Complex Mortgage - need a broker urgently!

glitterygirlie

Hi All


Firstly the reason I am here - I need a mortgage quickly!


About 3 months ago I applied to Barclays for a mortgage, a mix of commercial and residential - value of 1.8m with a 400k deposit - approved. (commercial profits of 200k) Passed no problem. I should also add our current mortgage is also with Barclays.


I have all my business banking with Barclays and have a very good standing with them, profits of nearly 400k last two years and projection of 700k for this year. They have also approved me for a 500k loan to buy new commercial property a few weeks ago.


So.. on that basis when we found our dream home 2 weeks ago sold our house within 48 hours and secured it I never thought we would have an issue. Then we have our mortgage declined! it is currently with underwriters with by premier manager and business manager challenging the decision but I hear these things don't really change so here I am ...


My SA302s show 105k earnings last year and 91k year before, husband 25k each year. Husband has 999 credit score and mine is excellent on Equifax and poor on Experian...
The reasons that have been flagged are my high level of unsecured debt - about 80k...
I have just paid off 40k in light of the mortgage application, but this wont show up on my report for another month and we can't wait as there was another buyer ready to offer. To complicate matters I also have 2 late payments with Very.co.uk from September and November last year. I opened a dispute with them as I was on a buy now pay in 12 months account (one was for a delivery charge of 4 pounds which is not covered in Buy now pay later!) but they wouldn't remove it and I guess at the end of the day it was my mistake not theirs so they are there. All my others are on time no late payments.


The house we want is on at 950k and we have a 400k deposit. 58% LTV - and I could probably get 50k more to put in if necessary.


with all these things in the mix is it likely we will secure a mortgage? And does anyone know a broker!?
thanks in advance,
GG.

amnblog

The unsecured debt can trip the credit score over. You may well need a Lender that can override such automatic decisions.

Given the loan to value I imagine this case can be done. As you correctly surmise, all you need is an experienced broker.

glitterygirlie

thank you for responding amnblog.


I spoke to a broker on Friday that a friend had used and he recommended Virgin Money - he also set my friend up with them so I am getting worried they might be the best for him and not me...
He also suggested the Coventry.


Can anyone suggest a good broker - one that will handle retained profits, and small adverse?
thanks in advance

MerrilyA

I don't know if specific people can be recommended on here.

I would say possibly try the mortgage advice bureau and see if they can help.

Thrugelmir

glitterygirlie wrote: »

They have also approved me for a 500k loan to buy new commercial property a few weeks ago.

And now you want to borrow another £550k. Hardly surprising that the underwriters are getting edgy. As that's over a £1m to service. £40k of unsecured credit sounds as if your finances aren't particularly well managed.