Please FA's and Mortgage advisors I need your HELP!!

grifferz

liddyj wrote: »

In relation to savings we have only been saving for 8 months and have managed to get 18k.

If you have saved £18k in 8 months and that is 10%, another £9k will give you 15% and that should only take 4 months more, right?

There's a lot more products available at 85% LTV than there are at 90%, so that would be a good idea if you can do it.

liddyj

your right Griffers. Im just being a typical female and stamping my feet becuase I said to myself I can go and view houses when Ive saved the deposit. it was highr than our budget but Ive fallen in love with a property and they have said thwy will accept our offer of 180k. Another 4 months will mean I loose the house. such is life tho. I know some people are terminally ill and have much worse things to deal with than that. I was just reallt deflated today but hopefully all of your advice has given me the tools to get somewhere thanks so much again x

grifferz

liddyj wrote: »

it was highr than our budget but Ive fallen in love with a property and they have said thwy will accept our offer of 180k. Another 4 months will mean I loose the house.

Ah, I know how you feel. That's why they say you have to try to keep a level head and not fall in love with any property until it's a done deal, but yes, easier said than done.

It probably doesn't seem like it now but I'm sure another similar property will come along when the time is right.

kylararlin

From an underwriting pov a missed mortgage payment is up there with the top things you don't want to see, it's considered to be one of the first payments people should make even if they are falling into financial difficulty. I wouldn't be surprised if many lenders had a similar rule to Abbey about missed payments and the length of time will vary between them.

Part of the reason it's so difficult to find out why you have been declined is the fact that you can then extrapolate some of their lending criteria and obviously they don't want this information going to their competitors, it's unlikely you'll ever get a solid answer. I agree with ACG, a broker does sound like the best option going forward.

liddyj

aw thanks Kylarlin. this is why Im frustraited, hes had his mortgage 10 years and only missed 2 payments in that time but when I say "missed" I mean he paid manually like on say the 30th when it was due on the 28th as unlike me he didnt realise he was doing anything wrong by that. It was NEVER about affordability. I know you say as an underwriter its up there with the top things but can you be a little more specific? I know you cant give me a definitve answer but generally 2 missed payments in 10 years? and next month that will fall out of the 2within the last 12 months catogory" if it falling outside of a year ago is the general rule I can live with that but if its within say 3 years where do we go from there/ we are just doomed? we cant chage that now can we? x

starsky27

It's already been mentioned on this thread a couple of times but your best bet is to go to a broker with your credit reports. Then they should be able to give you specific advice and tailor any mortgage application to your situation.
Myself and my partner are also going through issues with credit file and mortgage.

Good luck

Guest101

Not saying you cant afford it, but perhaps on paper the lenders dont think a 3rd mortgage is a viable idea?

As others have said check all 3 agencies, make sure you're file is clear on all 3, if necessary apply too make changes.

Annisele

Apologies if I'm teaching you to suck eggs - but do you have consent to let/a BTL mortgage on the property you've rented out?

If you don't, that may well cause a problem later.

saverbuyer

are you really saying that a couple who earn 70k combined with no debts can never get a mortgage for 162k?

But you do have debts. You have two other mortgages. Or am I missing something?

R_P_W

Sorry but why do you think ANY missed/late payments on your mortgage is acceptable? You say ONLY missed two well that seems a bit lax to me.

Credit scores mean sod all