Mortgage declined, what next?

tbkbt

Using a mortgage broker, suggested we could get up to £240K, we decided on house at £180K, all docs sent to broker a month ago, last week they sent to natwest, natwest declined due to "being fussy about who they accept" according to broker, they said don't worry we'll use halifax they're not as fussy, applied tuesday, heard today that "computer says no". They said we cant find out why either rejected us. Next step is to try Clydesdale but they're 4-6 weeks turnaround, meant to move in next week, cant see seller holding it for us.
Have we been led on by our broker, anyone think we would actually be able to get that much?
salaries are £26K and £21K. stable jobs, though wife, 26k just moved to a new council to continue same job.

amnblog

Your broker is not filling you with confidence and he/she sounds like a worry to me.


Have you obtained copies of your credit files from Experian and Equifax and provided them to your broker?

tbkbt

Our broker never filled us with confidence, every time they needed documents we only found out when we phoned to chase them up.
we got our credit reports from equifax, experian and call credit. nothing showing up, have a car on finance, paying credit card on time in full every month, never using overdrafts.
Sopken to my sister who recommended going to halifax direct as i have been long term customer.

amnblog

First, do not go direct, particularly to Halifax who have already rejected your application.


It is very unusual to fail credit score on these figures with a clean record. Your case needs considering carefully before the next step.


Your certainly need to put your purchase on hold, you wont have a formal mortgage offer next week.


Your options are to give your current broker some time to take stock, or get a second opinion.

tbkbt

Thanks, my sisters advice was from before the crash.
think we might try a second broker and see how we get on, i'l ask my conveyancer to see how the seller feels about waiting again.

csgohan4

Is the broker recommended by the Estate AGents?

tbkbt

csgohan4 wrote: »

Is the broker recommended by the Estate AGents?

no was independent.

marksoton

tbkbt wrote: »

Using a mortgage broker, suggested we could get up to £240K, we decided on house at £180K, all docs sent to broker a month ago, last week they sent to natwest, natwest declined due to "being fussy about who they accept" according to broker, they said don't worry we'll use halifax they're not as fussy, applied tuesday, heard today that "computer says no". They said we cant find out why either rejected us. Next step is to try Clydesdale but they're 4-6 weeks turnaround, meant to move in next week, cant see seller holding it for us.
Have we been led on by our broker, anyone think we would actually be able to get that much?
salaries are £26K and £21K. stable jobs, though wife, 26k just moved to a new council to continue same job.

Move in next week ?! You haven't even started the mortgage process!

Even on the old multiplier regime you're right at the limit if not over it. I'm no expert but the figures really don't make sense. And nor does the due diligence.

tbkbt

marksoton wrote: »

Move in next week ?! You haven't even started the mortgage process!

Even on the old multiplier regime you're right at the limit if not over it. I'm no expert but the figures really don't make sense. And nor does the due diligence.

we started the process 6 weeks ago, before that to get AIP's with the broker.
Thanks for the condescending tone but we can only act on what we were advised by the broker. we didn't know anything about the process hence we went with all the recommendations and went with a broker.

amnblog

The figures do make sense based on what you have said here.

GoldenShadow

We are with Natwest, I haven't heard of them to be fussy. Are you on the electoral role?

Also, are you borrowing 180K or putting down a deposit and borrowing less than 180K?

For us, Natwest calculator showed the max they would lend us at £225,000, we had 22.5K and 30K then. So the 240K at the start sounds a bit high. How much deposit are you putting down?