mortgage referred

sparkie21

mortgage referred

Dave_Ham

Forget your Experian score of 999, it means little..

I will take a punt on this being Santander, you are unlikely to get interest only but if any of your other properties are not mortgaged you may be able to use this to achieve interest only.

Referral based upon not being on electoral roll and requesting id is pretty standard.

If there is nothing in the background, referral is not an issue. If you have not told them/us the full truth, then a referral will uncover it..

Thrugelmir

What you owe in unsecured credit may impact the amount the lender is willing to advance. As your deposit and debts do not sit in separate pots as such. The net figure is the important one.

Lessbutbetter

sparkie21 wrote: »

Also if we are declined with the affect our credit rating

Thanks

You need to have a good indepth look at your credit report, and look at what information if on there as that is what is important. In your first message you state that you have a credit score of 999. This figure is meaningless and is not a reflection at all on your credit worthiness. It is a marketing scam by experian and other CRA's to make money from people like you to see a figure go up or down a few points every month. If you already have alot of debt then your credit will already be pretty knackered even if you have been good regarding repayments. Income, length of time you've been handling credit and many other factors come together to make up your true credit profile.

good luck

kingstreet

I do hold other property

I suspect there's a mortgage on this other property and the system has referred it as it has tipped affordability without it being correctly entered.

Simon_gloster

Sparkie,

Is going onto repayment an issue? How you consider buy to lets self funding may be different to the lender. We still dont know the lender.

Obviously cases to underwriters are worse than going straight through as they will fully assesa the aplication and question your spending habits. Me personally would like to avoid underwriters everytime.

Thrugelmir

sparkie21 wrote: »

the ltv ration is around 88% putting down 20000 deposit

Hence my earlier post. As deducting £13k of debt. Leaves £7k.

As an observation. A monthly return of £1k on 6 properties including 2 owned outright appears very poor.Have you considered reviewing your portfolio to optimise the return? Allowing you to inject more capital into your own home. Which may actually make a better investment return.

Lildozey

Im new to this so please bare with me.
We are selling our flat, SSTC, and have had an offer accepted on a house we would like. We are porting our existing mortgage across as we are on a 2yr fixed and have 10 months left, rather than early repayment. We had everything agreed in principle but on phoning up last night to get everything put through they have said our application has been referred because of my partner needing to supply his payslip, which we already knew we would have to do, and for some other reasons. On checking his credit rating today we find he has an outstanding default from 2010 of £35 to 3mobile, which of course he paid today ASAP, but will still be showing on Equifax, his rating is at 415 at the moment, mid way in the Fair category with nothing else showing apart from a few late mortgage payments about 2.5 yrs ago. He also has an overdraft on another account with Natwest of 1,200 of which he had only paid off 200. Upon hearing this last night I have now paid off 500 of it, so it stands at 500. We are now very worried at what the referral means and wether the default and overdraft will go very against us. I believe my credit rating is fine, never had late payments, credit card is paid off, and credit agreements have all been paid off too. I have been with my employers for 9 yrs, and we have more than enough disposable income to afford the new house.
I think our LTV is about 78%, we are selling for 150,000, have about 98,000 to port over and a new mortgage of 63,000 with a 44,000 deposit.
Any advice would be much appreciated, thank you.

Thrugelmir

Lildozey wrote: »

Im new to this so please bare with me.
We are selling our flat, SSTC, and have had an offer accepted on a house we would like. We are porting our existing mortgage across as we are on a 2yr fixed and have 10 months left, rather than early repayment. We had everything agreed in principle but on phoning up last night to get everything put through they have said our application has been referred because of my partner needing to supply his payslip, which we already knew we would have to do, and for some other reasons. On checking his credit rating today we find he has an outstanding default from 2010 of £35 to 3mobile, which of course he paid today ASAP, but will still be showing on Equifax, his rating is at 415 at the moment, mid way in the Fair category with nothing else showing apart from a few late mortgage payments about 2.5 yrs ago. He also has an overdraft on another account with Natwest of 1,200 of which he had only paid off 200. Upon hearing this last night I have now paid off 500 of it, so it stands at 500. We are now very worried at what the referral means and wether the default and overdraft will go very against us. I believe my credit rating is fine, never had late payments, credit card is paid off, and credit agreements have all been paid off too. I have been with my employers for 9 yrs, and we have more than enough disposable income to afford the new house.
I think our LTV is about 78%, we are selling for 150,000, have about 98,000 to port over and a new mortgage of 63,000 with a 44,000 deposit.
Any advice would be much appreciated, thank you.

Hi

Welcome the board.

Start a new thread to get answers. Tagging onto an existing one merely causes confusion.

T.