never rains but always pours - been turned down

chickster_2

we are coming up for re-mortgaging, other halfs work has a free inderpendant financle advisor so he is looking

well he found one good deal to but they turned us down due to not meeting there criteria, other half got told any credit problems?? we said no, requested credit report anyway nothing on there!!

so if we stay with current mortgage lender they are gonna charge us 9.09% _pale_

and they only other person he mention was another company at 8.08%

we have never missed a payment on our mortgage, other half dosent have any other debts, we dont understand!!!!

At this rate i would rather sell up and rent

dunstonh

so if we stay with current mortgage lender they are gonna charge us 9.09% _pale_

Sounds like subprime rates.

and they only other person he mention was another company at 8.08%

Also sounds like subprime rates

we have never missed a payment on our mortgage, other half dosent have any other debts, we dont understand!!!!

There has to be something if subprime lenders are being looked at and even they are refusing.

What amount are you looking to borrow and what is your income and monthly commitment to other debts?

poppy10_2

Any CCJs/defaults in the past?

chickster_2

poppy10 wrote: »

Any CCJs/defaults in the past?

none that we can see

lynzpower

so let me get this right .

You dont have any ccjs, or defaults in the past.

you dont have any current debt

your OH is an IFA

and the best you are being offered is 9.09?

Walter_J

lynzpower wrote: »

so let me get this right .

You dont have any ccjs, or defaults in the past.

you dont have any current debt

your OH is an IFA

and the best you are being offered is 9.09?

Sounds to me that your LTV (loan to value ratio) is very high. House prices are falling, and are likely to continue falling for several years. Mortgage providers know this and are going to charge a premium to ANYONE with a high LTV to cover the risk of them falling into negative equity.

If you had bad credit they would just refuse you outright.

You would probably be best advised to sell up and rent now before the !!!!!! really hits the fan!

donkeyman18

How much is your house 'worth'?
How much is your mortgage?

If the bottom figure is above 80% of the top figure then there's your answer.

Perhaps the "inderpendant financle advisor" isn't telling you something.

homer_j_3

no lynz, they have said that their OH work has a free IFA that can source deals.

My advice to the OP would be to get the IFA to check the credit report and see if they can spot something, or get another adviser to look at it.

I would also check to see if you can get your credit score from experian and if its low, call them to see if they can explain why this may be. Voters roll, lack of credit perhaps etc

homer_j_3

If you have no sub prime issues then LTV shouldn't be an issue.

Walter_J

homer_j wrote: »

If you have no sub prime issues then LTV shouldn't be an issue.

That attitude is like SO last year!

House prices are FALLING now, you numpty!

Of course LTV is going to be an issue - who wants to lend 90% of the value of a house which is going to fall in value by 20% in the next year or so?

No sub prime issues?

High LTV is a sub prime issue!

I ain't coming to you for a mortgage, mate!

DanBarrett

Walter_J wrote: »

House prices are FALLING now, you numpty!

Not im my area yet, pal.

Walter_J wrote: »

Of course LTV is going to be an issue - who wants to lend 90% of the value of a house which is going to fall in value by 20% in the next year or so?

err....but lenders are still doing 125% mortgages. Including Northern Rock and BM Soultions (HBOS)