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Mortgage declined
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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
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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.
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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
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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 ❤
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Is there something really special about the house that's worth all the trouble?0
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