Husband can’t get mortgage in principle

moneysaver12

Hi we put our house on the market over 2 years ago.  At the time my husband was accepted for a mortgage in principle (mip) that ran out as our house hadn’t sold.

we haved now had an offer on our house.  My husband applied for a mortgage in principle, with current lender and he wanted to borrow  150000,  that would mean that the ltv would be 49% as there is equity in the house.  Current lender said no,  he applied with two more and both said no.  He does have over 10000 of debt in credit cards and loans.

he explained to estate agent who our house is on the market with in a view to removing our house off the market.  They advised him to see their mortgage broker and have booked an appointment.  I did suggest that he finds an independent one but he thinks they will charge him.

is he wasting his time seeing the mortgage broker?  Is there any chance that he could get the mortgage?  Can’t extend the years the mortgage is paid over due to age.  Only my husband is on the mortgage 

kingstreet

Without knowing the cause of the declines, we can't say what may or many not happen. An up to date credit report should be your first reference.

If he is now seeing an "adviser" that may help. NB plenty of EA advisers (partic the big chains) charge fees and have a limited lender panel so an independent can mean no/lower fees and greater lender access.

moneysaver12

Thank you kingstreet

housebuyer143

How much does he earn? The simple answer might be that he doesn't earn enough to borrow £150k especially with the credit card debt 

moneysaver12

housebuyer143 said:

How much does he earn? The simple answer might be that he doesn't earn enough to borrow £150k especially with the credit card debt 

He earns £50000 

Angelica123

It's definitely worth seeing a mortgage broker (although make sure it's one that has access to whole market). 

At a guess, the issue is likely affordability if he has credit card debt, looking for a short mortgage term due to age, and is the sole earner. But a broker can look at his circumstances and suggest what might be available. 

amnblog

Borrowing 3 times income 50% loan to value, three lenders said no.

That does not add up. There is a reason for this which needs to be looked at by a good mortgage broker. If your husband has to pay to get this sorted it will be money well spent.

Any further steps down the current path is just making matters worse.

Hoenir

Why aren't you party to the mortgage application?