on here spoke financial lingo solely IYSWIM.

You completely misinterpreted my comment. It was intended as an amusing quip and a break from the usual jargon. Hence the use of the at the end.

I have always tried to avoid using terms not normally used by the man in the street in giving advice and I'd hope by looking at some of my other posts, that would be apparent.

LisaB1970

Its OK Kingstreet, I know you were only having a little joke lol

I appreciate your input - thankyou

down-the-slope

Can I suggest you asked why it was declined - i would go straight to the potential lender - 17 years ago with a perfect 'record' i had a mortgage declined. After i calmed down from the rage of wondering what info on me could possibly have caused this I called to challenge why. Long story...but in the end it boiled down to the ever annoying post office 'post code' system that most companies use (you know where you enter postcode on an electronic form and it finds address) As with all computers...rubbish in rubbish out. The PO system had incorrectly listed address differently from the title deeds. This had apparently flagged as a major issue and so declined (no human involvement you see) So it looked as if we were asking for a morgage for a property that did not exist.

Yours situation may be entirely different but the point of my rant (can you tell it still narks me ?) is that you can be declined for any / all sorts of reason and so its better to find out why and if possible sort or you may come up against the same issue with other lenders

LisaB1970

Just an update

We have managed to get a mortgage (with Santander no less!)

Turns out our original MA had not presented our application to the banks properly and had made a REAL mess of everything.
Luckily we found another who has been absolutely FANTASTIC and has really worked hard. He has managed to get us a joint mortgage too.

Mortgage offer in, searches in - looking to complete next week!!!