Cant Get Mortgage Due to Debt

NorthernJ

the broker also mentioned Coventry building society,

and thank you appreciate your quick responses

Dave_Ham

Subject to the details, would definitely be considering 85% loan to value with a more sympathetic lender.

If this is a flat you are buying though, it may be immaterial.

Surprised the broker I assume you are using is not super sharp, as many of the developers always ensure their brokers deliver and quickly.

NorthernJ

House i am buying and yes i am behind at the moment by 2 weeks but no one seems to be pushing for a date yet which i am pleased about, nervous of another search without realy knowing the outcome, i thought was doing the right thing by selling downsize pay off the debt and start fresh it feels like it has all back fired on me very frustrating realy unsure what to do ....

Dave_Ham

You maybe are doing the right thing, the complicating factor is that you are looking at buying a new build.

The more flexible mainstream lenders tend to restrict loan to values at 80% and 85%.

If your sole motivator is to clear unsecured debt, then cannot imagine not clearing and taking an 85% loan to value would constitute sense when associated costs are added.

I would get the broker to stop, take stock of your situation and if you proceed with the property; proceed with a broker who is not guessing at lenders with your credit file.

NorthernJ

its difficult when you go to a very large broker pay a fee and hope they know what the best route to take is and end up in this situation is not a good feeling i have never known borrowing to be so difficult.
I could just do with speaking to someone who knows who to approach under the circumstances.

FTB_Doll

Dave_Ham wrote: »

Nationwide hate unsecured credit, bad broker call.

Which lender are you applying too tomorrow, ask your broker why them and if no sensible answer tell them not to do it.

Please tell us it is not Santander..

Sorry OP but I'm curious what's wrong with Santander x

GMS

Which broker firm are you using?

Is your fee payable on completion or before?

NorthernJ

which mortgage i have paid £199 admin fee to them so far

Dave_Ham

FTB_Doll wrote: »

Sorry OP but I'm curious what's wrong with Santander x

Santander include all credit commitments to continue, whether they are being repaid on/before completion or not. Therefore paying down debt with a bonus would not give a better picture for the OP.

Hopefully as GMS asks, you have not paid a non-refundable upfront fee and can still jump ship and get a proactive broker on the case.

Best of luck

Dave_Ham

Cross post. Surprised a new build developer would let you go off piste with a big firm like Which.

Same as many of these unfortunately, that your experience is determined by the person who takes your call. This could be the most experienced person, or the person that qualified a couple of months ago.

I would imagine Which will take perception and brand seriously, so may be worth escalating your matter with them.

Kingstreet will be best placed to comment, but I cannot see Furness going where Nationwide and Skipton will not..?