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Applying for Mortgages Rant

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  • Applying for Mortgages Rant

    Has anyone ever just been so stressed applying for a mortgage that you just want to quit? I ask this because not to long ago we bought our first home and yes we did have some credit issues. Not as bad as some but not that great either. I was so tired of being told we need you to do this that and the other. I understand why they need to do this stuff but man I was just about to throw up my hands and say no more. Long story short we made it thorough the process but I will not be doing that again anytime soon. I will say that in the end it is well worth all the work. Owning your own home to me was the best thing we ever did.

  • #2
    I had problems with my first application, simply because I was after a pretty significant amount, it was my first home, and I was looking for a self-certified mortgage, all of which meant increased risk for the lender - and they didn't think I had a big enough credit rating to justify it.

    However, the second went through fine at a slightly higher rate - and at present I'm doubling my mortgage payments in order to pay it off faster.

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    • #3
      My recent foray into the UK martgage market was a dissaster - so called experts basically wasting my time while a 1/2 point was added to the base rate. Ultimately ended up staying with my exisitng lender - not my best solution - just because it was easier.

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      • #4
        I know what you're talking about, Tater03, I hate applying for a mortgage. I'd rather live if a shack bought with money of my own than apply for a mortgage (okay, maybe that's a bit much). I'm afraid I've got to apply for a mortgage again soon and I'm not looking forward to it.

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        • #5
          I am glad in a way to see it is not me. My husband was telling me that it was just me. I know I am not looking forward to ever doing it again.

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          • #6
            The first house I bought was a nightmare. I had excellent credit, plenty of cash and was still put through a wringer by the bankers. I was so disgusted with the process, I considered backing out of the sale completely. There's no reason it should be so difficult, because in today's housing market, loan defaults are quickly recouped!

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            • #7
              Originally posted by vicki2 View Post
              The first house I bought was a nightmare. I had excellent credit, plenty of cash and was still put through a wringer by the bankers. I was so disgusted with the process, I considered backing out of the sale completely. There's no reason it should be so difficult, because in today's housing market, loan defaults are quickly recouped!
              It was much like this for us, too. It wasn't so much a matter of not having everything in order, we did... but just the paperwork and things they needed. It was surreal for a while. We had good credit but even without problems it seemed to go on forever. Turned out great in the end, though.

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              • #8
                It can get very frustrating applying for a mortgage. I think it is important to keep trying until you get the approval you are seeking.

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                • #9
                  Originally posted by fitnessk View Post
                  It can get very frustrating applying for a mortgage. I think it is important to keep trying until you get the approval you are seeking.
                  Yes, but it wasn't a matter of approval in our case at all. We knew we'd get the mortgage and we knew that everything was in order and that the credit rating was excellent. The problem was the red tape... missing papers, lost papers, missing faxes, needing the same papers that we already took to them. "We need you to come in and sign a tax paper" "But we signed the tax paper three days ago" "Uh, yes, but I seem to have misplaced that." Ugh!

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                  • #10
                    http://www.lml.co.uk

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                    • #11
                      >>It can get very frustrating applying for a mortgage. I think it is important to keep trying until you get the approval you are seeking.<<

                      It can be. Especially if you have to handle all the other little things like liasing with the lender and solicitors. If you find someone that is Independant and reliable, it is well worth using them. When you start to look at all the different products that are out there and the fact that a Mortgage Advisor will know where to place it best (even if it doesn't look like it will meet a lenders criteria, they might pass it!). All sorts of things come into play that can make it difficult for the average person to deal with these things. Self employed? Self certified income? Income requirements? Credit? Age? Purpose of borrowing? Selling soon? Retiring? Tax? It goes on and on and on.

                      We always say, "why kiss so many frogs when you know which ones will turn into a Prince?"

                      Try not to get frustrated. If you have been with NWBS all your life and they won't lend you money at 65 (even if you have loads of equity in your property), get advise and then get a 2nd opinion to back it up.

                      First rule of lending is to believe anything is possible and then narrow it down according to the circumstances and requirements. If you go to your bank on the high street and they say "no" (they might only have 10 types of products for you), it might fit in with one of the other 8,000 products offered by another lender.

                      Jenni

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