Turned down by First Direct

pidleynet

Hi
Quick background: own house (£0 mortgage which was with First Direct, account still open). House valued at £380,000

I need to re-mortgage to raise £100k due a change of circumstance. I've just been turned down flat by FD - reason given 'affordability'.

I earn over £40k and have some other income that adds up to about another £7k a year, but can't prove that's regular. I have a faultless credit history, owe nothing to anybody (no cards, loans etc.). Have over £30k in savings etc.

I have asked to borrow the £100k over 15 years (I am 48 years old) and stated I wanted to make regular over payments.

Is it my age that's putting them off? I've got a few years left in me yet so was shocked to be turned down. Am I just being unrealistic as to what I could potentially borrow?

Thanks for any help!

GMS

What was the reason for raising the funds?

On the face of it this looks to be doable. Speak to a broker. Get copies of Experian, Equifax and Call Credit files.

Don't apply at random in case there is a background issue as multiple searches will harm credit score

Thrugelmir

Purpose of the funds is most likely the issue.

pidleynet

It's release equity from the house to make a financial settlement following separation. I'm keeping the house.

ethank

HSBC and First Direct are just plain fussy!