Mortgage Refused...is the dream over?

mrsbmartin

Only splitting up on paper....it's just a heartbreaking situation that I am stopping DH getting on the property ladder so the only solution I can think of if that is the case is for me to skidaddle for a while. We can EASILY afford the mortgage (will be better off in fact) but me being a dependant seems to be a sticking point for the broker....which I knew it might be but I went ahead & got married anyway...kinda foolish hey?

What is the advantage of a local broker? Will this refusal make DH look like a bad buyer - ie will it stop other lenders wanting to give him a mortgage? I really am just desperate to make sure we have tried everything before we call the agent and let the house go...

Thank you for your replies BTW, I am grateful...just disappointed & struggling to see a positive!

Goldiegirl

Go and see a broker - if NW aren't willing to do the mortgage, there will be other lenders out there who might consider you.

Or wait until NW are willing to do a mortgage - and lose the house

They are the sensible options - not transferring a loan to NW and splitting up, which seems a bit pointless

opinions4u

mrsbmartin wrote: »

What is the advantage of a local broker?

There are dozens of lenders out there with different criteria to Nat West. A good broker will know where to turn.

Will this refusal make DH look like a bad buyer - ie will it stop other lenders wanting to give him a mortgage?

It's a credit search that other lenders see. They don't know he's been declined.

Thank you for your replies BTW, I am grateful...just disappointed & struggling to see a positive!

I can't see that going back to Nat West will open up any new doors. So go and see a man (or lady) who can help you.

Thrugelmir

mrsbmartin wrote: »

The deposit is being gifted by DH's mum & dad...we can ask them to help out to increase it to the 10% but would this be enough of a change?

The lender will also factor in the lack of savings when making a decision. As there's no indication as to how well the household finances are managed. A lifestyle of living for today. Could easily result in the start of financial stress if even a single paypacket were missed. A lender needs to be convinced that as a borrower he will make 300 monthly payments on time.

The fact that you aren't named on the mortgage will merely add potential concern to any underwriter. As in the vast majority of cases an individual would wish to be named on a mortgage. Purely for their own security.

mrsbmartin

DH has the 5% deposit in one savings account & an additional £3K in another savings account - he doesn't use his overdraft facility but has one for £1000 (all with Natwest). We definitely aren't on the breadline or living hand to mouth & DH's statements should show that.

I know that pinning hopes on Natwest is futile - it's just proving difficult to convince DH of the same.

My credit profile definitely won't help - the ccj was granted in march 2011 whilst I was suffering from a mental breakdown. It was paid in full Nov 2011 so it has several years to go before it comes off my file.

mrsbmartin

Thrugelmir wrote: »

The fact that you aren't named on the mortgage will merely add potential concern to any underwriter. As in the vast majority of cases an individual would wish to be named on a mortgage. Purely for their own security.

I know and that's why I said we should have gotten married after we got a house. We heard about the HTB and 'knew' that it was going to come in in Jan 2014 so we figured we might as well get married first instead of after and by the time the HTB came into force we would have replaced the money spent. Then HTB came in early and house prices went up super quickly and houses in our low price range stay on the market for a day or 2 at most (unless they have serious structural/damp issues in which they stay on for about a month...). So when we say this house we jumped on it and didn't leave the agents until it was taken off the market.

Convinced DH to try a couple of other brokers....all getting back to him in an hour or so....everything is crossed!!!!!!! _pale_

mrsbmartin

Okidoke....so according to London & Country Halifax are an option. A new application is being submitted today so its all fingers crossed for however long it takes for a decision to come through. If its a yes then whoopee - the dream is alive. A no means back to the drawing board and family life on hold for a while longer...hope a decision comes quickly...