Hi Guys
I hope you can provide some advice.
My excellent mortgage broker is struggling to secure me a remortgage.
The property in question is a flat in a city centre near and indirectly over commercial premises. This means that some lenders (e.g. my "bank" Nationwide) won't lend on it.
The ones that will are struggling with my credit report.
Details:
I have no late payments, defaults, CCJs etc.
I have seen reports from all 3 CRAs.
My credit cards (total available credit: £12000) have zero balances
I am not using overdrafts
I do have a loan with an £8600 balance outstanding, £230pcm
I have an (expensive!) car on finance showing as £49000, £760pcm. Don't judge (!) - this is my treat to myself and as I have no kids or ever likely to, this is where I choose to spend my money.
The remortgage is at 73%LTV and I am currently with Halifax.
The problem seems to be that although I fit affordability (taking into account the above commitments), the large car loan decimates my credit score due to debt-to-income ratios. One lender confirmed that (and I quote) "this is what is dragging the score down." Nothing else. One lender has said that mine is a case which they should approve as it is clear that the mortgage is affordable, credit history is good etc but as the score is low, even the u/w has no authority to overturn it.
My point/question is that it seems ridiculous that affordability calculators allow the application to proceed but then those very same declared commitments kill your score. If there were any adverse entries or similar, I could understand the nerves from lenders.
Is there any way round this?
I hope you can provide some advice.
My excellent mortgage broker is struggling to secure me a remortgage.
The property in question is a flat in a city centre near and indirectly over commercial premises. This means that some lenders (e.g. my "bank" Nationwide) won't lend on it.
The ones that will are struggling with my credit report.
Details:
I have no late payments, defaults, CCJs etc.
I have seen reports from all 3 CRAs.
My credit cards (total available credit: £12000) have zero balances
I am not using overdrafts
I do have a loan with an £8600 balance outstanding, £230pcm
I have an (expensive!) car on finance showing as £49000, £760pcm. Don't judge (!) - this is my treat to myself and as I have no kids or ever likely to, this is where I choose to spend my money.
The remortgage is at 73%LTV and I am currently with Halifax.
The problem seems to be that although I fit affordability (taking into account the above commitments), the large car loan decimates my credit score due to debt-to-income ratios. One lender confirmed that (and I quote) "this is what is dragging the score down." Nothing else. One lender has said that mine is a case which they should approve as it is clear that the mortgage is affordable, credit history is good etc but as the score is low, even the u/w has no authority to overturn it.
My point/question is that it seems ridiculous that affordability calculators allow the application to proceed but then those very same declared commitments kill your score. If there were any adverse entries or similar, I could understand the nerves from lenders.
Is there any way round this?