Mortgage declined due to commute - need advice please

ThePants999

K_Monkey wrote: »

The season ticket is £541 per month.

Are you sure? From what I can see, the £541/month season ticket is London Midland only. Those are the two-hour stopping services. For the nice fast Virgin trains, you need an "any permitted routes" season ticket - that's £929 a month, or £968 if you add a London travelcard to get you to Oxford St. Also don't forget to add £1080/year for station parking.

If I make an assumption about what your mortgage repayment would be, I calculate that over 70% of your net income would end up going on mortgage plus commuting. That fails affordability in my book!

And yes, even only going one stop on the tube adds a lot to the journey, as the platform you'll get off at isn't exactly right next door to the Victoria line. I think you're looking at 1hr50min door to door at least.

amnblog

This is not about the commuting time, nor the cost of the commute.

As stated above it is about a borrower taking a residential rate on a problem which will be let. That is the Lenders concern.

A good broker would expect to pre check this position with the lender prior to application.

Another 'try' with HSBC is not the answer. Don't apply anywhere unless the Lender has indicated they can get comfortable with this scenario.

Thrugelmir

amnblog wrote: »

nor the cost of the commute.

£144k mortgage

£37.5k gross

If the commute cost is 25% - 30% of gross pay. Must have an impact on affordability. Irrespective of any other concerns.

amnblog

Yes, the cost does make everything sound unaffordable but if the primary reason were about cost a smaller offer would have been made.

The have declined this based on geography without considering the cost further.

Brigmeister30

I hope you find a better mortgage sometimes brokers find the best deals yet do no consider other factors. People on these threads need to keep to facts not snidey remarks it really winds me up how awful people can be to someone on here. Listen to what he is saying!!! They havent taken costs into account and i am sure if he does the commute everyday he knows how long it takes.

ThePants999

Brigmeister30 wrote: »

i am sure if he does the commute everyday he knows how long it takes.

He doesn't yet do this commute every day. He currently commutes across London.

pjcox2005

No views on the mortgage, but on the off topic element the commute would be fine and I'm sure shorter than many people.


I know a few who do it on a daily basis without issue, and also when I was in London I could easily be at my desk by 8.30 before most of the Londoners were in.

MacMickster

I agree that the lender suspects that the intention is to actually let out the property rather than live in it and commute.

The OP's research seems fatally flawed, basing his journey time on the fastest (but most expensive) train of the day but only intending to pay for a slow train. Either the commute would be well in excess of 2 hours each way or the ticket for the fast train would cost an extra £400 per month making the mortgage unaffordable.