To think the house dream over?

[Devastated23]

After years of trying to pay off debt and then save, after being made to leave a lovely rental with a 2 month old baby because the landlord wanted to sell, after living in an unsuitable too small flat in a horrible area because the rental market went crazy and its all we could afford. We finally had enough for a deposit and viewed maybe 25 houses then we found the perfect one.

We went to a mortage broker as still had some blemishes and a little bit of debt but they had no concerns so the mortage application went in and today it was rejected.

We've lived like paupers for years and lived in a shithole, all with this aim in mind and today it came crashing down.

Aibu to think this a dream I just won't get?

Keep trying. If the Broker has given up, find another one. They can often find a lender with some common sense, who will make a better assessment on what you can afford to pay. You might pay a slightly higher interest rate, but if you can afford to do that for the next 2 to 5 years, you could take it.

Awh op that is absolutely crap.

How much deposit do you have? What are prices like in the area you are looking in?

How long did it take to save the deposit you have? In just wondering the timeline for doubling the amount etc.

You could try looking at cheaper properties as a lower mortgage may be considered lower risk. You can also try a mortgage broker too, they tend to be able to get mortgages for people who might otherwise struggle. Though you could end up paying high interest etc. They tend to be very kind and offer very good advice at least so definately worth a shot.

You might be able to consider a rent to buy scheme though I will admit I don't know much about those. I think they tend to be expensive.

Have you had the reasons it was rejected explained to you?

Can you get rid of the debt in the next few months and try again?
Also you should, 3 months before, be trying not to make any big purchases if possible.

If you’re that close and a broker thought you would have passed then you can’t be far off.

Just seen that you already saw a broker, so disregard that part.

Could you focus for a few months on clearing debt and work on credit rating etc then try again. You must have been close or they would have said no straight away!

I know it's disappointing OP, but you're so close. You've got this far.

Get some sleep and you'll feel better in the morning.

With luck, you'll be in your own home by this time next year xx

Just because you have had one mortgage rejection doesn't mean its the end.

To be honest a good broker would have vetted your application first and had an idea it would be rejected.

You can just try again with a different lender although the rejection will impact that it won't be fatal.

Thanks all, broker seemed to be completely shocked it was rejected and has suggested an appeal but also is going to speak to some other lenders.

Everything seems worse at night time plus I've had some wine so I guess see what the broker comes back with.

Don't give up. Your broker will have another look round and if it doesn't happen this time then just keep saving, keep applying and it will come. If you don't get this house, then there'll be another, a better house. You'll get there.

So maybe it's not over after all...

Our broker approached another lender and we applied with them. They've emailed today to say they're happy with the application Subject to valuation so please keep everything crossed for us!

Great news @Devastated23

That's wonderful news! 🤞

Fantastic!

Good luck OP! Really hope it works out for you.

Good luck OP. So tough nowadays.

Good luck, fingers crossed for you @Devastated23

We received our mortgage offer this morning! So relieved and feel a bit silly for the dramatics!

Very excited to move now 😁

Great news!! Well done and what a relief for you!

Congratulations!