Been turned down..

Spinflight

By my bank despite having an 841 credit rating with no debt, CCJs etc.

Only looking for a 2x mortgage, the missus reckons they won't approve small mortgages because they won't make as much money. Is there any truth to this?

Who would be best to approach for a £60-70k mortgage?

ACG

Have you asked why they have turned you down?
Might need to get to the bottom of that before you go making anymore applications.

Ignore the 841 score is means nothing.

If your struggling your best speaking to a broker before you make applications without understanding why you have been declined. It wont be down to it being a small mortgage although some lenders do stipulate a minimum borrowing of £xxxxx but they would stop you going past the credit score part if you didnt meet the basics.

Dave_Ham

ACG has it spot on.

There will be a reason and it will not be down to loan size.

Ask the lender why, get your Experian and Equifax files and have a chat to a broker or do some serious research online.

Which bank declined you?

Lexiedhb

When we were declined we discovered a few things
1) Lender did not like gifted deposit
2) Missed phone bill payment 11 months ago
3) Did not like the way i had my money set up (Understandable- overdraft on current account, shed loads of savings in another account)
4) random "forgotten" bank account with no activity

We also discovered that 2) is the worst of these offences, but there are lenders out there who will lend to you- we went with halifax in the end, through a fee free broker.

Simon_gloster

Halifax rates and feed direct are better, but use the sane system as brokers. Food for thought.

Thrugelmir

Lexiedhb wrote: »

1) Lender did not like gifted deposit
2) Missed phone bill payment 11 months ago
3) Did not like the way i had my money set up (Understandable- overdraft on current account, shed loads of savings in another account)
4) random "forgotten" bank account with no activity

All of which combine together to paint a picture as to how you manage your finances.

Lexiedhb

Yes it does! Which is actually pretty well. Glad not all lenders only lend to those who have been 110% perfect with money for their entire lives!