Turned down for first mortgage :(

GMS

Check all data is correct on the reports. Check for voters roll showing you on it.

If all credit has been maintained satisfactorily then your score should be good.

Having no credit commitments at application stage should help affordability.

From there you will be relying on lender scoring/criteria including things like length of employment, time at address, time with bank etc. Then you get to minor details like having a landline number. This can help scoring.

If possible apply for 89.9% LTV. This was a tip from a Business Development Manager of a big lender as the computer will not see it as a 90% credit score pass!! Mad but possibly true.

katydo12

Didn't know anything about mortgages and getting them until reading this forum, really glad I did but also feel I'm never going to be able to get a mortgage as have far too much credit and finding it difficult to save and pay creditors. *sigh*

alexlyne

rachael, YBS have a fairly detailed online calculator that you put in your earnings, and your regular outgoings (loans e.g. sofa) and credit card amount. They then tell you how much they can *potentially* lend - the figure given there is very similar to what they'll tell you over the phone. If that doesn't give you what you need, it may be time for plan C.
(Chances are that YBS will decline you, their calculator really doesn't like you to have any debt at all - my childacre payments were enough to massively reduce what they would lend me)

Thrugelmir

katydo12 wrote: »

I'm never going to be able to get a mortgage as have far too much credit and finding it difficult to save and pay creditors. *sigh*

Life is full of choices. Hard work pays dividends in the longer term.

BMSrachael

alexlyne wrote: »

rachael, YBS have a fairly detailed online calculator that you put in your earnings, and your regular outgoings (loans e.g. sofa) and credit card amount. They then tell you how much they can *potentially* lend - the figure given there is very similar to what they'll tell you over the phone. If that doesn't give you what you need, it may be time for plan C.
(Chances are that YBS will decline you, their calculator really doesn't like you to have any debt at all - my childacre payments were enough to massively reduce what they would lend me)

I'm prepared for the fact they'll decline me, but I don't have much to lose at this point! Apparently my credit score is very low due to a year of living out of my overdraft (something I stupidly didn't even think about when I was stressing about cleaning up my credit file) Could do with a lender who'll assess me on affordability rather than a credit score. I don't have a particularly large amount of debt and currently pay rent twice what a mortgage would be. May just have to leave it 6 months unfortunately.

kingstreet

alexlyne wrote: »

rachael, YBS have a fairly detailed online calculator that you put in your earnings, and your regular outgoings (loans e.g. sofa) and credit card amount. They then tell you how much they can *potentially* lend - the figure given there is very similar to what they'll tell you over the phone. If that doesn't give you what you need, it may be time for plan C.
(Chances are that YBS will decline you, their calculator really doesn't like you to have any debt at all - my childacre payments were enough to massively reduce what they would lend me)

Yorkshire Building Society is offering 95%?

alexlyne

kingstreet wrote: »

Yorkshire Building Society is offering 95%?

I have no idea... i was offering advice on their online affordability calculator, not what mortages they do (that's for the likes of you to advise on! )

kingstreet

In the first post, the OP mentions Yorkshire Bank and in your post you mention Yorkshire Building Society.

I was trying to put some clear water between the two as YB is offering 95% and YBS is the current choice for the low LTV/low rate applications.

BMSrachael

I did mean Yorkshire bank. Didn't realise YBS was referring to something different, sorry!

kingstreet

BMSrachael wrote: »

I did mean Yorkshire bank. Didn't realise YBS was referring to something different, sorry!

No apology necessary. You were quite correct. I didn't want you getting confused and heading down a blind alley with a lender which would be no use to you.