Mortgage advice

[Katec84]

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

 

[realdeals]

What level of deposit did you agree to pay?

 

[Katec84]

50k property we liked was 237k

 

[PostBrexitInvestor]

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

 

[FWL]

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.

 

[Steve Banner]

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.

 

[Steve Banner]

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.

 

[Steve Banner]

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.

 

[Longterminvestor]

@Steve Banner

I think you would need to contact the site administrator to contact anyone directly.

 

[Peter J How]

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.

 

[PostBrexitInvestor]

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

 

[e.wu]

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[ScotJohns]

I understand you perfectly! For a long time, my husband and I also paid the rent for the apartment, while it would be much more profitable for us to get a mortgage. For unknown reasons, the banks refused us a mortgage. We were looking for a way out of the situation and applied to the bank several times, but they still refused us. Then we decided to find a good mortgage specialist who would help us still get the consent of the bank. On the advice of friends, we turned to Mortgage Advice Essex and in a few months we are moving into our apartment!