Mortgage advice twice declined after AIP stage

sazz77

We have sold our house after getting a AIP and we have now been declined

Virgin declined our full application as the deposit came from our old house which is in joint names and this house is in my partners only. He has the salary and 990 credit scoring. Mines poor and no salary! Is there no way around this? The mortgage advisor knew our situation, any advice?

Woolwich gave us a AIP then declined us over a late payment on a mobile phone which we have tried disputing with Vodafone but was only ever £69. He's never missed a mortgage credit card or car loan payment ever.

We are now panicking as we are going to loose the house we want so much. We have been looking at 90ltv but are thinking of we can scrape the extra money together would 85ltv be easier to get? Also would interest only be easier to get as we've been looking at repayment?

We've been told our affordability is good but we seem to be getting declined for different things after the AIP is agreed to.

I'm loosing trust in our advisor as he seems to have no answers!

Any help would be great as we are so confused and upset!

amnblog

It is a little unfair to second guess your broker as he knows your full case and we do not.

My general advice if you lose faith in your broker is check with another if you wish, but do not have them both working on the case at the same time.

betmunch

I wouldnt lose trust just yet.

The joint deposit to sole mortgage is a mistake you only make once and isnt very common so you could be the first time.

The Woolwich issue is Woolwichs fault in my opinion. The missed payment should have been picked up at DIP and declined, not left until the full application.

Whats the next course of action suggested by your broker?

sazz77

Well he wants to take a another look through the market and see what other options there could be. He obviously wants to give us the best rates but we really want to be accepted & are worried that we are being put forward for mortgages which we won't get! Are there lenders which will overlook these points?

He doesn't seem to know. So confused as we wouldn't of sold out house if we didn't think we could buy!

Just don't know what to do

amnblog

Part of the job is to gain and hold the borrowers confidence.

That requires understanding and experience of the job - perhaps your broker does not have it.

Where did you find him?

betmunch

Let him know the priority is on getting the mortgage rather than the absolute best rate now.

I know exactly which lender I would try next.

sazz77

He was a someone a family member knew & we didn't know of anyone ourselves.

He is very responsive and I perhaps shouldn't be doubting him but I am so frustrated!!

I don't understand how we can be approved in principle then keep getting declined. All our wages slips and p60 matches our AIP so that's playing no part in the declines. My partner earns over 100k a year and we can't get a mortgage for 300k

sazz77

Who would you try?! I have told him that we just need to get one secured. We are happy to pay a bit more as our other alternative is renting which we don't want to do & makes no sense to me.

Our house we have sold has exchanged so no pulling out now! We don't live there as we are renting elsewhere but we have 3 months before we have to leave here so we need this sorting!

betmunch

To be fair you have been given very clear reasons why you were declined.

Most declines just get "check your credit file" (and go away) from the lender.

sazz77

What do I do next? Any help would be appreciated!

betmunch

sazz77 wrote: »

Who would you try?!

I cant name a lender without doing a full factfind. There could be another reason why you cant use them that hasnt come up in this thread.