Refused my first application

Lrimas

If it makes you feel any better we were also just rejected by HSBC for a remortgage application. We save over £2.2k per month and I worked out that we will be ok if our interest rate rises to 15% - more than double what the eu law requires.

Not sure what we are going to do yet (as the fees and valuations are expensive). Please do let us know what you decide and how you get on.

MARTYM8`

I find the Nationwide calculator quite useful – as it gives you not just how much they might lend but at varying mortgage terms and also has a more detailed set of questions. They are relatively strict too.

http://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-calculators/mortgage-affordability-calculator

The calculators most providers have that just say you earn £50k and can borrow possibly £200k aren’t worth much.

In my experience the HSBC affordability calculator gives ridiculously large amounts relative to salary which in reality it will never lend to most people. Maybe its to attract business and fees?

jezzer_72

Yeah Nationwide makes me even more depressed tbh.

I went to a Mortgage advisor about 5 years ago when i was on 16k to find out where i needed to be in order to buy something decent. So 5 years later, my wage has increased but the end result is the 20k increase in what i can borrow.

I have no idea how anyone can get on the property ladder. I feel sorry for those renting who are paying more than a mortgage for rent but can't get a mortgage.