Additional borrowing declined by C&G

Tibbie's_mum

Brock_and_Roll wrote: »

C&G are probably losing money on this mortgage at the moment so as a commercial organisation is is hardly surpising that they are not jumping up and down with excitement

That's what we're thinking.

Dave_Ham

They "should" not view in this way.

I would ask for a 2nd opinion from them. I would be amazed if based upon the information provided, the maximum they will lend is £75k or less - which is effectively what they are saying.

I would call up or visit a branch and see someone different. If they say the same, ask them why and what your maximum borrowing is?

Alternatively, weigh up what taking all the money elsewhere will cost and take a view.

Would definitely push them harder for a better answer than you have currently got..

MacMickster

Tibbie's_mum wrote: »

C&G's online affordability checker says with 3 dependants and OHs cc payments we should still be able to get a further £95500. It's a joint application but I don't work, as I stay at home to look after our disabled son. Would that have a greater impact as we informed them I get carer's allowance?

The online calculator doesn't include a question about the term of the mortgage. Obviously, when considering affordability, the payments required over a 14 year term are going to be considerably higher than over 25 years.

Can you not apply for a 2nd mortgage over a longer term and then simply overpay each month?

Tibbie's_mum

Many thanks for all your replies. Our bank manager is taking up our case and has already offered us a £25000 unsecured loan, going to see him on Saturday morning. Fingers crossed.

Dave_Ham

This is not necessarily the answer, just an alternative solution that probably suits their targets better.

Understand why before you sign up to anything else..

Tibbie's_mum

We're not taking them up on an unsecured loan, he was just saying he had no hesitatuon in offering that to us. He is the Lloyds manager and he is going to talk to C&G and see if he can find out the problem for us.

Dave_Ham

In which case sounds like a plan - good luck

Tibbie's_mum

After two sleepless nights we're now, thankfully, back on track. The bank rang and said our application for extra funds had been declined because we said that we weren't going to consolidate our credit card debt, which isn't exactly true as we were going to hold on to the extra funds until after our extension was finished, just in case we need a larger contingency. Anyway, they have now ticked that box on the form and are willing to offer us £103000 extra! Well, of course, I said no thank you, £75000 is quite sufficient, but why couldn't they have explained that to us during the application process.

Thank you to all who offer their advice, you calmed down a most distraught woman!

Dave_Ham

This is their issue and not yours.

More often than not when dealing with the bank advisors (and some mortgage brokers to be fair) it will come down to inexperience and you can almost never take what you are told first time.

Pleased you got the end result you want, shame about the stress but there now.

All the best

Thrugelmir

Tibbie's_mum wrote: »

Many thanks for all your replies. Our bank manager is taking up our case and has already offered us a £25000 unsecured loan, going to see him on Saturday morning. Fingers crossed.

How much unsecured debt does your OH have?