Mortgage application online refused

sweetpea26

After speaking to a mortgage advisor on the phone from a major bank tonight. We were told to go online and apply for a buy to let.

We have no debts and our mortgage has been paid of 10 years ago.

WE pay our credit cards every month. We have savings over 100K

The question I would like to ask is that one of our children in his 20s has run up debts, phone bills, pay day loans, unpaid bank overdraft etc all listed at our address but using Stepchange now about 2 years. Would this be the reason. Or is it something that we have entered wrongly.

The message was that we were declined and that to contact them if our circumstances change !

We are pretty devastated to say the least as we had found a property that was ideal.

Is there anything we can do to repair this...we checked our credit rating and its 999.

ACG

Ignore your credit scores, theyre worthless.
What is on your credit report? Any arrears/defaults etc?

Give them a call when theyre next open, check why it has been declined. It could be something simple, it could be that you just do not fit criteria or it could be your sons issues causing you problems.

Thrugelmir

Why did you approach this particular lender direct?

sweetpea26

We had researched online and contacted them...didn't think this was a problem.????

I dont believe there are any defaults at all.

thats what is worrying.

cjmillsnun

Speak to a broker. They will find you a suitable mortgage provider.

Unless you or your partner have shared credit accounts with your son, thus creating an association with him in your credit reports, then he should not affect anything as the debts are registered against the person, not the address.

Something that is affecting my wife and I is her age. She is 5 years older than me and will be beyond retirement age by the end of a mortgage term. We had to reduce our mortgage term by a year to get accepted.

kingstreet

Which lender?

What's the purchase price/value and mortgage amount/LTV?

What's the estimated/gross monthly rent?

Tax rates? Nil? Basic? Higher?

Other encumbered BTLs? If so, how many? What are the property values, mortgage amounts, and gross monthly rents?

Mortgage product? Fix under five years? Fix over five years?

As the PRA changes are introduced over this year, it's essential you fully understand the criteria and rent v interest formula used by your chosen lender.

Thrugelmir

kingstreet wrote: »

As the PRA changes are introduced over this year, it's essential you fully understand the criteria and rent v interest formula used by your chosen lender.

A number of lenders have revised their criteria in the past few weeks ahead of the changes that become mandatory from the 1st October.

sweetpea26

Thank you all for your comments. We got a call back and my husband had entered information incorrectly. This was the only reason. So all is looking good. Thanks again