Another mortgage declined :(

Castleman

Feeling very fed up - just had our mortgage application declined.
We have a 28% deposit and can demonstrate that even without my wife working we would build up to a significant cash position within the 5 year fix. Given our financial record keeping we can look back at our last 5 years spending vs income, typical costs for different elements and model this going forward to include inflation, interest rate increases, increase in living standards etc.

Unfortunately, they won't include my wife's income as she's on a fixed term contract of 12 months and has had a career change, despite having regular ongoing freelancing work, evidence of always being able to find a job and the fact that we don't need her income to manage our outgoings (including the mortgage requirement).

really frustrating that we can't present our actual financial model, rather than rely on a generic one that doesn't know anything specific e.g. whether we have a car, how much we spend on petrol, groceries, holidays etc per month, when certain cash funds become available to us and how we have have managed our finances for the last 5 years! Bring back real bank managers!

To top it all off, we had an AIP and at this stage they phoned the underwriters to confirm it wouldn't be a problem and they said it wouldn't.

:mad: and

Thrugelmir

[QUOTE=Castleman;47900325 Bring back real bank managers!

[/QUOTE]

That's precisely what's happening. For too many years some lenders became retailers. Driven by quantity not quality of lending.

RecoveringAlcoholic

Thrugelmir wrote: »

That's precisely what's happening. For too many years some lenders became retailers. Driven by quantity not quality of lending.

Andy Hornby!

http://en.wikipedia.org/wiki/Andy_Hornby

catieeb06

Castleman wrote: »

Feeling very fed up - just had our mortgage application declined.
We have a 28% deposit and can demonstrate that even without my wife working we would build up to a significant cash position within the 5 year fix. Given our financial record keeping we can look back at our last 5 years spending vs income, typical costs for different elements and model this going forward to include inflation, interest rate increases, increase in living standards etc.

Unfortunately, they won't include my wife's income as she's on a fixed term contract of <12 months and has had a career change, despite having regular ongoing freelancing work, evidence of always being able to find a job and the fact that we don't need her income to manage our outgoings (including the mortgage requirement).

really frustrating that we can't present our actual financial model, rather than rely on a generic one that doesn't know anything specific e.g. whether we have a car, how much we spend on petrol, groceries, holidays etc per month, when certain cash funds become available to us and how we have have managed our finances for the last 5 years! Bring back real bank managers!

To top it all off, we had an AIP and at this stage they phoned the underwriters to confirm it wouldn't be a problem and they said it wouldn't.

:mad: and

Who have you approached?

Castleman

This was all with Yorkshire Building Society who gave us an AIP based on this information.

catieeb06

Might be worth widening your scope of lenders.

A whole of market broker may be helpful.

Castleman

As an update - we now have one with ING, rather than Yorkshire Building Society (who rejected us). Very good and fast experience with ING.