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Woolwich Over Indebtedness
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tvfreek
Posts: 142 Forumite
As from Monday anyone who applies to the Woolwich with unsecured debts in excess of annual income will be declined.
Please consider this if you were thinking of applying for a mortgage with them next week.
Please consider this if you were thinking of applying for a mortgage with them next week.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Comments
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Sounds sensible to me.0
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Straightforward and easy for borrowers to comprehend.0
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Thrugelmir wrote: »Straightforward and easy for borrowers to comprehend.
Except it's not as simple as it sounds, spoke to Woolwich this morning, how do they treat PCPs? (car finance) no idea!I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I can't imagine wanting/being able to afford a mortgage with that much debt! Seems like an eminently sensible idea to me.0
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They appear to be going the Santander route and not accepting such cases where the debt is being repaid on/before completion too.Where the total unsecured bureau debt (credit cards, overdrafts and loans) is greater than or equal to the gross annual income used in the affordability assessment then the application will be declined. This includes where customers were looking to consolidate the borrowing on to the mortgage. These standards only apply on drawn balances (unused credit limits are not included).I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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