FTB - Mortgage Declined

Bumbletumbler

Yes, the figures don't add up. Don't know how OP's husband can be left with £2500 a month after car and loan repayments when take home is only £2426

Think she meant £2500 left on student loan to repay.

SophieAlexis84

No just the kids.

We are not married - its a sole application and I am not dependent on him.

SophieAlexis84

poppy10 wrote: »

Yes, the figures don't add up. Don't know how OP's husband can be left with £2500 a month after car and loan repayments when take home is only £2426

Sorry Typo - Its around £1500 after Car loan (£221) Loan (£214) Student Loan (£200) and other small outgoings.

Also we are not married - not sure if that makes a difference.

Alarae

Happy to be corrected here, however I was under the impression that if you intend to live in the house as well, but are not in the mortgage/dress, you are considered a dependant.

That's probably where you are falling down with a 5% deposit. High risk for a sole applicant with four dependants, that probably isn't massively over on affordability with car lease and other liabilities.

Find yourself another broker who seems to actually want to care about getting you a mortgage :money:

Fireflyaway

Could you wait a while in order to increase your disposable income? Pay off the car maybe? I'm thinking that 5% isn't much if he is the sole applicant with 3 kids. I'm guessing ( and it is only a guess) its quite risky if he lost his job where would the repayments come from? Can you increase your deposit?
Also your broker doesn't around,very bothered. Find a whole of market broker who can help. There might be a good case for getting your application manually underwritten so you don't keep getting declined and then get declined because of multiple applications.

ACG

Alarae wrote: »

Happy to be corrected here, however I was under the impression that if you intend to live in the house as well, but are not in the mortgage/dress, you are considered a dependant.

That is not correct.

I bought my house without my gf. She has a job, she contributes towards the bills and mortgage and has money to pay for whatever she likes (within reason). She is not a dependent, infact if anything her being here makes my life easier as the bills are split.

glentoran99

Fireflyaway wrote: »

Could you wait a while in order to increase your disposable income? Pay off the car maybe? I'm thinking that 5% isn't much if he is the sole applicant with 3 kids. I'm guessing ( and it is only a guess) its quite risky if he lost his job where would the repayments come from? Can you increase your deposit?
Also your broker doesn't around,very bothered. Find a whole of market broker who can help. There might be a good case for getting your application manually underwritten so you don't keep getting declined and then get declined because of multiple applications.

Can the same not be said for all mortages?

SophieAlexis84

Fireflyaway wrote: »

Could you wait a while in order to increase your disposable income? Pay off the car maybe? I'm thinking that 5% isn't much if he is the sole applicant with 3 kids. I'm guessing ( and it is only a guess) its quite risky if he lost his job where would the repayments come from? Can you increase your deposit?
Also your broker doesn't around,very bothered. Find a whole of market broker who can help. There might be a good case for getting your application manually underwritten so you don't keep getting declined and then get declined because of multiple applications.

We cant really wait about as we don't want to risk losing this house but I suppose if we dont get the mortgage we have no choice

Also again I am not sure if it make any difference but the car is a lease rental.

We are in the position where we can go up to a 10% deposit - I am just so scared of getting declined again and it really hurting the credit score. We are also going to see if we can add in Child Benefit payments as they certainly add up over the year!

Hopefully speaking to another broker tomorrow who can actually give us a bit of guidance. We just seem so deflated by it all so posted here looking for a bit of hope.

jessnat995

I would choose a broker wisely, make sure you go for a good one, well know, if the fees are a little high, make sure there only payable on certain stages,

I was told by one "broker" high street one, that with a default I would Have NO chance at getting a 5% mortgage. I would have to pay it off first,

3 months later Im about to move into my new house,

As said by others, some brokers want the easier work, quick jobs= quick money to them,

Torfoxwell

Dont give up we were in the same position as soon as we put our childcare in it killed our affordability , we pushed our deposit to 10% but its all situation dependant , ignore the credit score its what is in the credit file thats important , a good broker is worth their weight in gold and will know how to put your application forward in the best way and to the correct lender i.e some take into consideration childcare costs others dont , some take into consideration family credits others dont , good luck and youll get there !!