[Soupy]

A friend of mine was refused a mortgage with £100k deposit. He is a subsea engineer for probably one of the largest oil companies in the world and earns more than £150k a year.

Banks are idiots.

[deeege]

A friend of mine was refused a mortgage with £100k deposit. He is a subsea engineer for probably one of the largest oil companies in the world and earns more than £150k a year.

Banks are idiots.

He must have terrible credit history or a terrible mortgage broker, or both.

[Tom White]

A friend of mine was refused a mortgage with £100k deposit. He is a subsea engineer for probably one of the largest oil companies in the world and earns more than £150k a year.

Banks are idiots.

He must have terrible credit history or a terrible mortgage broker, or both.

Or he's telling fibs, is skint, and isn't earning what he says he is.

People are funny things sometimes.

[8weekly]

Don't they do self certified mortgages if you have a large down payment anymore?

I mean with an £80k deposit, there's no risk to the bank - if you can't make the mortgage repayments they'll repossess the house and deduct any costs from the £80k; so the risk to the bank is nil.

I would have thought.

But in Independent Financial Advisor would be the way ahead.

Same thought here. It was available from Nationwide when we took our Mortgage out with them but ultimately we weren't suitable as  the house we bought was a shared equity.

Not any more. I've heard them called "Liar's Mortgages".

[Tom White]

Not any more. I've heard them called "Liar's Mortgages".

Our IFA called them self-certified mortgages.

But you could be right, I don't trust any of these financial advisers; they're all a bunch of lying gimps.

[Soupy]

A friend of mine was refused a mortgage with £100k deposit. He is a subsea engineer for probably one of the largest oil companies in the world and earns more than £150k a year.

Banks are idiots.

He must have terrible credit history or a terrible mortgage broker, or both.

Or he's telling fibs, is skint, and isn't earning what he says he is.

People are funny things sometimes.

He had financial issues in his early twenties. He is now 35.

The reason they refused his mortgage was because of his credit history, he has no credit history for over 10 years. Apparently not having any borrowings for long periods isn't a good thing. Especially if the credit history you do have isn't good.

What I don't get is, the bank is in a win win situation - why refuse?. The house is about 300k, he has a 100k deposit. If he pays the mortgage - he pays the mortgage. If he doesn't pay the mortgage - they repossess the house and are 100k up.

Banks are idiots.

[Soupy]

A friend of mine was refused a mortgage with £100k deposit. He is a subsea engineer for probably one of the largest oil companies in the world and earns more than £150k a year.

Banks are idiots.

He must have terrible credit history or a terrible mortgage broker, or both.

Or he's telling fibs, is skint, and isn't earning what he says he is.

People are funny things sometimes.

150k a year is what senior subsea engineers get paid. That is what he does.

[Soupy]

Not any more. I've heard them called "Liar's Mortgages".

Our IFA called them self-certified mortgages.

But you could be right, I don't trust any of these financial advisers; they're all a bunch of lying gimps.

I found that every time I've had to do the mortgage I've been better off dealing direct with the bank.

I used an IFA when I took out my first one. It was a 110% from northern rock in 2003, when I went into the bank after the 2 year fixed rate was over the mortgage advisor actually laughed at the deal I was on.

[8weekly]

Not any more. I've heard them called "Liar's Mortgages".

Our IFA called them self-certified mortgages.

But you could be right, I don't trust any of these financial advisers; they're all a bunch of lying gimps.

I found that every time I've had to do the mortgage I've been better off dealing direct with the bank.

I used an IFA when I took out my first one. It was a 110% from northern rock in 2003, when I went into the bank after the 2 year fixed rate was over the mortgage advisor actually laughed at the deal I was on.

I think it depends on your credit history. The big banks won't touch a poor credit rating but there are specialist sub prime lenders. Or there were. A specialist credit broker would be able to find one that fits.

[Mike #1]

We had more issues with my wife's payslips than anything as she is carer and works various hours which have different allowances applied .

The mortgage guy at the bank could not work them out at all and this caused some hassle .

[Susan Dean (1stclean)]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

[ChumBucket]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

Good old CIU, never fails!!

[8weekly]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

Good old CIU, never fails!!

She's in Cleveland where property is so cheap I could probably buy three with a month's pay. 

[hasti]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

You have been able to get loan easy, because you are doing it as Buy to Let, is a complete different bowel game.

[Matt.]

And you also pay a lot more to take a buy to let mortgage, as it is viewed as a business

[Clever Forum Name]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

Good old CIU, never fails!!

She's in Cleveland where property is so cheap I could probably buy three with a month's pay. 

WOW insanely cheap. I could buy 10 mid terraced compared to one here. Jesus.

[Dave Willis]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

You have been able to get loan easy, because you are doing it as Buy to Let, is a complete different bowel game.

Yes it's poope.

[ptwt]

My business is a limited company and we moved last year. To save hassle and to speed things up we decided to stick with our current lender (Santander). After much hassle and a long time they turned us down, they said the amount I wanted was unaffordable. I ask how much they would lend us and they said they wouldn't even lend the amount we currently owed on our mortgage as it was unaffordable, I suggested that their may have been some mistake in their affordability calculations as we had been paying the unaffordable mortgage for the past 8 years.

I think the problem with big banks is they have so many applications to deal with if you are in a slightly unusual situation they can't be bothered to try and understand. The fact that my limited company year end is 30 November and my personal tax is done to the year end April 5th confused them no end.  All of this dispite the fact We had all our bank accounts with them( both business and personal).In the end I went with a broker who sorted us out with a new mortgage in about 3 weeks.

To help with getting a mortgage and give yourself a wider choice  I think the following might help:
Use a charted accountant .
Think twice about becoming a limited company.
If you are trading through a limited company try to have your year end inline with end of tax year to save confusion .
Take a hit on tax and raise your salary.
Use a broker they will have worked for people in your situation before and know which banks will be most understanding.

[Susan Dean (1stclean)]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

Good old CIU, never fails!!

She's in Cleveland where property is so cheap I could probably buy three with a month's pay. 

see how much you know I live in frinton -on-sea

[8weekly]

never been so easy to get money for house , just been cleaned to buy three more buy to lets great time and some great deals to be had , never seen the rates this low befoure ,

Good old CIU, never fails!!

She's in Cleveland where property is so cheap I could probably buy three with a month's pay. 

see how much you know I live in frinton -on-sea

I found one of your properties:

http://www.rightmove.co.uk/property-for-sale/property-33871938.html