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Mortgage offer ran out/now declined on affordability
Comments
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Thrugelmir wrote: »Santander will have detected this. So your 20% deposit as such doesn't exist. As you borrowing the money to fund the purchase.
We haven't used credit cards to make a deposit, the deposit is from our house sale. We have just been moving a credit card debt (2400)from interest free period to the next one.
Should it come to it, we can pay off the credit card and the car finance but that would require help from the bank of Mum and Dad - we would like to avoid that.
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Spot on, oh and lets not forget the 350 quid you would have to pay out on APPLICATION!It will almost certainly fail via Connels - these big bucket shop types firms are just no use for cases like yours.
I agree with Hamman, find a small decent experienced broker.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
After today we now found out the difference was actually £67 a month. Our advisor has run the numbers through again and think it should of gone through still. He is chasing it up as he think they may of used a figure off our bank statements for tax credits, which increased in April instead of the award notice. Either way, clearing the credit card should cover it if not.
Thanks to all for any advice.0 -
Just an update.
The mortgage was put through again and declined, the telephone advisor said that they couldn't use the income then back tracked and decided they did use it and it was right.
We ended up going into branch and was helped by a lovely advisor. She pressed the situation and we was told that we should of never been given our original offer in the first place. After much messing around they have now given us a mortgage but requiring more deposit (almost 5k). We put in a complaint after the decline from the telephone advisor's and they are now offering us £250 compensation.
We now expect to be in our new home before the end of the month.
Many thanks to Daveham for his advice of going into branch!!!0 -
Most welcome..
Pleased you got a decent result of sorts, but at least you will be in your new home...
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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