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Mortgage declined- need advice- any financial advisors or anyone who knows about mortgages please help!

(11 Posts)
Wishfulmakeupping Sun 14-Apr-13 08:28:39

Me and oh want to move to a bigger house our incomes are 32k and 23k, experien scores 806 and 928. We applied for a mortgage yesterday through our broker which was declined probably due to oh having 1 default and ccj that look more recent than they are.
Ccj was 2008 although it appears it was satisfied this year it was actually statisfed in 2008 and same for default.
Oh will get the dates changed (already underway for ccj) if this is done within the next few weeks are we best to apply for another mortgage again or wait until we apply again-if so how long do you wait?
Our credit scores above are the scores after refusal mine was in the excellent cat before sad

noisytoys Sun 14-Apr-13 08:40:57

How much were you applying for? What was the LTV? Might be best to speak to a whole of market broker for advice

AlwaysReadyForABlether Sun 14-Apr-13 08:47:13

Lenders will look at affordability as well as salary multiplier. So do you have other borrowing that could be affecting the result?
Definitely go to a whole of market broker to make sure you're getting the best deal.

Wishfulmakeupping Sun 14-Apr-13 08:51:09

Thanks we were applying for 145000k with abbey based on our wages/commitments etc the affordability calculator suggested 200k up to 280k so want to borrow a lot less than that.
Think the broker was whole of market but need to check- would you try again quickly or wait a while?

Wishfulmakeupping Sun 14-Apr-13 08:52:29

It would be an 85% mortgage so borrow 145 plus the 15k deposit for a 160k house Iyswim

FatimaLovesBread Sun 14-Apr-13 09:21:50

Could it be that the LTV was too high too? You've said 85% mortgage but a £15k deposit on a £160k house is over 90% LTV

In my experience you struggle with high LTV mortgages sometimes even when your credit history is almost perfect

Wishfulmakeupping Sun 14-Apr-13 10:30:33

Sorry yes was still thinking 90% and meant 16k. I think we' will need to focus only on 85% mortgages now sad so that counts out doer uppers.
With an 85 we need to look at 145k as mac our deposit wouldn't stretch any further

Wishfulmakeupping Sun 14-Apr-13 10:31:51

The shame is I could borrow 150k on a 90% myself got approved a few month bk but as I'm going back to work part time my money will be 23k instead of 29k sad so can't get enough on reduced wages

MrsZoidberg Sun 14-Apr-13 10:50:26

When you say you discussed it with your broker, is he an Abbey Broker or an Independent Broker?

An independent will have access to a much wider panel of lenders, some of which may be more flexible. They will also be able to advise you on when to apply again, every search appears on your credit report so you don't want to apply for too many as it can be seen in a negative light.

If it is an independent broker, then what have they advised you do now? If they are basically saying that this is it, then use another broker! Try and get recommendations.

Wishfulmakeupping Sun 14-Apr-13 12:02:37

Independent- she has advised to changed the dates ASAP then she said to reapply for same mortgage- she was confident it would go through then but she was confident yest too so not sure. Just disappointed our house is Tiny really really small we are bursting out and we have a newborn so need more space than ever sad

whosthis Sun 21-Apr-13 23:57:35

When we were applying, we were advised by a broker that you'd better not stand exactly on a 10% or 15% line for the deposit. Better to even put in a couple hundreds more simply to get a higher score.

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