WARNING: Is Your Mortgage Getting Declined as a First Time Buyer ?
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- čas přidán 29. 07. 2024
- There’s nothing more frustrating when your mortgage is declined as a first time buyer. In this video I look at the most common areas that lead to mortgage declines and some tips and advice on how to avoid them.
Mortgage Declined as a First Time Buyer
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Two lender decline my mortgage, they said inconsistency of my document, I provide all my P60, payslip, bank statement, employers ref. Working then for 8years, so I don’t know why my document is not enough, I’m really frustrated now, Asking why, I have a good employer, I have a good salary, paying tax but still declining my application 😭😞😭😞😭
Please book a free chat with me so we can take a look, using the link below.
outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hi Alex, recently started a new job. The job is in the same industry as my previous job (that I was in for over 2 years) and even the same job title, just a significant jump in salary. I am still in the probationary period, how likely is it that I would be accepted for a mortgage? I have an excellent credit history if that makes a difference.
Just abit worried as my spending habits wasn’t so good because I weren’t planning on getting a mortgage to the past few months and was given some money for a deposit but my credit is all good never missed a payment or anything so we will just have to see how things turn out 🤞
Good luck, have you applied ?!
Great video thanks. Does having a car on PCP go towards your debt to income ratio? If you don’t pay they take the car, so it’s not an unsecured debt?
It depends on the way the agreement is engineered. I would say it likely does, but to be sure, check your credit file to see if a balance has been registered, and this will give you the answer. And thank you for watching.
Hi, when working out the debt to income, should I include all remaining car payments (36 month personal lease hire) as well as say a bank loan with a couple of years still to go? Or... would it be monthly car payment x12 plus any monthly loan payment x 12, divided by annual salary? Thanks, your videos are really helpful.
Hi Peter, that’s it you Just need to times the monthly payments by 12 and then deduct from
Income. What is the question regarding dividends ? Thanks for watching! Alex
@@alexkerrmortgage Thanks, so is it monthly payment x12 to work out the 'debt to income ratio'?
Thanks for all information,
How long after the mortgage application been rejected we can apply again?
You can apply with another mortgage lender straight away in most cases, as long as the previous decline was not something that would be declined outright with other lenders.
Hi Alex, in a position where I may inherit part of a house (mortgage paid off). If I want to buy my own property will I need a 20% deposit? Or does it not count as a 2nd home for mortgage purposes? I understand there will be a higher stamp duty unfortunately.
Thanks alot for the help.
Hi Jack, will you rent this property out (inherited one) ?
@@alexkerrmortgage Hey Alex, No I won't be renting out the inherited part of the property as my siblings will still continue to live there. Plan is to save and move out once I have enough. Was hoping I wouldn't need a huge 20/25% deposit as I won't be buying a '2nd' home for anything other than to live in.
Great video.
What would your advise be for someone who has been working overseas long term (I'm British military and have been based in Canada for 2 years with family) and now looking to buy first home after returning.
British bank account statements will show low income and low spending, as this has all been done via a Canadian bank account.
Are lenders likely to understand the situation? Can pay slips be used to supplement proof of income?
Hi Jordan, is your work now based in the UK and paid in sterling ? Are you a UK national ?
@@alexkerrmortgage UK citizen all my live, same with my wife.
Still a member of the British Army and paid as such into by British bank account from the end of this month onwards. Account was open the whole time we were away, and is the bank we have been saving our deposit (around 15-18% worth) with, but the current account has had minimal activity for 2 years up to now.
Is the gap likely to hurt my mortgage application? And how would I best move forward? Hoping to be in our own home by Spring 2022 if that's realistic.
Hi Alex, as a FTB how would withdrawals from Crypto/Stocks impact the chances of getting a mortgage. Apologies if you have mentioned this in a previous video.
Hi Zak, Not many lenders like Cryptocurrency, there may be one or two that would except bitcoin if it was easy to follow the investment and withdrawal trail… It would be a case of researching lenders criteria, probably a lot of work required!
I know that we are required to present proof of address from the last 3 years. What counts as proof of address for a mortgage application?
bank statement / utility bill / driving license (If not using this for ID)
Grate video Alex… I went to apply for a mortgage and my bank told me I had missed payments on my Credit report. I know this because I checked it and it was on two of my reports. It’s not even a missed payment I change banks because it was more convenient and there was nothing outstanding. I’ve emailed both lenders and the problem is being addressed. Will it be taken off my report for good? And a there is a house I’m interested in can I still visit the property and go through the steps of get a mortgage on it?
Thanks Paul! What is it that’s on your credit report. You say it’s not missed payments ?
@@alexkerrmortgage it’s saying I’ve got missed payments from an account that was switched over. But I never left any arrears on the account.
Does 12 months of no payday loans open up alot of options or mostly sub-prime?
If the payday loans are coupled with missed payments or bad credit then no… if it’s just that then possibly ?
PLEASE HELP: my wife and own a house in Italy and we have lived in UK for 8 years now.
The house in Italy is paid off. Could we apply as first time buyer in UK? We think to buy a house here, many thanks
Hi I replied to your same message on the other video. Many thanks
Loans from high interest lenders i.e provident settled 5 years ago is this likely to hurt me?
You should be fine with that!
my mortgage has been decline i only need to borrow 20% but my partners credit score sucks this mortgage would be 100+ pounds per month cheaper than my rent i just duno what to do now im looking at having to get a loan or somthing liek that
Would you like to have a free chat to discuss your options? If so let me know and I will send you the link to book a chat.
@@alexkerrmortgage well my 3% mortgage in principle was cancelled and now my mortgage advicer is offering me at 9.9% i just feel like pulling all my money out of teh bank and telling them to piss off and just wasting my money on a load of crap this country is an absoloute joke i wish i could lend people money for the return that the banks and such get my god this is an absoloute joke and i feel sorry for those who got mortgage at 0.5% on a 300k mortgage and have to remortgauge this month must be heartbraking
I'm in a repayment mortgage and my time is up in 5 years ,they won't extend so it looks like we will be homelesslll any advice please
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Hi Tonail, so you mean your mortgage is completely paid off in 5 years ? Can you expand on what you mean please ? Many thanks.
Sorry I'm in an interest only mortgage ,
Brilliant advice as always. Do you know how much is too much when it comes to spending whilst saving for a deposit? What percentage of our monthly income would raise concern with a lender? I hope that makes sense. Thank you in advance for any advice you can offer
Yes please also looking the answer to this.
Thanks Deborah! I am going to do a video about a budget planner soon... but for now, I would just apply common sense for now... i.e. £1000 per month on takeaways (not good) Vs £100 a month (Acceptable). Lenders do not like gambling. It's more excessive patterns of over spending... You will very likely know if there is a red flag, go through your last 3 months bank statements and see whats going on !
@@alexkerrmortgage thank you, yes that makes perfect sense