We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage declined
Comments
-
A big thank you guys. It looks like I have to do a bridging loan for a month and then make the changes to then get a residential mortgage. Thanks though ❤2
-
I doubt it.macman said:Ed Miliband presumably still had a mortgage?1 -
Your mortgage broker should have advised you of the potential issue prior to application so that you could have risk assessed whether you wanted to submit a full mortgage application. It's well known properties with 2 kitchens are not easily approved for a mortgage. Now you have a declined application under your belt and a credit check done too. If you were paying a mortgage advisor for advice, I'd go back and ask why this advice was not made clear to you.
1 -
Is a declined application really an issue when they are declining the house rather than the person?SMR710 said:Your mortgage broker should have advised you of the potential issue prior to application so that you could have risk assessed whether you wanted to submit a full mortgage application. It's well known properties with 2 kitchens are not easily approved for a mortgage. Now you have a declined application under your belt and a credit check done too. If you were paying a mortgage advisor for advice, I'd go back and ask why this advice was not made clear to you.0 -
Exactly, just change house.1
-
Yes it will show on the credit file as declined. It won't have a reason. Potential lenders will just see that OP has had a mortgage declinedsteve866 said:
Is a declined application really an issue when they are declining the house rather than the person?SMR710 said:Your mortgage broker should have advised you of the potential issue prior to application so that you could have risk assessed whether you wanted to submit a full mortgage application. It's well known properties with 2 kitchens are not easily approved for a mortgage. Now you have a declined application under your belt and a credit check done too. If you were paying a mortgage advisor for advice, I'd go back and ask why this advice was not made clear to you.0 -
Not true. Only a search will be visible.Sotts said:
Yes it will show on the credit file as declined. It won't have a reason. Potential lenders will just see that OP has had a mortgage declinedsteve866 said:
Is a declined application really an issue when they are declining the house rather than the person?SMR710 said:Your mortgage broker should have advised you of the potential issue prior to application so that you could have risk assessed whether you wanted to submit a full mortgage application. It's well known properties with 2 kitchens are not easily approved for a mortgage. Now you have a declined application under your belt and a credit check done too. If you were paying a mortgage advisor for advice, I'd go back and ask why this advice was not made clear to you.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.5 -
Yes youre right. It will show as a hard search for mortgage application. Any Lender will know that if you have a search for a mortgage and are applying for another mortgage, it's likely that the first one was declined. But you should be able to explain this at the time of applicationkingstreet said:
Not true. Only a search will be visible.Sotts said:
Yes it will show on the credit file as declined. It won't have a reason. Potential lenders will just see that OP has had a mortgage declinedsteve866 said:
Is a declined application really an issue when they are declining the house rather than the person?SMR710 said:Your mortgage broker should have advised you of the potential issue prior to application so that you could have risk assessed whether you wanted to submit a full mortgage application. It's well known properties with 2 kitchens are not easily approved for a mortgage. Now you have a declined application under your belt and a credit check done too. If you were paying a mortgage advisor for advice, I'd go back and ask why this advice was not made clear to you.0 -
That's a high risk strategy - what if you get the bridging loan, make the changes, then find you can't actually get a residential mortgage? You can talk to brokers to get some idea of the risk of that happening, but there's nothing you can do to entirely remove the risk. Maybe it'd be fine now but lending criteria changes, maybe you lose your job, or become injured, or or or - in which case, you might be stuck with an expensive bridging loan and no realistic way to refinance.Newthings said:A big thank you guys. It looks like I have to do a bridging loan for a month and then make the changes to then get a residential mortgage. Thanks though ❤
0 -
Is there something really special about the house that's worth all the trouble?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards