Can't get a mortgage?

DirkLance

Alright there, hope this is the right area to put this!

Basically, I live at home, I'm 25, I looked a few months ago at houses and applied with my bank (Smile) for a mortgage, I'm a graduate and they offered me up to just over £125k for a first time buyer 100% mortgage, but I only wanted £90k, so applied for that. I got refused on the intial credit check, I checked my credit with Equifax with their big posh report thing, and I don't get why I am refused? I only ever missed one credit card payment (a year ago now and I paid as soon as I realised, I only missed it as I changed banks to Smile that month). When I applied I had my Graduate Barclays Loan, an IF loan and 2 credit cards (and a mobile phone/car insurance). I have now completely paid off 1 credit card, paid off quite a bit on the other, my Graduate loan finishes in the summer, and my IF loan finishes in 1 year (and I'm now on pay as you go but still have the car insurance), am I likely to get refused again?

I work in a school in IT, get paid well, have pretty much the most secure job ever (school is getting rebuilt in a few years and my position is always needed), a degree in BIS, but I can't even buy a house (which is a ripoff anyway with house prices being what they are!) It's quite annoying.

Would getting a deposit and applying for a normal mortgage be better? Or should I keep paying off my debts instead of saving up a deposit? A year ago my debts were probably around £10K (£3.5k was on my now closed Barclaycard!), now they are under half that, and I just got this payrise. I've had 2 IF loans before this one, both of which I paid off 100% on time, I had a 2k overdraft when I finished uni, I don't use the one I have now (which I lowered to £200).

Danke!

Leighthal

Debt first!!..Then save for deposit while you are looking for your first purchase.:beer:

Mr_helpful

just because your bank turns you down doesnt mean everyone will. Contact a fees free independent broker.