Sold house no mortgage advice please

amnblog

I don't think it will take priority over having a home!

Thrugelmir

amnblog wrote: »

I don't think it will take priority over having a home!

There's a difference wants and what is possible.

Sometimes it's necessary to go backwards to make forward progress,

jackieme

Hi all


thanks for all your replies - my new mortgage would actually be significantly less than my existing one (its a cheaper property) and would put me in a better financial position (free up some equity) thereby allowing me to pay off my debts quicker. It would also place me in a better geographical location for future jobs as where I am currently there is not much available and my current contract ends in March next year with 2500 job losses to be made (approximately) despite what you may think I am trying to improve my financial situation and am feeling very blocked in that regard


thanks

Thrugelmir

jackieme wrote: »

despite what you may think I am trying to improve my financial situation and am feeling very blocked in that regard

There's empathy for you and your situation. Times have changed and the way people manage their personal financial affairs is of the utmost importance. Lenders can choose their customers and will only accept applications from people who reach the required bar. There's nothing personal just hard commercial business logic to filter applications out.

jackieme

Hi Thrugelmir


I suppose I was just hoping an element of common sense would prevail as the risk is less in terms of what is owing currently but thanks anyway

Thrugelmir

jackieme wrote: »

I suppose I was just hoping an element of common sense would prevail as the risk is less in terms of what is owing currently but thanks anyway

Lending thousands of pounds based on little more than trust is always a risk. Lenders assess the perceived risk based on factual information. As they simply don't have the resource nor is mortgage lending profitable enough to write business on a case by case basis.

So yes they do in a sense apply common sense. As merely reducing borrowing may provide an answer but may not provide the full long term solution.