Struggling to get a Mortgage

Jonny88

Hi there

Can anybody advise me what to do, I am struggling to get a mortgage although I felt I was in a strong position.

I am looking to buy with around a 55% cash deposit, and want to borrow well within my allowance, about 30% less than what most providers offer me based on salary.

I currently study mon-fri at University and wish to relocate there rather than rent as I did last year, I have found a property and have had my offer accepted. At weekends I commute home to my parents where I work 30 hours over the weekend. My job is good enough and suits my lifestyle so I wouldn't want to change it until I finished university. The property would be occupied at the weekend by my partner.

Got declined this morning, or at least my application will not be processed - unless I transfer my job to the University town which I am unwilling and possibly unable to do. The commute is an hour on the train then a ten minute bus ride, costs me £25 a week and I think thats quite reasonable, but obviously the bank do not. Spoke to two other mortgage lenders who said they would check the circumstances, they said it was ok to give me a mortgage after speaking to underwriters but were somewhat concerned with the arrangement.

Any advice on how to secure a deal in this situation and avoid losing the property?

kingstreet

I take it you've approached a single lender directly and this is the result?

Fancy telling us who this is?

ACG

You have 2 options, speak to the underwriters before submitting an application or speak to a broker and get them to do the legwork for you.

Dave_Ham

HSBC or Santander I reckon?

Subject to the detail, with that deposit and an assumed good credit record there is likely to be takers.

Jonny88

Nationwide wouldn't progress my application, I am trying Halifax who say its ok over the phone but had to check (I assume with the manager) and Yorkshire B/S who said they needed to call the underwriters - they said it "should be ok if it is the main residence, but it would have to go through xyz"

Only Nationwide have ran a credit score on me so far but I don't see too many issues with that, had same job house and bank for over 5 years (apart from Uni halls last 6 months) and no unpaid or negative debts

Are you recommending HSBC/Santander or are they the places likely to reject me?

ACG

Places likely to reject.

Also i would probably avoid YBS - my experience with them is their criteria isnt too bad but the underwriters are quite strict.

Let_Us_See

This should be placeable with a lender, but to avoid further aggravation let a broker do the research and application. If you insist on doing yourself then keep it simple and not overcomplicate.

Jonny88

Using a broker wasn't my first option thinking I was in a strong position, as I am not how do I go about getting one, especially how do I get a good one that can secure a good deal. I don't want to go to the estate agent and use theirs as I know all they do is go on a comparison program, tell me to apply to the "best deal" and collect a commission, then charge me for their help. I have to move swiftly because the agent won't take the property off the market until I have instructed a solicitor - would a broker slow down the deal?

What do you mean not to overcomplicate things?

Edit - should add, I am in Leicester

Dave_Ham

A broker should speed things up and depending upon mortgage size would not expect any/a big fee.

Good call not using the Estate Agent advisor

amnblog

The lender probably could not get comfortable that you were not going to rent the property out.

Property in university town, with parents much of the time, main occupation some distance.

Going direct to another lender is probably a great way to waste your time. A broker will massage this through.

Let_Us_See

Jonny88 wrote: »

What do you mean not to overcomplicate things?

Advisers/brokers will confirm that at times it pays to keep an application simple and don't volunteer information that is not required by the lender to process an application.

As previously stated an experienced broker should be able to source an appropriate mortgage.