Mortgage advice declined

benten69

AnotherJoe wrote: »

ItAlso the days of credit card companies proactively raising limits seem to be well gone, I always used to be getting letters to that effect but haven't had that happen for years.

My bank just raised my limit by about an extra £1000 in the last 6 months without me asking.....

Nebulous2

AnotherJoe wrote: »

Also the days of credit card companies proactively raising limits seem to be well gone, I always used to be getting letters to that effect but haven't had that happen for years.

Mine have started again. I've had three increases this year. Two of them on fairly recent cards, but one is a longstanding Barclaycard. It has had the same limit since before the credit crunch but has been put up this year.

Sometimes I have had to phone to say I want it, after receiving a letter offering an increase.

MEM62

Credit scores are irrelevant. CRA's do not lend money.

The issue is your debt. It is very high in relation to your income and I doubt you will pass the affordability checks. If you partner can obtain the mortgage on her own that would be the way to go. The fact that you will be living there does not mean that you must be on the mortgage.

If you partner has no other debts she should qualify for the mortgage based on her salary. You need to speak with a decent independent mortgage broker.

kingstreet

mac91 wrote: »

Hi I am a first time buyer who recently applied for a mortgage with my partner we were subsequently declined we have had an offer accepted and I am so stressed by the whole situation.

Property value : 67500
Deposit : 7000
My income : 29300 Experian score 693
Partners income 22700 Experian score 970/999
My debts : 18000 credit card all interest free and 6000 loan
Partners debt : 3000 car loan

I have never missed a payment and my credit score is not horrendous but I am clearly the reason we were rejected they appear to not like my debt levels despite having combined disposable income of around 2000 before any flat costs.

We have decided the best course of action would be for her to apply on her own as her income appears to be ok for the amount requested and she has little debt and a great Experian score.

Her take home pay comes out at around 1400 with fixed outgoings of 344 each month 240 of which are absolute necessity. After taking into account mortgage, council tax, electricity, food, tv license we work out she should have a disposable income of around 500.

- What is your opinion of this affordability and likely approval?
- what should my partner do if they ask if anyone will be living with her or contributing? Naturally I would say tell the truth
- are they lightly to ask why I am not applying with her and is that lightly to effect the application ?
- are they lightly to ask about the declined application and if so what sort of levels of detail should be provided?
- should I go to the meeting with my partner?

This situation is stressing me out so much any advice would be appreciated I want to be completely forward to the lender but at the same time I don't want it to seem suspicious that she is applying on her own?

I also note we are not financially linked on our records other than a joint bank account we have no joint credit.

Direct or broker?

Which lender?

Assuming no broker, speak to one today. Independent/whole of market and no-one from a corporate estate agency chain.