Turned down for mortgage by Firstdirect

malfunction_3

Hi all

This is my first post on MSE, I have banked with FD for the past 13 years and have never been overdrawn and have a healthy savings account.

I have a 60% deposit for the house I am buying and am full time employed - have been with the same company for the past 5 years.

I only require £80,000 mortgage, and own a flat with no mortgage outstanding.

Do you think I will be able to get a mortgage with another supplier or is this the end of the road and i've lost my dream house?

kingstreet

Without knowing the reason for the decline, we're going to struggle, without speculating on what might be the issue.

First job is to get copies of your credit files from all three CRAs to see what's on them;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

If these do show credit problems, see a whole market or independent broker.

You've told us lots about what you want to borrow. A mortgage of only 40% is good, but what's your income? Is the affordability ok? Loads of dependents or other credit? Close to retirement, so only a short term possible? Property problem?

Dave_Ham

Good starting point as always.

Will speculate that it either must be an error on your credit report - you will find this by checking or an error made when applying - maybe a typo or an inexperienced telephone advisor.

Otherwise, most of the banks would be beating you off with a stick from the minimum information provided...

ACG

Do you have other debts elsewhere?

Did they not give you a reason? If not then as stated you need to get a copy of your report and find out the reason yourself (if you dont already know).

savageHK

Do you have any credit at all? How long has the flat been paid off? Might be that you have no credit history that they can track down?