Advice needed for my daughter please

denmjd

Hi hope you can help, my daughter applied for a mortgage with Yorkshire bank, she has applied for a mortgage of 118,800 on a property purchase price of132,00 she has an excellent credit score on experian, however, due to a missed name on the electoral register (she lives with me) (she took a form to our local council a few months ago but somehow this wasn't entered on,) so the bank turned her down,so she has filled in the form again, &is taking it to the council tomorrow & they said if they have time they will print her out an acknowledgement form) when they turned her down they said she would have to get a15percent deposit (19,000) even though all her other documentation shows she lives at the address provided, so my question is is this a normal thing & what can she do about it, she doesn't want to lose the house so she needs to go about it quickly, & there is no way she can get the other 5 percent of deposit in time, would this now go against her after all her careful saving& planning if she applied to another bank for a mortgage? Hope you can help, many thanks x

Thrugelmir

Why wasn't she on the electoral previously?

denmjd

She was, she went travelling for a year then came back went on the register when she returned the next year she was missed off so she filled in a form & took it to the council & we thought she was added to the register again but apparently not... Thanks for your question

kingstreet

Why Yorkshire Bank?

They don't come up on my sourcing reports much.

Wh05apk

Unfortunately at 90% lenders criteria is very high, and a seemingly minor detail like not being on the VR may be enough for a lender to decline her application.

denmjd

"Why Yorkshire Bank?

They don't come up on my sourcing reports much"

They came up with a good offer at the time I think, will check with her...

"Unfortunately at 90% lenders criteria is very high, and a seemingly minor detail like not being on the VR may be enough for a lender to decline her application."

She has gone to see the council today & handed them a form which they are sending her out a confomation sheet, would this be enough to help her with her application? Is there anything else she can do?
Many Thanks!!

dimbo61

Yes get a 15% deposit together?
Any way the bank of mum and dad can help? with £5000?

denmjd

dimbo61 wrote: »

Yes get a 15% deposit together?
Any way the bank of mum and dad can help? with £5000?

Trying to get it together, & it's just bank of Mum, wish I did have it she would have it in a heartbeat, looking into getting a loan out so I can do that for her, thanks for replying...

amr547

kingstreet wrote: »

Why Yorkshire Bank?

They don't come up on my sourcing reports much.

Their rates are quite high. They do offer 95% mortgages though (have a few friends who have been accepted in the last 6 months).

I bank with them and I have to say their rates in general (not just for mortgages) aren't the best.

denmjd

amr547 wrote: »

Their rates are quite high. They do offer 95% mortgages though (have a few friends who have been accepted in the last 6 months).

I bank with them and I have to say their rates in general (not just for mortgages) aren't the best.

Thanks for the feedback I will pass it on to her, think she may try another one but think she will come unstuck again but keeping fingers crossed for her x

StuC75

Some banks have different criteria for Single Applicants. I originally bought with Britannia on a 10% deposit, since split and so about to start of Transfer of Equity, but need to have 85% Loan to Value as a single applicant.. so it may be as straightforward as being there lending criteria..