Mortgage application hell

howlett84

Hi all,


Help appreciated, running out of ideas.


Sold our house and have 10% deposit for a house which we have agreed 194k. So we need a mortgage of 174600, I am doing a sole application due to a bit of paid off bad debt, we have no linked finances. We have one child and I earn 40070 with no student loan and no credit cards (apart from one I pay in full) and we have no other debts.


I initially applied for additional borrowing from coop who I am with and got rejected due to a financial association which credit expert had. I had this removed and applied with first direct which was offered but only at 150k so not enough.


Went to see IFA and he applied with Nationwide, all seemed to be going ok but then they offered only 162k based on a salary of 38k which was wrong. Finally got them to ask for a reference from employer which they did today stating my correct salary. In the mean time my IFA applied with Santander (offered 160) and Barclays (the same) Postal application has gone off to Newcastle building society.


Do you think Nationwide will increase their offer to get closer to the 174 we need. I mean if they went up 8k we could probably scrabble the money together from relatives for the remaining bit.


Running out of options, any ideas?

GMS

Best advice is to stop applying and get a proper broker. Throwing mud in the hope some sticks is ridiculous.

When you say we what do you mean? Spouse, partner?

Is the deposit coming from the remainder of the proceeds of a jointly owned house?

You may find your credit score has been lowered by all of these applications meaning you will not get offered the maximum salary multiples.

howlett84

Spouse, I bought the house before we were married and it is in my name solely. On credit expert my score has dropped from 995 to 975 I guess this is still pretty high.

I do have a broker, but I am just wondering what to do now, I thought he was doing ok but I am running out of ideas. So a new broker my be needed then.

ACG

Making 4 applications isnt great. There is no excuse for having 3 applications come back with less then you need as lenders have borrowing calculators. All have failed for the exact same thing - words escape me.

1 or 2 at the very most as it is possible something could have been missed but not 3. I would personally ask him to cancel the Newcastle app before a credit check is done (you have already had 4 credit checks on you!) until he can evidence what research he has done to check it will go through - if he cant evidence anything then i would be looking for a new broker.

Just to give you an example, this evening i have sent 3 years accounts and 3 months bank statements over to an account manager as its a case im 50/50 with and i have no intention of credit searching someone until im confident it will go through.

howlett84

Well based on all of the calculators they say the should be able to offer me the amount we need. Then someone looks it at starts making it difficult. For example, Nationwide said my student loan made it unaffordable. But they state that if it is due to end within 6 months they discount it. Mine is due to finish in april.


I will ask my MA to ring Newcastle and wait until Nationwide come back with a revised figure based on the updated salary.


Fingers crossed, this move has been so stressful.

ethank

Hi, where is the broker? Is he/she inhouse at an agency?

howlett84

Works for a company, called positive solutions I think. Was recommended to me.

SantaKlaus

howlett84 wrote: »

Works for a company, called positive solutions I think. Was recommended to me.

That's false advertisement haha :rotfl:

Dave_Ham

Lose your broker, this is the source of your stress.

Nationwide are unlikely to do this and Newcastle almost certainly will not.

I could only see 2-3 lenders with these sort of numbers and there must be something different, as usually they would do more.

Speak to a sensible broker and imagine this can be resolved quickly..

Best of luck

Thrugelmir

Have you disclosed your wife on the applications as a dependent?

howlett84

I haven't no, but I guess the mortgage broker will have done? She is not really a dependant as she earns money.