Advice please, moving house but 2 mortgage applications via broker declined

(20 Posts)
Timeforacatnap Sat 28-Nov-15 21:01:32

Only glimmer of hope is another application has been referred. Anyone else had this experience, DP and I are over 50 with no outstanding debts or ccjs/no bankruptcy, LTV will be 53%, with a substantial deposit subject to sale of house (sstc), both in full time work and above average annual incomes. Have to wait for deferred application to be considered by "a person" but really worried we may lose the house we offered on! Any advice would be really appreciated!

lalalonglegs Sat 28-Nov-15 21:20:59

I think it's probably your ages sad. Are you trying to get a mortgage term beyond your official retirement age?

Moreisnnogedag Sat 28-Nov-15 21:29:59

I'm afraid I agree that it'll be your ages. Unless it's a very short term mortgage or you can prove that funds are available to pay off the mortgage at retirement age then I think you'll struggle. Sorry.

Scarydinosaurs Sat 28-Nov-15 21:31:13

Have you tried to go through your bank instead of a broker? I agree it must be age that is causing the problem.

Timeforacatnap Sat 28-Nov-15 21:32:35

Thanks Lala, we've applied for a 18 year term on the advice of the broker, one reason given was low credit score 3/5 sad so don't know what to do about that as all debts settled a few months ago.

Moreisnnogedag Sat 28-Nov-15 21:38:28

Can you afford to wait awhile? When trying for my mortgage I checked on experien regularly until my score was high enough to apply. Double check what's lowering your score.

Timeforacatnap Sat 28-Nov-15 21:40:09

Sorry x posts! Thanks,

Scary, that's a good idea, I had thought of trying our current mortgage provider of 20 years but wasn't sure if credit score would go against us sad

NoArmaniNoPunani Sat 28-Nov-15 21:43:35

The more times you apply and get refused the worse your credit rating will get. If you make another application now, the two refusals will show up to them. You're going to have to wait a few months.

Scarydinosaurs Sat 28-Nov-15 21:43:58

Definitely find out what is lowering your score. Our bank was 100 times more helpful than the broker (and the broker was a friend! I don't think his data collection was accurate) and we got a few mortgage offers, one from each of our single account banks and one from our joint account bank.

Timeforacatnap Sat 28-Nov-15 21:48:10

Thanks More, I checked that out, but all debts settled and all history marked ok, so maybe it is the age thing - seems you are not allowed to move house over 50! Only moving due to relocation of job (promotion) but new area is much more expensive (Midlands to South East) hence the rise in mortgage. So a bit stuck really if can't move, the only other option would be to rent/let out current house but financially rent would be more than mortgage on another house trying to buy. So doesn't seem to a better option sad

Timeforacatnap Sat 28-Nov-15 21:54:47

Hadn't thought about our single banks, will try those, apparently enquiries only come up as an enquiry or a soft print, broker says this shouldn't affect credit score. I have copy of noodle reports but nothing adverse that I can see. But thanks will ask our banks for their opinions if they feel we could apply, otherwise I suppose waiting awhile for our credit score to refresh would be a sensible approach and travel/stay over for new job, thank you all, you have renewed my hopes!

Ebayaholic Sat 28-Nov-15 21:56:32

Ask your broker to send your credit file to a smaller building society who doesn't credit score- they won't be put off by the searches on your record and would love a 53% Ltv application. You could get a longer term length too.

Timeforacatnap Sat 28-Nov-15 22:00:41

Ooh thanks Ebaya that's a great idea! Thank you, you are a star

Fizrim Sat 28-Nov-15 22:09:01

I also think it is your age - we got a mortgage late forties/early fifties and there were some lenders who wouldn't consider us. Ours was slightly shorter than the usual 25 years as they are definitely not keen on lending past retirement age much (even with a job that is possible to continue with after retirement age) so I'd go for a mortgage term that takes you up to 65 or not much past that, prob 15 years or less. It's not that you can't get a mortgage after 50 but you can't have one that runs past retirement (as others have said).

We also relocated due to work, we have a much smaller house which is also the way to go!

Oliversmumsarmy Sat 28-Nov-15 22:19:30

I would leave it a few months until the mortgage application refusals have dropped off your file then look at some of the tinier building societies. I think I recently saw a list of building societies who looked more favourably on older clients.

FWIW dp and myself are facing similar issues. Moving because of dc schooling. Think 999 credit rating but unmortgageable because Dp is 60 and I am not much younger.

Timeforacatnap Sat 28-Nov-15 22:30:29

Thanks for all your replies, will try our current lender and bank, and report back to those who are facing similiar issues, so fingers and toes crossed! Only issue with waiting is that we will lose our first time buyer after several months trying to sell. Did speak to a broker before we went up for sale as thought we might have a problem due to age but we assured that options would be limited but not impossible!

Timeforacatnap Mon 04-Jan-16 20:01:00

Hi, just to give you an update as promised, our referred application has gone to a full mortgage offer after a satisfactory valuation. So after many days/weeks of worry we are finally moving! YAY! shock Thanks for all your support, much appreciated.

Moving15 Mon 04-Jan-16 20:04:51

Congratulations, happy moving!

Timeforacatnap Mon 04-Jan-16 20:10:30

Thank you Moving15, grin

TheLesserSpottedBee Mon 04-Jan-16 20:28:38

Congratulations flowers

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