Mortgage refusal

pdls

Thanks for all your help everybody :-) guess I have to keep everything crossed and decide a next step if they still say no!

sugarlily

How long does it take to show as repaid? I paid off a credit card in Jan, and am now applying to santander. I need them to put a rush on it cos I'll be homeless at the end of the month... (don't ask.)

Kayalana99

sugarlily wrote: »

How long does it take to show as repaid? I paid off a credit card in Jan, and am now applying to santander. I need them to put a rush on it cos I'll be homeless at the end of the month... (don't ask.)

I said 30 days before but it 'updates' on a certain day of every month so I belive its 30 days max, you can purchase a credit report for £2 if you want to check.

ACG

You want to buy a house in 2 weeks?!!? If i have read that correctly, then i would go and buy a tent now.

kingstreet

gaz141 wrote: »

Oh OK, thanks for that. When I was looking last year only the Halifax and Leeds BS were offering these mortgages

According to Mortgage Brain there are 15 lenders offering 90% shared ownership products up and down the country. Some only lend in narrow areas though.

kingstreet

pdls wrote: »

Im a first time buyer looking to purchase a shared ownership property

I know this may be a stupid question, but this really, truly, is shared ownership?

It wouldn't be the first time a buyer has mixed up shared ownership and shared equity.

Shared Ownership

You buy only a portion of the property
You pay a monthly rent for the other portion - normally to a Housing Association
The property is leasehold and you pay ground rent and service charges

Shared Equity

You buy all the property
You get a second charge loan from a builder/HMG to reduce your mortgage
The loan is interest-free, perhaps for 5 years
You pay back a percentage of the property value when you sell.

Please confirm.

pdls

This is shared ownership. I buy 50% at 79500 and pay rent on the other half.

kingstreet

So, that's one reason for a decline we can discount.

Let_Us_See

Basically, it sounds as if you had a rubbish adviser. Firstly, were you declined on an AIP or full application? If AIP then there are only a small number of reasons - poor credit, affordability issues, employment or unable to trace three year residential history - and these issues should have been covered by a competent adviser before any form of application. If a full application declined, why wasn't an initial AIP submitted?

Action? One, phone Abbey/Santander and have a chat - they don't bite. Two, walk into your adviser's office and ask (loudly) for the return of any fee you may of paid.

maninthestreet

You haven't told us what your annual gross income actually is.....