Refused our first mortgage - Shared equity - Help please

Thehighlander_2

Yea sorry I meant to say we have pulled out of buying a shared equity property.

We are looking to buy a "normal" house. We have all our stuff ready for Saturday so it least we will know where we stand.

brit1234

Thehighlander wrote: »

Yea sorry I meant to say we have pulled out of buying a shared equity property.

We are looking to buy a "normal" house. We have all our stuff ready for Saturday so it least we will know where we stand.

Good news as shared equity is a rip off, you will be better off.

Thehighlander_2

So we have been finding out over the pass week or so mate.

Actually glad we got refused tbh as we could be in "too deep" if that makes sense.

getmore4less

Living in an overdraft.

Are paying the credit cards off in FULL each month?

debts less than 6 months since cleared.

Dump the overdraft and start saving a bit each month

Make sure no debt anywhere so all cards paid off in full.

Getting loads of "never missed a payment" letters won't help , you have recent bad debt and live in an overdraft.

property.advert

Why do you have £14,000 in savings but still go overdrawn each month ?

This is madness and financial mismanagement. It also shows lenders that you cannot live within your means (even if that includes an element of savings).

Better to move a couple of thousand into your current account to offset any overdraft.

Thehighlander_2

Well thought I would update this.

We took some money out of our savings to clean up our overdraft - Went into the bank 3 months later (after been out of it) and we got offered a mortgauge from our own bank at a excellent deal aswell.

We went to view a house on August 1st and moved into it on the 31st - So got a good mortgage rate/price and now we are living in our own house.

SORTED :-)

Thanks for all the advice its very much appreciated.

mortgagesteve

Hi,
Yes you can get ACSO mortgages up to 100% of the share you want to buy.
Regards
Steve