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Can't get a mortgage because of income to debt ratio
Comments
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Its not a case of the lender is only going to lend to one or the other though. Theoretically they could lend to both.
We have no idea why the debt is there, but at this stage it does not matter. All the OP needs to know is that there are potentially a couple of options.I am a Mortgage AdviserYou 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 -
Thankfully Halifax have approved us.
Thanks for your comments0 -
Full app or agreement in principle?I am a Mortgage AdviserYou 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
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Decision in principle.
Still not done and dusted, but it's progress!0 -
Im not a massive user of Halifax so I do not know their criteria as well as other lenders I use more often. But a Decision in principle with halifax is a soft footprint - Im not sure I would be counting my chickens just yet.
Has your broker spoken with Halifax to check it fits criteria?I am a Mortgage AdviserYou 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 -
He has spoken to them and discussed all the figures and what will be paid off. They have agreed to a lending amount of £25k over what we actually need.
Fingers crossed!0 -
If you default your payments they can take the house off you. That is their security.
Frustrating!
Unfortunately it's not the way mortgage lending works. Repossession is an expensive business. Mortgage lending is very low margin business so the aim of lenders is to minimise the risk and reduce defaults to a minimum. Those lenders that are willing to expose themselves to a higher degree of risk charge for the privilege.0
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