Advice please - Mortgage Application for FTB/ Affordable Housing Scheme

N

Nobu

Guest
Greetings all,

I wonder whether knowledgeable AAM members could advise me on the above matter. I am currently permanently employed (For last three year in current place) in a legal sector earning 29k plus 1-2 k bonus per annum before tax, my partner, qualified teacher on temporary employment, earning circa 29.5k (as per her P60 last year). She has been working in the same school for last year and half and the principal has confirmed that she will guaranteed to be there up until December 2008.

We have sought loan of 252k over 30 years (purchase price 260k, market price circa 525k) from two lending institutions and on both applications at first instance, the lending advisors have assured us that we have no problems in obtaining the loan. However as the application proceeds further, we are informed that it is unlikely that we will obtain same:confused: (one institution has confirmed it's unavailability this evening)

We have no outstanding loans of any nature with savings of over 35k between us (which was saved over last three years)

Could anybody advise us on how to proceed. Thanking you all in advance.

Nobu
 
Did you ask the bank why they refused you. Do you have a bad credit rating or something. You would probably be better off going to a broker.
 
Buckrogers,

Thank you for your reply. We have never obtained a loan hence we would have no bad credit rating.

Just have been informed that we have approval from IIB:)

This whole mortgage process is stressful!
 
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