Can't get mortgage - Even with 30% deposit!

HappyMJ

and I got a mortgage without ever being on an electoral roll at any point or ever having any address history. You need a broker to help you get a mortgage.

Dave_Ham

Actually, speaking to your current bank if you have a relationship manager is a good idea.

They may be willing to go a bit further than most..

Yes, independant and most other brokers who post here I think are too. Given the current economic climate I think any tied brokers have been in for a tough time.

Tysonator

Only applied at two places so far, neither was my bank. One was Chelsea BS, and the other was an independent broker (Havent tried my bank yet due to their very high rates compared to elsewhere) Both denied me based on my ER info.

Can prove £45k year income, want to borrow £120k on £180k property.

HappyMJ - How did you manage that? Was this years ago or recent?

ACG

What about doing it the other way around....
Having your business purchase a property? You would be getting into commercial lending then which is going to be more expensive there might/will be some tax issues to so it will cost you more but it might be a way around it. I dont do commercial lending so i dont know enough about it, but it could be an idea.

Tysonator

I did briefly look into it though due to the way it works tax wise (from what I remember) it wasnt worth doing (Plus the deals are not as good). Getting a mortgage is hard enough these days without adding certain unnecessary costs on top, though I do appreciate I dont have many options.

GMS

Your situation is complex so you need to get your head away from the cheapest rates. You need to get into the mindset of getting the mortgage, not getting the cheapest rate possible.

Credit scoring will reject plenty of applications. Add in self employment, only 2 years accounts, no voters roll, many previous addresses and it gets much more difficult.

Multiple applications will lower score further.

Get copies of your credit report from Experian, Equifax and Call Credit. Pay for the £2 statutory ones, not the free trial.

Get the reports to a broker and see what they can find.

ACG

GMS is spot on, forget the best deals. Theyre hard enough for people to get even in a "normal" situation.

Tysonator

GMS wrote: »

Your situation is complex so you need to get your head away from the cheapest rates. You need to get into the mindset of getting the mortgage, not getting the cheapest rate possible.

Im not trying to get the cheapest rates. I just meant my bank was nowhere near what I had got offered. On moneysupermarket there was over 40 companies offering lower rates than what I got offered (offered in principal.. declined on application) based on the information I put in inc accountants, earnings etc etc.

ACG

Have you appealed any of these declines?

Explain your situation, its unlikely to sway them but if you have 2-3 applications floating around it might get 1 of them?

Tysonator

ACG wrote: »

Have you appealed any of these declines?

Explain your situation, its unlikely to sway them but if you have 2-3 applications floating around it might get 1 of them?

I havent actually. I assumed once they had decided that was it.

Question if someone could answer this one.... I got told that my ER info had to match up for 4yrs with my given address...

Doesnt that mean even if I go on the ER now, im still going to be stuffed for 4yrs until it matches up?