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The mortgage world has gone mad!!!!!!

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  • #1

    The mortgage world has gone mad!!!!!!

    I was speaking to a client of mine who wanted me to sort a further advance for them, I told them I couldn't do it at the moment because I'm still deciding if I want to stay in the game but I did give them some unofficial guidance.

    So the client wanted a extra £25K , they had a existing mortgage of about £40k and the house if worth about £600k. The client is a chartered accountant that earns about £100k pa. So on the face of it this should be easy , but no it appears that the client has a couple of 1's on their credit cards ( no outstanding balances though!!!) this appears to be enough to possible get this mortgage declined.

    It's madness, bring back the days when you could speak to a person and get them to override the system, it would appear in the woolwich now you have to ask God for that sort of thing!!! This is a good solid case and if they wont lend to them what hope do the rest of us have
    Tags: balances, cards, con, credit, credit cards, extra, game, home, house, limits, missed payments, money, mortgage, payments, repayments, salary, stay, world, £50
  • #2
    Re: The mortgage world has gone mad!!!!!!

    blimey you would have thought that would be a guaranteed lend!
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: The mortgage world has gone mad!!!!!!

      That does indeed sound nuts.

      But thinking about it a little more, why would someone with a 6 figure salary and £540k equity in their home, want to borrow £25k, and has also missed a few payments on their credit cards?

      Its not a criticism of the client, just trying to think like how a lender would see it?

      But then its generally nuts when someone is maxed out to their limits, but keeping up the minimum repayments, but is continually offered more credit.

      So, is it a case that your client is not a bad risk, but actually quite the opposite, and its more likely that your client is not going to be profitable, as chances are they will pay the money back on time, or maybe even early.................
      "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

      The consumer is that sleeping giant.!!


      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: The mortgage world has gone mad!!!!!!

        Originally posted by SaltnVinegar View Post
        That does indeed sound nuts.

        But thinking about it a little more, why would someone with a 6 figure salary and £540k equity in their home, want to borrow £25k, and has also missed a few payments on their credit cards?

        Its not a criticism of the client, just trying to think like how a lender would see it?

        But then its generally nuts when someone is maxed out to their limits, but keeping up the minimum repayments, but is continually offered more credit.

        So, is it a case that your client is not a bad risk, but actually quite the opposite, and its more likely that your client is not going to be profitable, as chances are they will pay the money back on time, or maybe even early.................
        They weren't missed payments only later ones, as we all know these days if you 1 day late on the payment your get a 1!!!! I agree though with what youy say to a certain extent , I did joke with them that if they wanted £500k it would be easier as that department is run still by humans

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