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Kurt Barlow

Interesting Visit to Barclays this morning

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Mrs B organised a mortgage application at Barclays (I'm not keen but went along for a quiet life)

I've been a continuous customer of Barclays for 37 years including my Saudi Expat years and residency in Oz. I also hold about 110K in shares in Barclays Stockbrokers

Screening checks>

What sort of deposit do you have - 230K

Combined income  from employment - 98K

Investment income - 15K (after 230K deposit paid)

What size mortgage do you want - 250-300K.

Residency - Me since Dec 2016, Mrs B May 2017.

INELIGIBLE - come back in a years time.

Now apart from Mrs B's moaning I am quite pleased but it made me think - who the feck can actually get a mortgage these days?

 

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3 minutes ago, Kurt Barlow said:

Mrs B organised a mortgage application at Barclays (I'm not keen but went along for a quiet life)

I've been a continuous customer of Barclays for 37 years including my Saudi Expat years and residency in Oz. I also hold about 110K in shares in Barclays Stockbrokers

Screening checks>

What sort of deposit do you have - 230K

Combined income  from employment - 98K

Investment income - 15K (after 230K deposit paid)

What size mortgage do you want - 250-300K.

Residency - Me since Dec 2016, Mrs B May 2017.

INELIGIBLE - come back in a years time.

Now apart from Mrs B's moaning I am quite pleased but it made me think - who the feck can actually get a mortgage these days?

 

Tell the missis to find a house for £230k and you can save up and buy her another one in a couple of years.

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4 minutes ago, Kurt Barlow said:

Will we end up paying through the nose though?

It’s relative as they would structure any deal to suit so you might not get the best rate but they’ll do an offset mortgage or whatever suits. 

Personally I’m not particularly bothered about the absolutely best rates if the price is lack of flexibility and getting stuck in queues phoning call centres. Same with insurance breakdown cover and all the rest.

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18 minutes ago, SNACR said:

It’s relative as they would structure any deal to suit so you might not get the best rate but they’ll do an offset mortgage or whatever suits. 

Personally I’m not particularly bothered about the absolutely best rates if the price is lack of flexibility and getting stuck in queues phoning call centres. Same with insurance breakdown cover and all the rest.

Id agree if it was a small mortgage but I consider 250K as a feck off big one.

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Walk away from them, that's ridiculous.

What about selling the shares, adding that 110 to the 230 you already have, and saving up for a few years- just buy a place outright?

Crazy numbers, we got a mortgage with nothing like those sorts of numbers. Maybe it's to do with you having not lived here all that long? Have you checked your credit files with Equifax, Experian and whatever that other one is called?

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I'd suggest a paid, non-commission, mortgage broker Kurt.  I know someone who uses one every five years to get a new mortgage deal; she is very switched on and thinks it is entirely worth the money.

Banks are capricious in their approach to mortgage lending and know which ones currently want new business and which are going to be extremely picky because they don't really want any.

You might walk into Barclays in three months' time and they'll be jumping up and down with excitement and be practically forcing money on you.

A good broker would know this; and a non-commission one would be great value given the sums involved.

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3 hours ago, Carl Fimble said:

Walk away from them, that's ridiculous.

What about selling the shares, adding that 110 to the 230 you already have, and saving up for a few years- just buy a place outright?

Crazy numbers, we got a mortgage with nothing like those sorts of numbers. Maybe it's to do with you having not lived here all that long? Have you checked your credit files with Equifax, Experian and whatever that other one is called?

its fking crackers that you cant get a morgage,with that deposit

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Interesting anecdote Kurt..

I share everyone else's surprise,  though found them very uncompetitive when I was looking myself.

I tend to agree with the consensus who say they probably aren't really interested in mortgage lending at the moment for whatever reason.  We ended up with HSBC who had much better terms and rates in every way.

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5 hours ago, Kurt Barlow said:

Mrs B organised a mortgage application at Barclays (I'm not keen but went along for a quiet life)

I've been a continuous customer of Barclays for 37 years including my Saudi Expat years and residency in Oz. I also hold about 110K in shares in Barclays Stockbrokers

Screening checks>

What sort of deposit do you have - 230K

Combined income  from employment - 98K

Investment income - 15K (after 230K deposit paid)

What size mortgage do you want - 250-300K.

Residency - Me since Dec 2016, Mrs B May 2017.

INELIGIBLE - come back in a years time.

Now apart from Mrs B's moaning I am quite pleased but it made me think - who the feck can actually get a mortgage these days?

 

 

I had similar but with lower figures with Halifax my day to day bank wanted to borrow 20-30 k but could have bought without that money no joy 

Went across the road to santander they were willing to throw money at me

 

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Crazy that you have been turned down for an affordable mortgage in your circumstances.

Going back in time to 2005...I was appalled when I applied for a £24k mortgage to buy a £165k house and found myself at the receiving end of hard selling and informed that I could borrow IIRC £140k. It was ridiculous to offer me that amount of mortgage because repaying £24k wasn’t going to be a cakewalk for me in my circumstances! I did say that to the mortgage offerer and stuck to what I thought I could manage.

Fast forward though....how many signed up for ridiculous mortgage offers back then? Lots I’ll bet! Thankfully I have no mortgage now.

You and Mrs B will get your own place one day. Surely!!! If you don’t the country is well and truly finished with trouble ahead IMO.

 

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2 hours ago, stokiescum said:

its fking crackers that you cant get a morgage,with that deposit

I think Barclays are actually trying to destroy their retail business

Their stockbroking service has gone from being very good to absolute shyte

Mrs B opened a cash ISA. They then started sending her an 11p a month cheque for the interest. After 4 attempts to resolve in branch they eventually started paying the interest into our current account. We just gave up and used the rest of her allowance to park a load of cash in a Ratesetter IF ISA.

Mrs B applied for a Credit card to start building up some credit history (a small credit limit would have sufficed - say 1 grand) - Barclays say No

Now they refuse a mortgage even though I'm the first applicant and they have 37 years banking history to call upon.

Edited by Kurt Barlow

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5 hours ago, Carl Fimble said:

 Maybe it's to do with you having not lived here all that long? Have you checked your credit files with Equifax, Experian and whatever that other one is called?

Yup, my thoughts too. Blindingly obvious point but do make sure you are on the electoral roll.

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7 hours ago, Kurt Barlow said:

Mrs B organised a mortgage application at Barclays (I'm not keen but went along for a quiet life)

I've been a continuous customer of Barclays for 37 years including my Saudi Expat years and residency in Oz. I also hold about 110K in shares in Barclays Stockbrokers

Screening checks>

What sort of deposit do you have - 230K

Combined income  from employment - 98K

Investment income - 15K (after 230K deposit paid)

What size mortgage do you want - 250-300K.

Residency - Me since Dec 2016, Mrs B May 2017.

INELIGIBLE - come back in a years time.

Now apart from Mrs B's moaning I am quite pleased but it made me think - who the feck can actually get a mortgage these days?

 

Another thought. Are you paying school fees? Plays havoc with their affordability calculations even if  you have lump sums etc. to pay the fees. Might be worth going to a broker who will be able to find a lender to suit your circumstances. I've used Which? Mortgage brokers twice: they seem honest and professional.

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2 minutes ago, InLikeFlynn said:

Yup, my thoughts too. Blindingly obvious point but do make sure you are on the electoral roll.

Well yes - but I have maintained a credit history here. I had a mortgage until the end of 2014. I am thinking I might try Britannia as I held mortgages with them for 13 out of 15 years.

 

Just now, InLikeFlynn said:

Another thought. Are you paying school fees? Plays havoc with their affordability calculations even if  you have lump sums etc. to pay the fees. Might be worth going to a broker who will be able to find a lender to suit your circumstances. I've used Which? Mortgage brokers twice: they seem honest and professional.

Childcare but after that we 4500 income. We are not applying using our investment income buts another 1250 a month (Mrs B's rental inc from Oz and my investments) . In any case we never got to the affordability calculations.

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1 hour ago, Economic Exile said:

Crazy that you have been turned down for an affordable mortgage in your circumstances.

Going back in time to 2005...I was appalled when I applied for a £24k mortgage to buy a £165k house and found myself at the receiving end of hard selling and informed that I could borrow IIRC £140k. It was ridiculous to offer me that amount of mortgage because repaying £24k wasn’t going to be a cakewalk for me in my circumstances! I did say that to the mortgage offerer and stuck to what I thought I could manage.

Fast forward though....how many signed up for ridiculous mortgage offers back then? Lots I’ll bet! Thankfully I have no mortgage now.

You and Mrs B will get your own place one day. Surely!!! If you don’t the country is well and truly finished with trouble ahead IMO.

 

Nope.

After 2008 its pretty rigid - up yo 4x household income minus any recurring expense.

Then a stress test at 6% to see if the mortgage takes more than 30% of monthly income.

They dont count investment income.

What tends to fuckup peopkes in kurts case is - not having a years payslips. Proper ones, they look and check the p60.

And childcare cost.

Hes after 300k on 90k. Thats 3.5 earnings, forget deposit.

Any high spend on childcare or commuting cost will easily push that to 4x.

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5 minutes ago, spygirl said:

Nope.

After 2008 its pretty rigid - up yo 4x household income minus any recurring expense.

Then a stress test at 6% to see if the mortgage takes more than 30% of monthly income.

They dont count investment income.

What tends to fuckup peopkes in kurts case is - not having a years payslips. Proper ones, they look and check the p60.

And childcare cost.

Hes after 300k on 90k. Thats 3.5 earnings, forget deposit.

Any high spend on childcare or commuting cost will easily push that to 4x.

We both had 6 months payslips with us - more available on request and in any case they can see the last 12 months from our respective employers. I work for a major rail company and Mrs B works for a big chemical manufacturer.

Childcare costs net are about 1100 pcm. 600 from September.

My commuting costs are free minus the tax liability. Mrs B spends about 20 quid a week on petrol.

As for after 300K - if that wasn't available what is the limit and that's what we asked.

The alternative is liquidate all our assets and go as cash buyers with about 600K on hand.

Edited by Kurt Barlow

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8 minutes ago, Kurt Barlow said:

We both had 6 months payslips with us - more available on request and in any case they can see the last 12 months from our respective employers. I work for a major rail company and Mrs B works for a big chemical manufacturer.

Childcare costs net are about 1100 pcm. 600 from September.

My commuting costs are free minus the tax liability. Mrs B spends about 20 quid a week on petrol.

As for after 300K - if that wasn't available what is the limit and that's what we asked.

The alternative is liquidate all our assets and go as cash buyers with about 600K on hand.

Did they give specifics about why you were rejected or was it just, computer says no?  

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7 minutes ago, Kurt Barlow said:

We both had 6 months payslips with us - more available on request and in any case they can see the last 12 months from our respective employers. I work for a major rail company and Mrs B works for a big chemical manufacturer.

Childcare costs net are about 1100 pcm. 600 from September.

My commuting costs are free minus the tax liability. Mrs B spends about 20 quid a week on petrol.

As for after 300K - if that wasn't available what is the limit and that's what we asked.

The alternative is liquidate all our assets and go as cash buyers with about 600K on hand.

They want 12 months.

Want the bank sees is a couple whove not been long in the uk wanting to borrow a lot of money.

Try hsbc.

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