Posted on: 24th Mar, 2009 01:30 pm
18 months ago i paid a lump sum of £60k withoutpenalty off my mortgage which now stands at £77k. My property value £185k. I now have planning permission for a house extension which will cost circa £55k of which I have £25k so wish to borrow £30k... hope you are following me? I contacted my lender in order to borrow £30k but have been declined on the grounds of affordibility! I have a sole salary of £28k my wife works part time earning just £1400. I also have a guaranteed overtime income of circa £5k. I am a little miffed that my lender has refused me. On my sole salary NarWest will give me a £106k mortgage but the rate is not as good as my current deal. Anybody offer advice?
Hi andymfelton,
Did you give all the required financial statements to the lender? Before approving a new loan, the lender will check your financial situation and credit score. If the lender is satisfied, then only he would approve the loan. I would suggest you to speak to few more lenders and see what type of rates and terms they are offering you.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea about the type of rates and terms you may receive.
Thanks
Did you give all the required financial statements to the lender? Before approving a new loan, the lender will check your financial situation and credit score. If the lender is satisfied, then only he would approve the loan. I would suggest you to speak to few more lenders and see what type of rates and terms they are offering you.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea about the type of rates and terms you may receive.
Thanks