Why can't I get a mortgage?

robynjur1108

25 years is what we asked for. 

MaryNB

robynjur1108 said:

Can you explain why platform have gave us a AIP but not Nationwide. Also on the Experian eligibility checker we have came up with excellent chances of being approved. I'm just hoping and praying this is the case, but it's a long wait in current circumstances. 

Have a read through this. The reintroduction of mortgages with 10% deposits at Nationwide comes with a few restrictions including no mortgages for flats or new builds, max mortgage term 25 years, and stricter affordability checks (more detail in the link). 
https://www.yourmoney.com/mortgages/nationwide-relaunches-low-deposit-mortgages-for-first-time-buyers-but-with-some-exclusions/

robynjur1108

Thank you. I think the most confusing thing for me is nationwide refused. However platform accepted and there check was a hard check rather than a soft (like nationwide). This has massively knocked my confidence and made me think I have no chance of getting our application approved. Even though our broker says our chances are as good as any and we have a pretty straightforward case. I'm just doubting things now. 

robynjur1108

Thank you. I think the most confusing thing for me is nationwide refused. However platform accepted and there check was a hard check rather than a soft (like nationwide). This has massively knocked my confidence and made me think I have no chance of getting our application approved. Even though our broker says our chances are as good as any and we have a pretty straightforward case. I'm just doubting things now. 

Hannimal

Slithery said:

The banks will account for your current borrowing.

You don't have a £10k deposit and £5k of debts, you only have a £5k deposit.

not unless it's from the same lender. Some people on this forum can be very unhelpful. It would still be £10k deposit but the £5k debt will affect affordability.

Hannimal

robynjur1108 said:

Can you explain why platform have gave us a AIP but not Nationwide. Also on the Experian eligibility checker we have came up with excellent chances of being approved. I'm just hoping and praying this is the case, but it's a long wait in current circumstances. 

where on there can you see your chances of being approved for mortgage? Are you using the paid one of the MSE one?

robynjur1108

It's via Experian. You press mortgage comparison  

MaryNB

Different banks have different requirements. My colleague went to apply for a mortgage with Coventry but they refused him one because he had been in his current job for less than two years. He went to Nationwide and they gave him a mortgage.
When I moved to the UK, Nationwide wouldn't give me a bank account because I had no bills with my UK address in my name or driving licence with a UK address, but Halifax did based on the address on my tenancy agreement. Then Halifax wouldn't give me a credit card because I had no credit history here, but Barclays did. 

I think the biggest concern is your debt compared to your deposit. Maybe have a chat with a mortgage advisor from Platform to see if this would be an issue.

robynjur1108

Thank you everyone for all your advice. So many conflicting views. 

[Deleted User]

robynjur1108 said:

Thank you everyone for all your advice. So many conflicting views. 

All you will get is views.  Only nationwide know. Credit eligibility predictors and credit scores do not mirror the banks criteria. Perhaps consider a broker who could match you to a lender and criteria you meet.