Recourse on declined mortgage?..just looking for a reason why?

opinions4u

toofy wrote: »

One more quick question: In your opinion, if I'd pretended that we were 'buying to let', would my application have stood better chance of success?

If it looks like a student let, no.

Thrugelmir

toofy wrote: »

Listen: I guess we aren't going to see eye to eye on the role and 'powers' of an underwriter but I, genuinely, appreciate the feedback and insight into the mindset.

From an underwriters point of view. Seen and heard it all before. Will use balance of probability in making a decision. People are surprisingly predictable when it comes to financial management and fall into distinct camps, such as security seekers and risk takers.

Changing the topic slightly. What's the issue with you raising the £30k from your own property. Then purchasing for cash. Your son could buy your share once he has left Uni and has a job.

toofy

As I have mentioned before, i am in Northern Ireland where property prices have been hit hard, we could possibly raise the monies through remortgage of our own property, (just scraping through) but surely that would only complicate and extend the whole process? Property prices here have dropped at least by a third since 2007..

Thrugelmir

toofy wrote: »

As I have mentioned before, i am in Northern Ireland where property prices have been hit hard, we could possibly raise the monies through remortgage of our own property, (just scraping through) but surely that would only complicate and extend the whole process? Property prices here have dropped at least by a third since 2007..

If this is the case then perhaps your own circumstances are impacting on the decision made. Your son being in no position to financially afford the property.

toofy

I am trying to look at it in the worst case scenario..i may not be a multimillion pound investor, but my finances are solid enough to support this venture. I am an ordinary mother who has been sensible & reliable over the years building an examplary credit file. I'm trying to do the best for my family, and trying to build a secure and credible future to enable my son & daughter to continue with an education at university. They will be attending university at any rate, and all i want to do is reduce the financial stress imposed by uni fees. Apologies to anyone that may offend, i came looking for sound advice and perhaps suggestions of a way forward...i thank you all for your time and replies..

BoGoF

toofy wrote: »

I am trying to look at it in the worst case scenario..i may not be a multimillion pound investor, but my finances are solid enough to support this venture. I am an ordinary mother who has been sensible & reliable over the years building an examplary credit file. I'm trying to do the best for my family, and trying to build a secure and credible future to enable my son & daughter to continue with an education at university. They will be attending university at any rate, and all i want to do is reduce the financial stress imposed by uni fees. Apologies to anyone that may offend, i came looking for sound advice and perhaps suggestions of a way forward...i thank you all for your time and replies..

Unfortunately it is a lender who will decide if your finances are solid enough not the borrower.

Advice has been given, go back to the broker and ask why they went to Halifax in the first place.

toofy

To Thrugelmir....if there are "distinct camps, security seekers and risk takers"...what category do i fall into??

payless

4 bed house for £50K in a student town ??

dunstonh

Late to the thread but O4U seems to have covered all the points very well and clearly. I have to be honest and say this one reeks of buy to let or multiple occupancy. So, you can see the reasons they have declined it.

Now, there is a possibility that their belief is wrong. We dont know the future intentions of the OP with regards to the property. Problem is that the very same people who do obtain mortgages fraudulently act exactly the same way as someone who is being honest.

I don't particularly rate your independent mortgage adviser for trying to pass this off as a residential mortgage to Halifax.

I dont either. Independent mortgage advisers are low in numbers and typically are more experienced. Its been well over a decade since I last did mortgages but even then this type of property purchase would have stood out like a sore thumb.

toofy

Hi Dunstonh, i value your input; over the years i have read several of your threads and know you have a wealth of knowledge. As i'm sure you can appreciate i am a bit frustrated with what i initially thought would be a straightforward easy process. How wrong have I been?
I am not au fait with the complexities of underwriting and have been naive to think that it would be seen exactly as it is..how do other "investors" even manage to create empires if i appear to be a risk? Can anyone give me advice on how to proceed? By the way as it is the holidays i haven't yet been in contact with my mortgage advisor, i was only informed of their decision by phone last friday..