Mortgage Advice for 85% LTV

katiecat123

We are in the process of buying a property and would appreciate any recommendation on lender or broker that we can use. We are self employed and have tried both the Nationwide and Abbey who have both agreed in principle but the refuse the application. No adverse credit history for either applicant. Any help you could offer? Thanks

Thrugelmir

What reasons were given for the decline of your applications?

GMS

What was the reason for decline at application stage?

How many years accounts do you have?

Was affordability checked?

Is the property of standard construction?

Is the deposit your own savings?

katiecat123

First app was declined as they could not take into account this years projected income for main applicant and based on previous 3 years accounts would not lend enough. Tried Abbey with 3 years full accounts and they have just come back and said risk too high.

Building is standard construction and yes deposit is from sale of a previous property in 2010 and savings.

Thrugelmir

Then maybe the answer is to lower your sights and apply for a smaller mortgage.

Conrad

One or two lenders can consider this dependent upon how your accountant could word a reference.
I would suggest you speak to an experienced broker and not risk another application decline. Make sure the broker know what they are doing!

Good luck

lalali

omg... I am so sorry

I applied 2day also 85percent nationwide.. I am also self employer .
how many days took to know answer?
cheers