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mortgage refused
north02
Posts: 3 Newbie
The other day I got my mortgage application refused by the underwrtiters.
Initially they had approved a 95% mortgage but then said I could not buy the flat that I wanted due to the flat being freehold (tyneside flat) but they would if I had 10% deposit. I saved as much as I could over the next 3 months and raised the extra £4000 whilst paying board where I currently live but in doing so I went over my overdraft limit a couple times by a couple pounds.
They have said that they would not approve the mortgage because I am not a responsible spender due to the charges for going over my limit.
How can they overlook the fact that I was saving double what the mortgage payments would be whilst paying board and also over christmas?
What do I do now?
Initially they had approved a 95% mortgage but then said I could not buy the flat that I wanted due to the flat being freehold (tyneside flat) but they would if I had 10% deposit. I saved as much as I could over the next 3 months and raised the extra £4000 whilst paying board where I currently live but in doing so I went over my overdraft limit a couple times by a couple pounds.
They have said that they would not approve the mortgage because I am not a responsible spender due to the charges for going over my limit.
How can they overlook the fact that I was saving double what the mortgage payments would be whilst paying board and also over christmas?
What do I do now?
0
Comments
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Do you constantly use your overdraft facility?0
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It is a graduate account and only been out of Uni for a few years so I have been in my approved overdraft factility since uni. But that was not the problem (well with the first approval) it was that I went over my agreed limit by £4.0
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Have you spoken to them or is this in a letter?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I have not spoken to the underwriters but it is what their mortgage advisor told me they have said via a phone call.0
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