Mortgage rejected, with good credit rating

kingstreet

Are you sure that's the correct product?

You said 20% deposit, yet that tracker is 75% max LTV?

funkyorange

Nope its a semi-detached house

funkyorange

ohh interesting! Yes it should be a 80% LTV. Wonder if they have changed there mortgage products!

Thrugelmir

funkyorange wrote: »

ohh interesting! Yes it should be a 80% LTV. Wonder if they have changed there mortgage products!

Did you check before applying ?

kingstreet

I'd go back to what Wh05 says in post #9. Your broker must have an idea of why you've been declined. I know a lender may not give chapter and verse quoting DPA, but they'll often point you in the right direction of where to look for the problem.

kingstreet

funkyorange wrote: »

I have just got a rejection from a mortgage product with no reason

I've just re-read this. Is it possible it was just the product you were turned down for because you didn't satisfy the LTV requirement? Have they said they won't give you a mortgage?

I did assume you meant lender and not product. Now I'm not so sure.

funkyorange

Ok well as of yet my advisor has said they wouldn't give a reason. But I have asked him to see if he can get a reason which he is doing now.

I have just phoned them 3 times and they promised to phone me back before 5pm but now they are closed so have to wait till Monday damn it - why does this stuff have to happen last thing on a Friday!

funkyorange

yes I meant lender. product was defiantly 80% LTV I have a money facts report with it on.

Ferferksake

I had two interesting reasons for two rejections from the Cumberland Building Society over the years (like you good credit history etc) only they gave me the "reason" to my face.
1) The first house that I was buying had previously been reposessed so IT was a bad credit risk :huh:
2) The second time I was looking for a quick agreement as I was trying to buy a house at auction so I chased and chased until the day before the auction they finally responded. As I was a major shareholder in the company that I had worked for for the last 13 years (company been trading for 20 years), they wanted the previous 3 years company accounts (ok, no problem) ...... and NEXT YEAR'S accounts before making a decision! Pass me a crystal ball!:wall:

If you're not after a large mortgage and appear to be living "below your means" is there a possibility that they might think that you are going for this house as a buy-to-let without declaring it?