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Barclays re-mortgage turned down

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ray1971 wrote: »
    So are you saying that the lenders wont believe Im going to pay off this debt, which I am out of the equity from my sale?

    You are not paying it off though. You are consolidating by increasing the size of your next mortgage.

    Lenders concerns will be that you continue to overspend. What they would like to see is you make a determined attempt to start reducing the amount you owe.

    A lender would be far more receptive to your proposal if you were downsizing as part of the process.
  • ray1971
    ray1971 Posts: 99 Forumite
    Did you ask if you might get a pass with a lower lending figure?[/QUOTE]

    Yes I did ask but they said no
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 31 January 2015 at 4:15PM
    ray1971 wrote: »
    Did you ask if you might get a pass with a lower lending figure?

    Yes I did ask but they said no

    Post your lending debt income history.

    From the limited info you have a problem.
  • ray1971
    ray1971 Posts: 99 Forumite
    Quick update - We got our mortgage agreed via NatWest in the end. :)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ray1971 wrote: »
    Quick update - We got our mortgage agreed via NatWest in the end. :)

    Pleased to hear you got a good outcome.
  • bettywurzel
    bettywurzel Posts: 12 Forumite
    That's great news! We're in a similar situation and our broker has advised to pay off a large loan to increase our funds each month. We're applying to Natwest next week so I'm feeling more hopeful after seeing your news :-)
    ray1971 wrote: »
    Quick update - We got our mortgage agreed via NatWest in the end. :)
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