Mortgage declined

Macca13

Hi all

Looking for some advice....today wasn't the greatest so be gentle!!!

My mortgage application was declined by skip ton because of my overdraft usage- which is now cleared and my parents gifting my deposit!

I have recently used my savings to clear my debt and for fees.

I had a 20% deposit and was looking to borrow 60k. I earn 27k

My broker is going to speak to his bdm, and try other lenders however I doubt we have much time as the house I was going to buy is a repo n the firm are already being really forceful to complete.

What's your thoughts? Should I try again or cut my loses n try in 6 months time?

Thanks

Thrugelmir

I commented on your previous thread. So won't go over old ground.

If the "appeal" fails. Then move on.

Time will heal your credit record. Spend the coming months building up some savings of your own while steering clear of any debt. This demonstrate to a lender that you have the ability to manage your finances.

GMS

Buying a repo is always a gamble as there can be a bid come in at the last minute meaning you are out or trying to find extra funds.

Why did the broker suggest Skipton? Where else can they place it? Decent deposit and if debts cleared the affordability looks ok.

May be worth looking for a non repo property to take away the issues involved with a repo.

Macca13

Thank you

That's what I think I will do. Would prefer to be in a more confident position next time

Just really loved the house!!

sabretoothtigger

Live off bread and water for two years and you'd almost have enough. Not exactly very generous are they, if you have good history with any establishment ask them

Macca13

My broker has now suggested the Abbey national?

Anyone any thoughts on this?

Macca13

Just to let you all know I picked up my keys today for my new home!!

I got my mortgage from abbey who were amazing but the best advice is to get a really good broker!!

Good luck to all the other FTB! :j :beer:

hcb42

wow very quick process to completion there, congratulations

gazter

Macca13 wrote: »

Hi all

Looking for some advice....today wasn't the greatest so be gentle!!!

My mortgage application was declined by skip ton because of my overdraft usage- which is now cleared and my parents gifting my deposit!

I have recently used my savings to clear my debt and for fees.

I had a 20% deposit and was looking to borrow 60k. I earn 27k

My broker is going to speak to his bdm, and try other lenders however I doubt we have much time as the house I was going to buy is a repo n the firm are already being really forceful to complete.

What's your thoughts? Should I try again or cut my loses n try in 6 months time?

Thanks

That sounds quite frustrating. It is extremely common for third parties (usually parents/immediate family) to be gifting deposits, and i wonder what is wrong with using an overdraft, i presume authorised..

Our mortgage is in the process of being approved from the Cumberland Building Society. I use my overdraft now and then, and over £15,000 is being gifted. Their underwriters are fine with it, and that was despite us asking slightly outside their normal lending criteria.

Subject to valuation, we are all but approved.

I am sure you will find a lender.

gazter

Macca13 wrote: »

Just to let you all know I picked up my keys today for my new home!!

I got my mortgage from abbey who were amazing but the best advice is to get a really good broker!!

Good luck to all the other FTB! :j :beer:

Oops, that will teach me to not read down to the bottom of the thread before commenting.