lodger income

bike_saving_expert

csgohan4 wrote: »

Well not really, Lenders only take an account of how you are now, compared to someone with a permanent or long term contract and you who has to rely on lodger income and being over the usual 4.5x multiplier, that doesn't look good.



As lodgers you have more to lose, jobs generally don't come and go as often as lodgers and they can and will stop paying rent and cause damage.

honestly i quite enjoy having lodgers, people to talk to socializing etc and theres always people who needs rooms



You don't work as an engineer and also part time in McDonalds just in case you lose one job do you? You spend all your effort on one job so your one job earns the most

right but thats a little out of context maybe a better example would be also taking on job on a self employed basis as well as you normal job


At the end of the day, it's the lender's rules you have to go against and complaining to the FOS won't change their criteria, in fact it is confirming they are doing their job, affordable and sustainable lending unlike in the past with 100% self declaring mortgages

I must admit to some extent I do agree with this I see way too many self cert interest only problem mortgages these days. Still a balance must be struck between risk and reward. over cautiousness is not the intention of regulators. Im curious if you would be saying the same thing if 3 times income had been decided was the point at which red flags needed to be raised.

bike_saving_expert

So an update

Following Santander declining my mortgage for overall level of risk and pursuing it initially via santanders complaints department with no success as previously mentioned I took the complaint up with the ombudsman. After an initial downbeat response the ombudsman did what they could. The case really seemed to blow open when I sent a copy of my credit file to the ombudsman and wrote a strong email saying I would be wanting a reason why my application was declined. Santander then, thanks to ombudsman pressure looked at the situation and realized that firstly my name had been spelled wrong and second of all that they had received no information from experian (despite having many accounts recorded on my credit file and being on the electoral roll) at all!!!!!!

They consequently re ran my aplication and it passed and i progressed to the next stage!!! (still may be declined though from underwriting)

thanks to the ombudsman I am now finally moving forward with my application. I could have chosen to say nothing but I decided to share this as i feel that many of the comments received from this message board try to put people down when they do have a genuine reason to complain. Unfortunately, this seems to come from many of the mortgage professionals.

So all the best fight for yourself no one should be more motivated to do this than yourself.

John-K_3

If this is true then it is hard to know what to say.

Hopefully it!!!8217;ll be turned down at underwriting, it would be ludicrous for the ombudsman to interfere like this.

bike_saving_expert

So just to let everyone know my mortgage offer has been approved today. It can be done all the best everyone.

ACG

but I decided to share this as i feel that many of the comments received from this message board try to put people down when they do have a genuine reason to complain. Unfortunately, this seems to come from many of the mortgage professionals.

Santander then, thanks to ombudsman pressure looked at the situation and realized that firstly my name had been spelled wrong and second of all that they had received no information from experian (despite having many accounts recorded on my credit file and being on the electoral roll) at all!!!!!!

They consequently re ran my aplication and it passed and i progressed to the next stage!!! (still may be declined though from underwriting)

So what you are saying is that the decision was overturned because of something you never mentioned on any of your previous posts and not because of what you did mention?

bike_saving_expert

ACG wrote: »

So what you are saying is that the decision was overturned because of something you never mentioned on any of your previous posts and not because of what you did mention?

So to clarify before the ombudsman forced santander to look into my complaint all I was aware was and all anyone from santander would tell me was "you have been declined due to the overall level of risk"

Nasqueron

minimike2 wrote: »

If you are complaining to the FoS about appealing a lending decision then there is no wonder you are no longer a broker.

"Why would I appeal well because id like them to give me the mortgage I dont care what they want just what I want and if that helps me get there its worth trying."


Sad reflection of your generations sense of entitlement.

And yet the irony is that every generation thinks the one after them is like that. The baby boomers (1946-64 births) were known as the "me generation" due to the narcissism and self-fulfilment they wanted at the expense of social responsibility