Mortgage Rejected - HELP

mak12345

I will keep you all posted.

mak12345

UPDATE

The BDM thinks that the rejection is harsh so has taken the case to a senior underwriter. They have come back to today and said they will re look at it if I send 12 months statements and some more details about my directorships. Neither of these should cause an issue so have submitted both today.

ognum

mak12345 wrote: »

UPDATE

The BDM thinks that the rejection is harsh so has taken the case to a senior underwriter. They have come back to today and said they will re look at it if I send 12 months statements and some more details about my directorships. Neither of these should cause an issue so have submitted both today.

Thanks for the update, good luck and keep us updated.

whakatane

mak12345 wrote: »

UPDATE

The BDM thinks that the rejection is harsh so has taken the case to a senior underwriter. They have come back to today and said they will re look at it if I send 12 months statements and some more details about my directorships. Neither of these should cause an issue so have submitted both today.

So does that mean that they have concerns other than the gambling transactions?

I'm applying for a mortgage, around 70% LTV, and so I'm hoping that my deposit is big enough that the lender won't be too fussed about my gambling. When I hit the milestone I wanted in terms of saving I allowed myself to go a bit mad and did my brains in punting. Loved every minute of it for around 5-6 months, I did nothing but go to work, watch sports and punt. now I've decided I want a house, I'm happy to knock it on the head, I'm hoping that they'll be blinded by the chunky deposit or recognise that problem gamblers don't have significant funds sitting untouched in their accounts.

Either way, I don't want to stop gambling, but I recognise that a lot of people don't understand it completely, and as a result if my application fails I think I'll keep my stakes low and use UKASH or neteller, and reapply in a few months time.

mak12345

They are telling me it's just the gambling transaction. We have recently set up a holding company for the main businesses we have and presume they just want that clarifying.

On the gambling front I'd set up another account and use that other than your main account. Although the suggestion you have stated should work but id guess they will soon work out that's what people are doing.

I'm totally with you about the positive bank balance but didn't do me any favours.

ladyabouttown

Work syndicate, so have others given you cash which you paided into the account? Or they transfered you the cash, perhaps then you can point these transactions out to the bank.

mak12345

Yer I've suggested that but wasn't really interested. What I've done is transfer the money back into my current account and sent them that as well. However they have little interest in that either, the issue I think is they see gambling and scream issue!

Floyd88

Hi,

I have recently had a mortgage declined by HSBC. I am a FTB, have a hefty deposit, no debts, small outgoings (petrol, mobile phone bill etc), credit card with few transactions each month always paid off in full. I got an AIP from HSBC on a house for £119k, looking at a £80k mortgage. Mortgage went through to underwriters who queried why I would buy a house in one part of the country (where my family live) when I live in another part of the country. The house needs some work which I have some money set aside for but it will take time then I plan on commuting back on weekends or when I have the flexibility with work. HSBC have declined my application based on this. Saying that it would be classed as vacant as I will live alone. Has anybody came across this before? Am I likely to be declined by other lenders? Is there a way around it? I plan on having my partner moving in once the work on the house is completed and I am settled. So that would mean there would be somebody living there permanently. It seems daft that they can decline a mortgage based on this when I have a good deposit, excellent credit rating and more than enough in monthly wages.

Would anybody recommend a mortgage broker? Am I more likely to have something accepted using one?

Thanks

Floyd88

I should point out that I live with a family member through the week where I work and would be commuting back on weekends. It just seems a good time to buy and there are a few good bargains out there at the minute.

Thanks

kingstreet

A broker would certainly have approached the "plausibility" check with a greater degree of thought; explaining in advance if there are any cost implications which need to be factored into affordability, such as lodging costs.

In such circumstances, a lender will be wary of (eg) a BTL being arranged through the back door by someone without the necessary 25% (or more) deposit and a clear description of what is being done and why, would satisfy most underwriters when the case crosses their desk.