Mortgage declined, what next?

xnoxxnox

check intermediary websites for the target banks and study their lending criteria. E.g. on many types of properties they may require 5, 10, 15, 25% deposit minimum. Thus for 180k house you might need 27k-45k deposit, plus money for fees etc. E.g. 35k-58k savings. Do you have that much?

tbkbt

Thanks for the help.
We were going to borrow £160 for £182 house
Il have a look at the intermediary sites later. The broker was pushing for a 35year term to lower payments which I wasn't too keen on, would thus affect it atall?
We might wait til after Xmas as my wage will rise to £26k as well.
Also we have £35k savings to cover everything.

jaynebrat

Could you put down another £4/£5k to bump your deposit up to 15%? Sometimes LTV's above 85% carry stricter criteria.

tbkbt

jaynebrat wrote: »

Could you put down another £4/£5k to bump your deposit up to 15%? Sometimes LTV's above 85% carry stricter criteria.

We can if need be. I have briefly spoken with London and county, recommended by mse, who reckon they might be able to help, then again I can't see anyone turning down possible business.
Hopefully they can help figure out where we stand as in either previous broker missed something or aiming too high.

Lungboy

MSE don't recommend anyone officially, do they?

chanz4

Lungboy wrote: »

MSE don't recommend anyone officially, do they?

Depends how much is thrown on the back table hand

marksoton

amnblog wrote: »

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

They don't on the AIP figure based on income. And that's before all else gets taken off. I'll quite happily stand corrected mind.

Thrugelmir

tbkbt wrote: »

then again I can't see anyone turning down possible business.

If you don't meet the lenders criteria then yes the business will be declined. Days are gone of mortgages being sold like cans of baked beans. .

tbkbt

They've got us a DIP from halifax, we should proceed with full application tommorrow. it was my wifes credit report throwing before they think, its missing all her information from before we were married, so all her credit history.
Halifax were willing to lend more than the house is worth in the DIP. we have mentioned the fact we can bump up the deposit if need be.