Declined - why - HELP

mkfruitcake

wasnt an option on there to say all debt being paid off, and i did advise the outstanding debt will be paid by the end of this month.......

also do mortgage companys ask for references from work places these days regarding length of service etc

herbiesjp

The BM on-line system does ask what is outstanding and what savings you will make on these i.e. which ones you will pay off. It looks more like this is the problem here

Some will ask for references and some will not

mkfruitcake

yes your right it did ask that, but it wasnt sure what to put - so to explain i am having 13k on top of the mortgage to pay of loan. the rest of my debt i am paying off as i have money to do this, so this will show on my credit files etc but of course this shouldnt be taken into consideration as wont be there once mortgage is in place, in fact will all paid off by the end of this month.

So in the system he put in to be paid the 13k, and money saved as 760 in the last box! so it kinda didnt add up i guess?

Dan_Collins_2

BM have a strict credit score system. You can choose from Abbey, Northern Rock, Coventry, Mortgage Express and BM. Got a feeling I have missed one?!

Just for your info, The government are puting pressure on NR to get rid of the Together mortgage!

TwelfthMan

Some lenders will deduct the monthly repayments from these debts from your income when assessing affordability.

If the mortgage is classed as unaffordable with the debts staying outstanding, the lender will often put a special condition in the mortgage offer saying that the solicitor must ensure these debts are fully repaid prior to completion.

mkfruitcake

You say BM have a strict credit score system - yet they do mortgages for ccj;s and defaults? none of which i have?

herbiesjp

mkfruitcake wrote: »

You say BM have a strict credit score system - yet they do mortgages for ccj;s and defaults? none of which i have?

Not at over 100% borroiwng they don't

mkfruitcake

so what can i do? where do i stand? i dont want lose out here

Dan_Collins_2

mkfruitcake wrote: »

You say BM have a strict credit score system - yet they do mortgages for ccj;s and defaults? none of which i have?

Well you are borrowing 100% in this market 100% goes to high scoring clients. If you had CCJ's you would have to have a deposit, you may or may not be a better payer but at 100% LTV they may not get the loan back if they have to repo you!

I suggest you try another lender or save for a deposit. Ask your broker if he has tried any other lenders?

lynnexxxo

What about not getting the extra 13k for the debts?

That way the figures would be purchase price 144 deposit 7. Mortgage 137 therefore just slightly over a 95% mortgage.

However you'll still have to pay the credit cards.