Mortgage Rejected - HELP

GMS

Your broker is a clown.

Ombudsman to appeal a decline? Really? No obligation to lend for any lender and no jurisdiction for any ombudsman to make them do so.

If the broker had seen the bank statements they should have used a lender who wouldn't want them.

Find a new broker and lender.

mak12345

So if you gamble to any reasonable amount you get declined? It's like saying everyone who has a drink might turn into an alcoholic! I must live in a different world!

Paypeanuts

mak12345 wrote: »

So if you gamble to any reasonable amount you get declined? It's like saying everyone who has a drink might turn into an alcoholic! I must live in a different world!

You think 2k in a month is a 'reasonable amount'???

:eek:

mak12345

When I have over £40k in the bank, no debts whatsoever and £2k is less than 30% of my monthly income Yes! Also as I've said I can put the money back in my account as it's just sat in sky bet waiting for the World Cup.

MobileSaver

mak12345 wrote: »

When I have over £40k in the bank, no debts whatsoever and £2k is less than 30% of my monthly income Yes!

Presumably the bulk of the £40k is your deposit so if they approved the mortgage it would be spent on the house and no longer available as a buffer for making mortgage payments.

You are very much in the minority if you think 25% of your monthly income is a reasonable amount to spend on gambling. No-one buys a £2k TV every month but a heavy gambler could easily spend/lose the same or more every month. That's what the lender is not surprisingly worried about.

As GMS says, your broker is talking nonsense about the ombudsman so if I were in your shoes I'd find another one who can find you a more suitable lender.

anselld

mak12345 wrote: »

So if you gamble to any reasonable amount you get declined? It's like saying everyone who has a drink might turn into an alcoholic! I must live in a different world!

The reality of the current world is that lenders are required to make a risk assessment prior to lending, they can use whatever data they want to do so. They are not in any way obliged to lend.

So it is pointless trying to justify your actions as reasonable. If you still want a mortgage you would be best advised, as GMS has suggested, finding another lender who uses different criteria which suit your circumstances.

Bantex_2

4 x joint income is a fair wedge.

mak12345

But there is no other history of gambling on the account? Surely the fact that it is a one off which can be confirmed by many years of bank statements and the fact the World Cup is next month? I've also not lost this money it's sat in sky bet which I can transfer back? I will have in the region of £20k left in the account once all the mortgage stuff is done as my partner also has funds going in. I can see to a point why it's been raised by them but with no other evidence of gambling or poor money management am surprised its been rejected.

mak12345

It's not 4 x joint income - if we put both sets of regular bonus and dividends in its well under 3 x income. I will have to bow down to everyone else superior knowledge on this stuff but it does surprise me.

marlot

mak12345 wrote: »

But there is no other history of gambling on the account?

There's no point trying to convince us! We're not the lender.

The changes with MMR had been signalled for a long time in advance. I suggest you stop trying to blame your broker and lender for making a perfectly rational decision (from their perspective). I suspect any other lender would make the same decision.