Mortgage Declined

MB1975

Hello - I have applied for a mortgage of £59,500 on a house of £259,500. The deposit is my pension lump sum. I have applied for a mortgage of £590 pcm on an private pension of £24,000 net (state pension due to start this August).

Been turned down on basis of undisclosed debt - have absolutely nothing - no credit card or loans.

Any ideas about where I can go from here?

ACG

Call the lender up and discuss it with them.

Get a copy of your credit report(s), just to ensure there is nothing you have forgotten about or even taken out fraudulently.

MB1975

Thanks ACG.

Nothing at all on credit report - have checked across 4 agencies. Going through broker who seems a bit non-plussed. Have passed credit report onto them.

MB1975

I could reduce the mortgage to £49,500 at a push - would that make any difference?

MB1975

Thanks DCFDC9 - got report through checkmyfile and no debt - last credit account settled 2016, aside from modest HSBC credit card that is paid in full each month (not usually more than £100). No missed payments or anything.

MB1975

I am 65 and applied for a 9 year term - could this be an issue?

ACG

It could be an issue but it does not sound like it is the issue.

I think you need to give your broker a bit of a kick. Their job is to sort out issues when they arise. We had this happen once, we called up the lender, sent them a copy of the credit report and they just backed down straight away and allowed us to proceed.

Without knowing your case it is difficult to know but ultimately your broker needs to pull their finger out or you need to look for a plan B.

MB1975

Thanks ACG. I am going through Habito (application to Barclays)

Don’t have a plan B to be honest...thanks for your advice though. Will give it another go with broker.

jstallan

Maybe go through a broker who is local to you, someone who you can go and see.

DCFC79

MB1975 wrote: »

Thanks DCFDC9 - got report through checkmyfile and no debt - last credit account settled 2016, aside from modest HSBC credit card that is paid in full each month (not usually more than £100). No missed payments or anything.

Id deleted mypost as Id noticed ACG had posted pretty much the same as what Id posted.

MB1975

Thanks jstallan - been given a contact who might be able to help. I just assumed that there wasn’t much point if this broker couldn’t help. Maybe I am giving up too easy though.