"You've no chance of getting a mortgage" - Help?
Discussion
Told that by a mortgage advisor today. I can't get my head around it.
Up until around 3 years ago, I would often get behind with things and I made a real mess of my finances, getting a few defaults and a number of missed payments up to that point. Unfortunately it's much the same for my Mrs.
Fast forward to today and we are organised, don't miss payments, haven't for the last 3 years, we earn more and here's the big thing; we have about £75k cash deposit to put down.
So in light of that, is it really that big a risk for a bank? We want a house that costs less than £180k. Ideally somewhere closer to £150k. We'd have a decent amount of equity right off the bat. Unfortunately the past is like a mill stone around our necks it seems. My being a contractor won't help either.
Just honestly stunned that the deposit doesn't trump all that. Anybody had to overcome similar?
Up until around 3 years ago, I would often get behind with things and I made a real mess of my finances, getting a few defaults and a number of missed payments up to that point. Unfortunately it's much the same for my Mrs.
Fast forward to today and we are organised, don't miss payments, haven't for the last 3 years, we earn more and here's the big thing; we have about £75k cash deposit to put down.
So in light of that, is it really that big a risk for a bank? We want a house that costs less than £180k. Ideally somewhere closer to £150k. We'd have a decent amount of equity right off the bat. Unfortunately the past is like a mill stone around our necks it seems. My being a contractor won't help either.
Just honestly stunned that the deposit doesn't trump all that. Anybody had to overcome similar?
Rude-boy said:
I would do that if I were you. Just as in the legal world, there are advisors, and then there are advisors...
Some will be more than happy to kick you into the 'question too difficult' camp very quickly if they have a few better leads on their desk...
Yeah I definitely got the feeling he looked at our files and thought "Nah too much work". Some will be more than happy to kick you into the 'question too difficult' camp very quickly if they have a few better leads on their desk...
Don't mind at all Sarnie, you're a top bloke and have really helped us and worked your socks off for us 
It really is much appreciated. I'm actually even more appalled at the first bloke's lack of desire to help us now.
As for missing bills and thinking it will be fine, that's a rather sweeping statement! I'm not a great organiser and I allowed things to get on top of me a few years ago. I knew I had to sort myself out and I did/have. I've never ever just said "Nah, don't feel like paying that this month!".
I used to know somebody that would do that. Nice girl, but deciding which bill you'll skip this month for a night out has never been and will never be my way!
Anyhow, we have started arranging viewings and had a little drive around last night to see some of the places we like in the evening. It was a really worthwhile exercise actually. Ruled a few places out that looked great in the photos and promoted one up the list that we really weren't sure about.
It really is much appreciated. I'm actually even more appalled at the first bloke's lack of desire to help us now.
As for missing bills and thinking it will be fine, that's a rather sweeping statement! I'm not a great organiser and I allowed things to get on top of me a few years ago. I knew I had to sort myself out and I did/have. I've never ever just said "Nah, don't feel like paying that this month!".
I used to know somebody that would do that. Nice girl, but deciding which bill you'll skip this month for a night out has never been and will never be my way!
Anyhow, we have started arranging viewings and had a little drive around last night to see some of the places we like in the evening. It was a really worthwhile exercise actually. Ruled a few places out that looked great in the photos and promoted one up the list that we really weren't sure about.
Looking at the areas around us. Couple we like in South Milford, one in Cawood, one in Cross Gates/Whitkirk which I'm not as keen on from a location perspective, though I did used to live a couple of streets away and the house is huge, one in Brotherton which again, I wasn't keen on as an area but the house is exceptional, and there's a couple in Sherburn In Elmet too.
I live in Micklefield currently so very close to Sherburn and South Milford.
I live in Micklefield currently so very close to Sherburn and South Milford.
TheAllSeeingPie said:
As the TV program was titled, this is definitely about the best advice I ever took "Location, Location, Location"
Unfortunately I've only ever driven through any of the places you've mentioned, but South Milford and Sherburn in Elmet etc are where I'd go if the alternative was Crossgates. Although at least in Crossgates you're a lot closer to city amenities, kinda depends on if you like city or country living?
Well the thing in its favour is that I lived literally a few streets away until two years ago and so know the area. As a result I also know to avoid the nearest pub! I want to go more rural as it's like that where I am now. Unfortunately I've only ever driven through any of the places you've mentioned, but South Milford and Sherburn in Elmet etc are where I'd go if the alternative was Crossgates. Although at least in Crossgates you're a lot closer to city amenities, kinda depends on if you like city or country living?
The house is great though and also has potential for a loft conversion, but we need to see inside it. I wouldn't have any problem living here, but I do prefer one of the others more.
That reminds me, last night when looking around I spotted a possible genuine E30 Alpina underneath a pile of stuff in one of the neighbouring garages.....
Will have to investigate that
It had a load of stuff piled on it! I saw the front air dam and the presence of stripes along the top edge of the wing and I was like "oh my god! That's an E30 Alpina!!".
Yes, I'm very sad!
Tempted to go knock on the door after the viewing on Sat and ask about it. Never done anything like that before though!
Yes, I'm very sad!
Tempted to go knock on the door after the viewing on Sat and ask about it. Never done anything like that before though!
Sarnie said:
Figures dependant, yes.
Feel free to PM/Email me!
Do it! Feel free to PM/Email me!
BTW what's your tipple? I'd like to send you something once this is all sorted as a thanks for your hard work. I know you get a fee etc. but we'd have had to pay that anyway. I'd prefer to send something more personal in addition
Well today we completed on our new home. What a feeling!
I honestly can't thank Sarnie enough for all he has done for us. Without his help, none of this could have happened.
We've certainly had to jump through some hoops on this, but he's been amazing and assisted us every step of the way.
Huge, huge thanks to him. I'd recommend him to anyone after this. Now the hard work begins.....
I honestly can't thank Sarnie enough for all he has done for us. Without his help, none of this could have happened.
We've certainly had to jump through some hoops on this, but he's been amazing and assisted us every step of the way.
Huge, huge thanks to him. I'd recommend him to anyone after this. Now the hard work begins.....
thestew said:
interesting thread, sarnie seems like a top bloke. just thought i would add my own situation seeing the op has been sorted out... theres a flat locally thats just came back in the market that i was interested in before, the issue is i'm a contractor and as the last job i was on finished 12 weeks ago. i decided i was going to wait until after christmas before going back to work and spend some quality time at home. another job is due to start in the next couple weeks. whats my chance of getting a mortgage just now bearing in mind i could put down a 40% deposit also? have i got no chance...?
Almost identical situation to me, just that I was in a contract. I think if you are able to get back working you'll have a chance. Speak to Sarnie Gassing Station | Finance | Top of Page | What's New | My Stuff