why have abbey only gave me...

beecher2

https://forums.moneysavingexpert.com/discussion/3030886

There were defaults mentioned in February.

DannyboyMidlands

Sounds pretty standard stuff. With my recent 1st Direct application they'd only lend 2.7 times joint income on a 75%LTV product.

muh3

DannyboyMidlands wrote: »

Sounds pretty standard stuff. With my recent 1st Direct application they'd only lend 2.7 times joint income on a 75%LTV product.

I got an offer on a 90% LTV with 3.83 times joint income with Abbey

izools

beecher2 wrote: »

https://forums.moneysavingexpert.com/discussion/3030886

There were defaults mentioned in February.

OP- you're being offered a mortgage of a lower multiple of your income because of your credit history.

To be offered a higher multiple, like the 3.83x income another poster alluded to, you'd need to have not only no defaults, but also positive history of managing your bank account / mobile phone contract / credit card / whatever, in a responsible manner over a long period of time.

Thrugelmir

[QUOTE=SuzysMate;44532004_They_should_have_asked_you_to_complete_an_income_and_expenditure_list,_to_demonstrate_you_can_meet_the_commitment._[/QUOTE]

A good idea to prepare one in any event. As it can be a real eye opener. Often gets forgotten that over time property does require maintenance for example.

The_Palmist

I think its all down to deposit.

The_Palmist

I earn around the same figures but have around 30K for deposits. Most of the lenders I have spoken to are willing to lend me between 91K - 107K.

I figure for every 1k I add to deposit, the lender adds 3K to loan.

donnacraig1984

Wasnt asked to do anything like a income and expenditure list. Just asked for my income details any adverse history, they then requested pays slips, P60 and bank statement. I have no debts, got two credit cards one is unused the other i use for fuel and pay back each month. Guessing its the defaults, got 1 left to come off in october, the 3 i had were all satisfied within 1 year of default. I have 13k, hence why i was going for 90% LTV. Would i get more if i were to go else where, or am i lucky to be even getting one at the moment. Or would it be recommended i wait until october for my final default to fall off to get a higher amount.

Thanks Craig

Helsen

You tried HSBC and Natwest? I was offered 110k with HSBC (more than needed) although was 2 years ago. I'm currently re-mortgaging and Natwest would lend me 100k+, not really tried any others yet. On similar wage as you, no debts what so ever, good history, same deposit at time, few savings. I do however earn bonuses, they said these were not taken into account.
On santanders calculater on 23k pa, says lending around 87k - must be something else they are taking into account?

trulysaintly

You need to speak to an independent adviser - going round lots of other lenders for approval (who will credit score you) won't do your credit score any good at all.

Download your credit report, forward it to your adviser, and they can research the lenders who will consider BEFORE an agreement in principle (and credit score) is done.