Mortgage - What am I doing wrong?

Liamo3

TWIGLET1234 said:

I’ve got an application in with Santander at the moment and it’s with underwriting. One of us is self employed (for 2 and a half years) the other is employed. We are not HTB and are asking for 85% LTV. You don’t seem to be any greater risk than we do. We’ve not been approved yet though, just multiple questions for the last 2 weeks. 

What stage did you get knocked back? Before or after underwriting? 

I'm not 100% sure it was day 2 after the application was sent in. The BDM got me to get all accountant reference SA302's bank statements before we sent in the app so I'm assuming they all went in with the full application. I'm renting at present and recently moved because the previous landlord needed their house back. So I'm almost 5 months in the new rented property and 2 years in my previous rented property I wonder has that anything to do with it? I am on the electoral role I made sure of that. 

Thrugelmir

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

TWIGLET1234

I read somewhere that high street lenders won’t lend to people who have less than 3 years UK addresses. Maybe that’s it? 

Liamo3

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

5%

ACG

We do not use Santander often but they can be quite fussy.
Self employed in the current climate is a bit of nightmare, I think going with a fussy lender as a self employed applicant is the problem. Santander is never really my first choice for anything (we do not tend to overlap too much as our customer types differ) but I am pretty sure I would have avoided them for your case. 

I dont want to say you will get a better outcome with natwest but I would probably have chosen them ahead of santander. 

Liamo3

ACG said:

We do not use Santander often but they can be quite fussy.
Self employed in the current climate is a bit of nightmare, I think going with a fussy lender as a self employed applicant is the problem. Santander is never really my first choice for anything (we do not tend to overlap too much as our customer types differ) but I am pretty sure I would have avoided them for your case. 

I dont want to say you will get a better outcome with natwest but I would probably have chosen them ahead of santander. 

That was kind of my own doing the FA mentioned Natwest as first port of call but Santander was less expensive. Anyway the app is in with Natwest today so we will soon find out. Cheers for the reply

Thrugelmir

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

5%

May well be part of the issue. 

Liamo3

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

5%

May well be part of the issue. 

Spoke to my FA and got feedback. They didn't like the immaturity of my credit history apparently. I've done all the things the likes of experian tell you to do but they didn't feel there was enough data to make a qualified judgement. So credit card and a couple of store cards didn't give them what they were looking for. They said I was fine on affordability. 

FirstTimeBuyerLife

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

5%

May well be part of the issue. 

Spoke to my FA and got feedback. They didn't like the immaturity of my credit history apparently. I've done all the things the likes of experian tell you to do but they didn't feel there was enough data to make a qualified judgement. So credit card and a couple of store cards didn't give them what they were looking for. They said I was fine on affordability. 

How did it go?

Liamo3

FirstTimeBuyerLife said:

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Liamo3 said:

Thrugelmir said:

Sizable deposit?

25% which includes the Help to buy

What's your % contribution? 

5%

May well be part of the issue. 

Spoke to my FA and got feedback. They didn't like the immaturity of my credit history apparently. I've done all the things the likes of experian tell you to do but they didn't feel there was enough data to make a qualified judgement. So credit card and a couple of store cards didn't give them what they were looking for. They said I was fine on affordability. 

How did it go?

Currently waiting for a decision from NatWest so far nothing difficult has come up been through valuation etc but it needs senior underwriting sign off but they are going at snail pace at the minute.