Mortgage declined.Not borrowing enough

skywalker007

This is really difficult for me because i have been searching for over 6 months and finally found a house i love and now i was refused mortgage due to me not borrowing enough to secure a 95% help to buy loan. I don't have credit cards and have a couple of direct debits on my account. my credit score is very good on experian (over 950) and noodle seems to be okay. I actually do not understand this.i spoke with a mortgage advisor and was told my credit report looks good but not a lot of credit history and was classified high risk

Never had a credit card.Always paid bills from my salary and never did any buy now pay later deals. No overdraft.

Is there any lender who will accept people like me for help to buy?

lee111s

It's because you have no proven track record of having debt and paying it back, so you are seen as high risk.

Can't help on who will lend, perhaps you need to see a broker.

amnblog

Yes there is - just because you did not make score with a single lender does not mean all doors will be shut to you.


A good broker should be able to introduce you to a lender that does not work on an automatic credit score.

skywalker007

Thanks for the response. Just confused between Mortgage advisor and broker. Whats the difference?

Yorkie1

Very little, other than you might find the word advisor in a bigger firm e.g. a bank or estate agents.


You want an independent, whole of market broker.

Thrugelmir

How much would you like to borrow?

skywalker007

its 95% of the value of the house. Around 130k-140k max