Hard to believe but my mortgage application was declined.

toja

whitewing wrote: »

I'm still unclear if you actually spoke to someone at Woolwich or just plugged figures in yourself?

It may be worth speaking to someone?

I spoke over the phone. Requested an offer in principle and was refused on the basis of affordability. As I was expecting a salary increase, I emailed the mortgage advisor this morning to advise my new gross income but still awaiting for him to contact me... The reason why I chase him was he already did my credit check.

property.advert

Surely this could have been better presented with the husband, whose income will be discounted, being responsible for the childcare costs, thus freeing up a significant amount of income to pass the affordability calculator.

Dave_Ham

You are trying to attach logic to factual lending criteria. Furthermore you are trying to flex that lending criteria to your individual circumstances and then become frustrated that they will not lend.

I understand why as you are trying to protect your product, although Woolwich will not budge.

Your situation is your situation and therefore the what if we were separated etc. is not relevant.

To protect this rate, why would you not add your Husband?

You state this is not an option, so I am assuming that he has bad recent adverse credit and therefore as a couple you cannot abdicate responsibility and blame Woolwich for not backing you as a safe bet; as actually your family situation is not necessarily that safe.

I am not trying to be hard or unfair, you just need to recognise you either meet their criteria or you do not. If you do not, you either do not buy the new home or lose the rate you are on and move to another lender - incidentally this will not be that easy given the details provided so far.

All the best

haras_nosirrah

from the lenders point of view you are significantly worse off then you were when you last got a mortgage so they will not lend the same amount

last time your husband was unemployed so you had no childcare commitments

now your husband has no income as far as the lenders is concerned as he is not on the application yet you have 900 childcare commitments (they will not include his contribution to you)

you are therefore income wise £10,800 a year worse off for mortgage purposes hence why they will not lend you the money.

Essentially you have two options

add hubby to the application so his income can be taken into account (if possible)

or stay put.