Getting a mortgage on third try??

Hi all! 
I’m wondering what our chances are of getting a mortgage on our third try. 
Declined with HSBC and NatWest (within a week!) reason unknown but I would think it has to do with my husband being in his overdraft a lot over the last couple of months. His work naturally dips around this time of year so less commission and to be honest we didn’t expect to sell our flat so quick and find our dream house so quick- we thought we’d have a couple of months at least! 

Household income around 60k 
Deposit 100k
want to borrow 240k 

joint account has always been in good shape (I’m in charge of that), husband just hasn’t been very hot on his personal finances. 
Husband now firmly out of his overdraft. 

We have 2 loans, one each, of 4K each. We are going to pay these both off this week. 

MB wants to try again at the end of the month after a few more weeks of good financial conduct. 
I feel very very uneasy because I don’t know what our chances are. 
We’re halfway through buying this house and I’m worried we will end up losing both new house and buyer for our flat. I know it’s best to have faith in MB and I usually would, we have worked with him before and he has worked with my family for years and years. 

Any positive stories of being approved after multiple declined? 

Comments

  • DE_612183
    DE_612183 Posts: 1,626
    First Anniversary First Post Name Dropper
    Forumite
    I think your affordability is right at the top end - what is the split of the £60k?

    Is the £100k just equity or any savings as well?
  • DE_612183
    DE_612183 Posts: 1,626
    First Anniversary First Post Name Dropper
    Forumite
    If I was you I'd be looking at a cheaper house...
  • bluelad1927
    bluelad1927 Posts: 305
    First Post Name Dropper First Anniversary
    Forumite
    To stand a chance  with affordability I imagine you would have to be debt free as obviously this is being taken into consideration. 


  • dunstonh
    dunstonh Posts: 115,695
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Declined with HSBC and NatWest (within a week!) reason unknown but I would think it has to do with my husband being in his overdraft a lot over the last couple of months.
    HSBC was a poor choice for you to make.  They like to cherry pick.

    Any positive stories of being approved after multiple declined? 
    What does your mortgage broker say?   - if you don't have one, then it would be logical to get one in your scenario as a whole of market broker would have avoided your struggles to find a lender.


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards