Mortgage refusal

pdls

I dont know what aip is?? I had an offer in principle and then when they submitted the application it was declined. My gross salary is 19000, I actually take home 292.24 per week, after all tax and my student loan has been.deducted.

kingstreet

Have you run the affordability calculator I linked to in post #15?

What did you get?

£19000 is not a massive income, particularly if you've a history of recent credit commitments and shared ownership rent to pay.

Assuming you are buying 50% of £160,000, you are going to be paying a mortgage on £69,000 and rent on £80,000. The rent will be £183, with perhaps £50 - £70 pm service charges and ground rent on top.

If I key £230 as the combined rent and service charge, even a high scoring applicant will not get the £69,000 you need. If your score isn't high, the maximum loan falls as low as £38,500 for a low scorer.

If you overlay Abbey's hatred of credit commitments, paid off or not, I once again maintain this was the wrong lender for this case.

kingstreet

I've tried other lender calculators and even the Halifax, on an A pass, only comes up at £64,000 when you take the shared ownership rent into account. Nationwide was less.

That assumes no existing credit at all.

Have you actually been approved by the Housing Association? It seems a long way out to have got through their calculator?

sugarlily

ACG wrote: »

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

Tents are the future. :cool:

No, I was on a 28 day deadline, around day 20 the lender didn't like my face, so had to sub for abbey. Supposedly they're fast.

Clearly the 28 days is blown away :rotfl:

pdls

Yeah, housing association have approved, said im eligible, able to borrow whats necessary etc...