Mortgage help/advice

jojogirly

I am looking for a mortgage but have so far been rejected by my bank (Barclays) .

The soft checker has also come back that I would be rejected. One bank told me they would only lend me 22K. Any ideas why would be great.

I was looking for 140,000 mortgage with 10,000 deposit.

I have two jobs, 1st job salary is 30160, bonus 3840, expenses 4800

2nd job, 13000.

No missed payments on credit record, everything paid on time. I have a car on finance and two credit cards with about 6000 on them, other credit card has a zero balance. I also have a bank loan with Barclays (two years left)

I have one dependant. I don't struggle for money

Obviously it's a no for now, but what do I need to do moving forward. Is my deposit just too low? Thanks

amnblog

Your deposit size does reduce the options.

However, have two jobs and variable pay is the factor that needs to be handled correctly through a suitable lender. The majority of Lenders will only count half your variable and second job income.

A case for a Broker to manage.

jojogirly

Thank you, its so nice to get a straight answer. I wasn't aware they would only take half of the second income, I just couldn't understand why

jlemaitre

Did your bank not tell you why your request was rejected?

When i applied for my mortgage 12 years ago. I was self dependent. I had £30k+ in my bank account and opted to buy a house currently being built with the developers sale price of £179,999. My request with Nationwide was rejected as they valued the property to be £169,999. Dispite wanting to put £30,000 as a deposit they still refused my offer.

I went to Halifax and they were a lot easier to work with and they agreed the developers price tag and only requested a £20,000 deposit from me.

I think in this day £10,000 deposit seems to be very generous towards a house you want that is being sold/valued at. However i would recommend putting more down if possible.