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Should I change MA or is he being reasonable
Comments
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The mortgage adviser doesnt get paid unless the mortgage completes. So, he/she will want to get your the mortgage within the rules as much as you want the mortgage.My credit score is touching 900 so pretty good.
meaningless. Its a marketing score. Lenders don't use it. They use the raw data. Such as late payments, arrears, amount outstanding etc.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If they have come back and said 15%, that sounds like a credit issue rather than affordability.
What reason(s) have they given for needing a 15% deposit?
What lenders have they tried?
If your broker is struggling and you can not meet what they need to make it work then yes, find a new broker. At the minute you have an option that does not work so you have nothing to lose by trying an alternative.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If lenders work on multiple of 4 times salary £52k only just covers £208k. As you have a PCP deal, credit card and unsecured debt of £7500 this reduces amount they will lend. Do you have a student loan as that also may reduce the amount? I think the offer is reasonable as you sound over committed. Why did you not clear the credit card before applying for the mortgage? Do you have savings for costs?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Thanks for the replies.
My advisor is aware the car is going back and when I put all my outgoings into the calculators online, I put them a tad on the high side as well just to compensate a little more, it comes out between 220k and 240k of what I might be able to be offered. I need 209k for 10% so I’m inputting all the correct details and the offers are there from the calcs.0 -
I know this is what I’ve been reading on these forums and the weird thing is he keeps referring the the actually number on my credit report, which I find strange after reading the forums. Cheers0
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I put them a tad on the high side as well just to compensate a little more, it comes out between 220k and 240k of what I might be able to be offered.
Still subject to the product being applied for. With current levels of uncertainty, lenders may wish for higher levels of equity in the property. To provide a buffer against any downturn.0
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