trouble getting a mortgage declined at credit check

millsmum

I am really stressed at the moment. we have had an offer accepted on our house. and after asking santander how much we could borrow we put an offer in on a house.

I asked if we could borrow 220K and after giving all our details we were told that would be ok, but things might chance when we put the application in.

I phone and gave the details again and we were told yes 220k
I double checked and started the application.
I have been wrongly informed and our potential borrowing has now dropped to 194.

got into the application and we were told unfortunately we can now only borrow 167.

going through the credit check we have been declined on affordability. I have just checked the credit score and our credit card balance is still showing although it is paid in full every month.

apparently we can now go through a process of appeal to have the case assessed.

I have flexible mortgage where I can draw down 150k so I am only asking for 17k more!! compared to the 70 more.

house purchase price is 400k we have a deposit from house sale of 176k savings of 40

can anyone advice me on what I can do I am worried sick that I am going to lose the house.

Thrugelmir

millsmum wrote: »

going through the credit check we have been declined on affordability. I have just checked the credit score and our credit card balance is still showing although it is paid in full every month.

Credit card balance is unlikely to be the cause of a decline based on affordability.

Difficult to comment on the actual reasons. As this will be specific to your personal circumstances.

millsmum

oh, there is nothing else outstanding except the mortgages

my credit score is 999 on experian

seanwinf

Have you checked the credit ref agency? Call credit and equifax?

Thrugelmir

millsmum wrote: »

oh, there is nothing else outstanding except the mortgages

my credit score is 999 on experian

Then it's to do with the nature of your earnings, number of dependents etc perhaps.

amnblog

This may we'll be a Santander specific issue. Unsecured debt will count against your affordability regardless of when you intend to repay it.

Consult a broker and consider the wider market.