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

yorkshire_terrier_owner

I looked into renting my house out last year when it wasn't selling and getting a 90% mortgage on a new property. Nigh on impossible. My broker said 90% mortgages are meant to be for people with low deposits, not those trying to build their property portfolio. If you want to rent out your existing houses you are going to have to look at sitting tight for a bit longer while you save up another £9k. If you saved £18k in 8 months it shouldn't take you that long!

Eventually my house did sell and I went on the get a 90% mortgage BUT I've never ever missed a payment on anything. Like you I have a good income and no debt but it was the perfect track history that did it.

RupertTheCat

I presume both of your properties are mortgaged - this might be a problem in itself. 2 friends of mine with excellent credit ratings and jobs were recently declined for a mortgage because they already had 2 mortgages on 2 properties - this made them a bad risk.

I also had a similar problem when I looked at remortgaging a property - because I have a few I was told that made me a bad risk. I had a perfect credit rating and had never missed a payment, so there you go. Things have changed out there.

kylararlin

liddyj wrote: »

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

The information held on file will just state a late/missed payment so even if it was manually paid within a couple of days it will still count as a black mark, unfortunately. As for the length of time it will factor into the decision making process I couldn't comment as this will very from lender to lender.

Farside

Under the rules of the Banking Code all mortgage lenders are required to provide a primary reason for a mortgage application being rejected. Credit card and loan providers too must make it clear why they have rejected a credit application if you request to know. As such the first thing you should do is contact the lender who rejected you, and politely ask why.

This is a copy and paste from:

http://www.money.co.uk/article/1005131-what-should-i-do-if-my-credit-application-is-declined.htm


Why is it that whenever people ask why the application was rejected, the banks never tell them, is the above statement false?

In the past whenever i have asked i have always been told that i will not get an answer. lol, it seems banks don't actually follow the banking code haha.