Turned down for first mortgage :(

property.advert

The OP is a bad case.

He has little or no savings, has credit card debt, loans for furniture, constantly uses an overdraft and is applying for credit cards all over the place. He cannot live within his means and the banks are very rightly refusing to give him a mortgage.

How more clear cut can it get ?

BMSrachael

property.advert wrote: »

The OP is a bad case.

He has little or no savings, has credit card debt, loans for furniture, constantly uses an overdraft and is applying for credit cards all over the place. He cannot live within his means and the banks are very rightly refusing to give him a mortgage.

How more clear cut can it get ?

SHE has £5000 in savings, one hire purchase agreement (which SHE was told would be virtually ignored by an underwriter anyway as proves nothing about credit history), one credit card, has applied for one credit card in the past 8 years for the purpose of utitlising a 0% on balance transfers feature, and uses an overdraft for approximately 2 days a month.

Not so clear cut thank you, hence why underwriters get paid a wage presumably?

GMS

Why would the HP agreement be ignored?

BMSrachael

I don't know. Presumably because there is no option to make more than a set minimum payment on it generally. Told by the mortgage advisor and underwriter at Nottingham B.S so don't shoot the messenger.