Refused a Mortgage.

nttwill

Hello all, although ive visited this site and gained a lot of valuable information from it ive not registered until now. Me and my wife have just been turned down on a mortgage from Bristol and West and would apprieciate some advice. As first time buyers we applied for a mortgage of 87000 on a property of 91950 (we have a 5%deposit) now first off i earn 19100PA plus 1500 in guaranteed bonus', my wife earns 20500PA plus 1750 guaranteed bonus'. The problem comes with our combined debt of 17500 (the majority of which is mine) This is in the form of loans and low interest credit cards.

When contacting BandW to explain their outcome, they explain our outgoings are too high for them to give us a mortgage. But even in the worst possible situation (no bonus, or high interest on CC's) we will still have around 300-400 each a month left over! (That would include paying the mortgage)

Now this has left me a bit miffed to say the least , i have started looking for other mortgages and have seen a reasonable one with Skipton BS, however because we have been turned down for one this will have left a nasty mark on our credit search. We have contacted the conveyencing solicitor and put things on hold for now and really do not want to lose this house. Any suggestions of any route to take or general advise? or anyone got a spare 17000k around they dont want :rotfl:

Many Thanks

N

dougk_2

I would enquire with some of the mortgage companies that lend on affordability , or better still use an Mortgage advisor.

Abbey, IF and Standard Life Bank all lend on affordability. You have a joint income of £40k so its not that low and your debts are not that bad.

herbiesjp

The credit search does not leeave a nasty mark or state that you have been declined a mortgage - it simply shows that there has been an enquiry made by that company against your names.

I would suggest there are other lenders out there that will agree your mortgage - it does depend on what type of mortgage you are looking for as to who is offering the best rates.