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Mortgage advice

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Katec84

New Member
Hi
Long story short my husband and I have been refused a mortgage due to affordability, his credit score is excellent mine is fair ( 2 adverse which have now been satisfied) we have a combined annual income of 39,000 no debts just general bills electric gas broadband etc, we currently pay £750 rent as private tenants, natwest AIP Said our mortgage would be £608 p/m after a month they said no, went with a broker had to go to a specialist company as husband is self employed and my credit , got another AIP payments would be £850 after another month they said no! We can afford the payments my husband had a 8k loan so before we applied for the mortgage we were comfortably paying out rent plus 300 to that loan p/m .
Can ANYONE give me any advice?! Is really frustrating & horrible to know we’ll never get a mortgage, we are essentially paying someone else’s mortgage all the while we renting
Thankyou in advance
 
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PostBrexitInvestor

Member
Is it the LTV ratio which is causing problems? I worked it out at just under 79%.
 
F

FWL

Active Member
I dont think they are too bothered what you can afford now, probably more focused on the LTV ratio. Only way to fix that is borrow less or use other assets as collateral if possible.
 
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Steve Banner

New Member
Hi
Long story short my husband and I have been refused a mortgage due to affordability, his credit score is excellent mine is fair ( 2 adverse which have now been satisfied) we have a combined annual income of 39,000 no debts just general bills electric gas broadband etc, we currently pay £750 rent as private tenants, natwest AIP Said our mortgage would be £608 p/m after a month they said no, went with a broker had to go to a specialist company as husband is self employed and my credit , got another AIP payments would be £850 after another month they said no! We can afford the payments my husband had a 8k loan so before we applied for the mortgage we were comfortably paying out rent plus 300 to that loan p/m .
Can ANYONE give me any advice?! Is really frustrating & horrible to know we’ll never get a mortgage, we are essentially paying someone else’s mortgage all the while we renting
Thankyou in advance
Lenders dont look at what you're paying out already Kate, they mostly just follow their procedures. You need a broker that really knows what they're doing and he/she may be able to find something.
 
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Steve Banner

New Member
Lenders dont look at what you're paying out already Kate, they mostly just follow their procedures. You need a broker that really knows what they're doing and he/she may be able to find something.
I've been trying to find out how to private message you on here, but cant find a way. What is your email address Kate.
 
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Steve Banner

New Member
I've been trying to find out how to private message you on here, but cant find a way. What is your email address Kate.
I may know somebody that can help you, but I'm not sure I am allowed to put it on here.
 
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Peter J How

New Member
As this is is a residential mortgage I don't think it is the LTV it is the income aspect. I would suggest asking a broker what you could afford with the income you have and the deposit you have and then shopping around for something in your price bracket.
Golden Nugget here though: How about offering the seller what you can afford to get a mortgage for, even if a substantial reduction in price. You never know, they just might need to get the deal done. Otherwise shop around for something more affordable, or look at the higher range and keep offering what you can afford. Hope that helps.
 
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PostBrexitInvestor

Member
A smaller property would probably be in your reach and at least get you on the ladder?
 
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e.wu

New Member
If you are looking for a mortgage loan and are struggling to obtain one through the bank, then private lending through ADS.finance is the quickest and easiest way to get private mortgage loans. There are multiple benefits surrounding obtaining a home loan through private lending including, easier to qualify for private loans rather than bank loans as private lenders do not rely on credit history as much as banks, low doc loans, fast process to get a private loan, flexible lenders, alternative to bank lending, reliable and secure funding. If you are struggling with getting a mortgage loan due to a poor credit history and your bank will not proceed with a loan, then private lending is the best option as lenders do not rely on your credit history as much as banks, meaning it is easier to obtain a private mortgage loan.
 
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