mortgage fairness

javorb

he informed them of dmp and our intention to pay it off when remortgaged ,they then offered in principal but i also have stated that the mortgage climate is not any better in fact worse than last year as we were able to get a mortgage and 2 further advances from santander with the last one in jan,yes if the direct debit had been out of my own account the mortgage would have proceeded

Gentoo365 wrote: »

I would have been concerned that the payment to the DMP was a surprise and only discovered when the statements were checked. In addition you seem to be suggesting that the best course of action would have been to hide the payment in another account.

Very worrying. The banks seem to have mended their ways and are now doing more checks prior to lending. They are also ensuring that they do not lend to people who are having financial difficulties with current credit.

It is possible you could get a mortgage, but you need a good advisor. Like others I am concerned that your advisor did not explain the situation to the lender prior to the payment of the fee.

If he did state that you were on a DMP prior to making the application, and you declared all your outgoings, and the decline was only due to the DMP then I would suggest to your broker that he ring them and request a refund of the application fee as a goodwill gesture.

This is because the bank should not have taken the money if it knew that you would have been declined on their policy regarding customers DMPs.

However the bank could (quite rightly) state that it is partly up to the advisor to read the lending criteria prior to submitting an application. Which means you have to take it up with him.

ACG

But your plan has backfired because of the situation your in and the fact that lenders have cracked down.
You cant blame anyone for this, you took a gamble (moving and getting a mortgage...it hasnt worked as planned, thats the gamble you take).

I have little sympathy, its not a total loss though your 6 months from what you want, pay it off quicker if you can?

hcb42

You are doing incredibly well in this housing crisis by yielding a growth in equity as high as you state here.

Wh05apk

javorb wrote: »

he informed them of dmp and our intention to pay it off when remortgaged ,they then offered in principal but i also have stated that the mortgage climate is not any better in fact worse than last year as we were able to get a mortgage and 2 further advances from santander with the last one in jan,yes if the direct debit had been out of my own account the mortgage would have proceeded

You only would have got the loan fraudulently, Abbey will no longer accept any adverse credit, the question will be asked on the app, if you say no, then that is fraud.

Taadaa

OP you seem to be saying that if you had declared yourself bankrupt you would have walked away not paying any of the debt and you could have got a mortgage now. I seriously doubt that.

You were pretty much gambling that the lender would continue to lend to you, someone with a poor credit history. In case you hadn't noticed, the country is in the grip of the worst economic situation since WWII, and it is partially banks lending to people in your position that has caused it.

Get a grip. The world doesn't owe you, or anyone else, anything.

Thrugelmir

javorb wrote: »

obviously you are an overpaid banker,

Your assumption is wrong. I've spent my entire working life in finance however. So nothing surprises me.

I agree that for a number of years banks were run by retailers not bankers. Though this era has passed. We are now returning to what I regard as traditional banking with proper risk control in place.

If you reclaimed £18,000 then this would have enable you to clear your debts amounting to £15,000. I assume therefore that you hid this money from your creditors. So like the bankers. You are attempting to benefit and take advantage of the situation you are in.

Trouble is its the people that act responsibly that are paying the bill, along with the next generation.

javorb

so tell me,mortgages are all about risk so yes i did not look after my credit correctly in the past but for the past 5 years i have been paying back what i was due so from that aspect i have a good credit for the past 5 years ,so how much more os is it a risk giving the equity i have ,look at the banking industry they have been getting slaughtered for fixing interested ,misselling ,and overcharging ,they were the ones pushing most of the uk to mortgages up to 125% ltv ,i am speaking about a mortgage of 80%ltv then once extension completed my ltv will be around 43%, a squeaky clean city gent requiring 95% ltv in my opinion would be a greater risk

Dave_Ham

Sorry this is a horrible read..

Firstly not using any spaces, paragraphs or any grammar makes it hard to read and understand.

The general rant does not endear me to the situation, nor the hard done by attitude.

There are loads of inconsistencies around PPI payout and still not repaid debt, best friend is the mortgage broker but rubbish advice and shocking delivery.

I am going to give you the benefit of the doubt as often things read badly for a variety of reasons:

Get you Experian and Equifax reports, forget their scores as they are absolutely irrelevant. Get them to someone who knows what they are doing and look at a solution from there.

Your recent credit history cannot be a mess or Santander would not have advanced more funds early this year - whilst I recognise they obviously changed policy..

Look for a solution now, do not blame others or generally let it eat you up. There will be a solution....

Good luck

javorb

My biggest point in this is that ,i am in control /paying off my debts ,as said i received a mortgage with santander last july ,further advance in oct then jan ,they changed criteria .
We then tried again with different lender refused to to the 2 further advances of total £25000,but in this period we increased the value by £70000
My credit rating has changed from very poor to fair ,still have defaults but they will all come off by jan.
We have full planning/building warrants all paid for to extend to a 5 bed 3 bathroomed country cottage with off plan value of £300000.
We applied for a further £50000 which would have paid off our adverse credit and paid for our extension .
I was under no doubt it may be hard to remortgage but they dont look at the bigger picture anymore ,we have no problems with the affordability as with their calculations they do not include child benefit ,dissability allowance or care allowance .
We are now resigned to wait until January when we may be able to get a better lender with less set up costs and better rate but we were prepared to pay a bit more to get the extension done ,but we purchased the cottage for living in not for profit so we will wait.

Dave_Ham wrote: »

Sorry this is a horrible read..

Firstly not using any spaces, paragraphs or any grammar makes it hard to read and understand.

The general rant does not endear me to the situation, nor the hard done by attitude.

There are loads of inconsistencies around PPI payout and still not repaid debt, best friend is the mortgage broker but rubbish advice and shocking delivery.

I am going to give you the benefit of the doubt as often things read badly for a variety of reasons:

Get you Experian and Equifax reports, forget their scores as they are absolutely irrelevant. Get them to someone who knows what they are doing and look at a solution from there.

Your recent credit history cannot be a mess or Santander would not have advanced more funds early this year - whilst I recognise they obviously changed policy..

Look for a solution now, do not blame others or generally let it eat you up. There will be a solution....

Good luck

javorb

I am not looking for sympathy ,i am just pointing out that at the minute mortgages are harder to get than a year ago.I am however dissappointed but when i do get my mortgage sorted out i will be in a very good house and a very good financial position .I will have repaid over £40000 of debt and have a mortgage with a 43% ltv ,not many have that .

ACG wrote: »

But your plan has backfired because of the situation your in and the fact that lenders have cracked down.
You cant blame anyone for this, you took a gamble (moving and getting a mortgage...it hasnt worked as planned, thats the gamble you take).

I have little sympathy, its not a total loss though your 6 months from what you want, pay it off quicker if you can?