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Mortgage refusal

plopleuk
plopleuk Posts: 7 Forumite
in Mortgages & endowments
Hi,
i recently went to my bank to get apply for a mortgage.
unfortunately they didn't like my finances so have refused me even though consolidating my debt would make me much better off on a monthly basis.
my question is will this go against me if i apply elsewhere?
i'm worried if don't get on a fixed mortgage we will soon see an increase to the base rates and ill be losing out.

thanks for any reply's...

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Just because one lender refuses doesn't automatically mean they all will. However if there is an underlying issue then it is likely to be a problem with others.

    Which lender refused?
    How much do you want to borrow?
    How much is property worth?
    How much debt is being consolidated?
    Income(s)?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Hi there,

    You are going to need to help us out with some more details.

    Who is your lender/bank that refused?
    What is your mortgage balance and approximate valuation?
    Do you have any missed payments or worse?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • plopleuk
    plopleuk Posts: 7 Forumite
    first direct
    i owe 47k house is worth 95k id like a mortgage of 65k
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Applying to the pickiest lender was always doomed to failure.

    Income? Any issues with credit?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It sounds like your debt is getting out of control and starting to worry you.

    Get yourself some 1 to 1 advice. There should be a number of sensible solutions.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • plopleuk
    plopleuk Posts: 7 Forumite
    GMS wrote: »
    Applying to the pickiest lender was always doomed to failure.

    Income? Any issues with credit?

    no issues with credit and always manage to pay all payments on time.
    who are not as picky for mortgages?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    plopleuk wrote: »
    even though consolidating my debt would make me much better off on a monthly basis.

    Consolidating debt doesn't make you better off. It merely defers the debt to be repaid over a longer period of time.

    Suggest you pay a visit to the Debt Free Wannabe forum. Plenty of advice and support on how to tackle debt issues.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    plopleuk wrote: »
    no issues with credit and always manage to pay all payments on time.
    who are not as picky for mortgages?

    Depends on the details of the application.

    What is your income?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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