To think telling me I have insufficient funds when my current mortgage is £115 more a month and I pay it no problem is stupid

[YesIamYourSisterInLaw]

Sorry I'm ranting. I applied for a remortgage as my current interest rate is quite high, I have just received a letter from Barclays saying if been rejected as I have insuffiencent funds for the amount I want to borrow.
My current mortgage is £115 more a month than the new one would be and iv been paying that no problem for the last 2 and a half years so aibu to find it a bit of an insult they're telling me I can't afford something cheaper than what I already can and do afford.
why is it the poorer you are the more you end up paying for everything? I'm just irritated as I wanted to use the extra to overpay every month.

[RamsgateMummy]

I know what you mean. We recently tried to remortgage to get a better rate but were refused. The bank advisor said they treat it as a new application, and in the 2 yrs we have had our mortgage, their terms and criteria have changed! So where before they would lend, say 4 times our salary, it is now 3 times, plus we have a baby now which works 'against' you! So ridiculous, we are stuck with a bad rate when we can more than afford the remortgage costs! COMPUTERS SAYS NO!

[VacantExpression]

Have you tried using an independent adviser to help you? Might be worth a try.

[YesIamYourSisterInLaw]

Rams I didn't know that, iv had ds since then so maybe it's gone against me. I'd rather they said we see you as a risk and were not willing to give you a chance than telling me I have insufficient finds when I KNOW I don't.

[YesIamYourSisterInLaw]

Vacant the independent guy got me this deal and tbh I want impressed overall, they dragged their feet charged a bomb in fees and my rate it 5.9 when the average now is around 3%.
I just don't know if I have the energy to keep going from place to place and being credit scored which will bring my rating down just to keep being rejected
(Feeling rather deflated and sorry for myself)

[YesIamYourSisterInLaw]

Wasnt*

[MummytoMog]

Try Town and Country maybe? Have been very impressed with them so far and it's fee free to you.

[MummytoMog]

Sorry, London & Country. Don't know where that came from!

[Helenagrace]

We've had similar nonsense from our bank. We wanted to remortgage a sum of less than twice DH's salary on a house with £150k equity (LTV was 50%) that we're renting out. The bank refused because the rent wouldn't cover the mortgage and we'd have to top it up by £100 a month. They wouldn't accept the fact that we've been paying our rent elsewhere plus the entire mortgage payment for the last six months or that they'd be perfectly happy to agree a monthly mortgage payment of £1000 MORE than our COMBINED mortgage and rent costs if we bought a house.

Computer says no indeed!!

[Lilyloo]

You shouldn't need to keep trying lots of places if you use an advisor as they search the whole of market for you. My dp is one if you want his details pm me. Or you can just Google one. A good advisor should get a decision in principle for you.

[Kat101]

I echo getting a good independent financial advisor. Our lender wouldn't let us move, said we'd need to repay part of our existing mortgage as we couldn't afford what they'd already given us. Our IFA applied and suddenly we had an offer. It makes a difference getting an expert to navigate the minefield for you.

[RamsgateMummy]

Yes, they said that having a dependent adds some more risk, or something along those lines. So we are stuck with 5.9% too!!

[Kittykatzen]

Another recommendation for London and Country here. Have used them twice - each time have been pleased and they have worked around our less than straight forward finances.

[JackieTheFart]

I was declined for a mortgage by Barclays as well as I had missed three payments in a year.

I hadn't, the DDs had bounced and I had paid them immediately - they were for mobile phone contracts where the date was changed.

They didn't even contact me about it, took three weeks to make their decision, and when I called, the guy was very accusatory on the phone 'you told me you hadn't missed any payment!'

The worst thing? I WORK for Barclays!

We need to remo as well as our rate is high, anything lower than this will obviously work for us but we 'don't fit' on the debt/income ratios they use. Annoying. I'm going to have to pay to remove DH to do it, as my salary and debts fit, but as he's not earning, his debts push us out!