DW1978
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In November 2009 we bought a new house which needed total renovation. It took us a year but we got it all done and moved in in November 2010. A couple of weeks ago we went to see our mortgage advisor with a view to remortgage to borrow an extra £40K to do the gardens (both need digging up, re-seeding, decking, fencing, shed, tools, table & chairs, sunbeds etc - we've never had a garden before!), consolidate our debts (joint loan for house, personal loan to pay off my credit card, pay off both our bank overdrafts and pay off DH's two credit cards) and hopefully buy a new car for our expanding family (ours is now 9 years old and things are starting to break on it). He seemed really upbeat and said that looking at all our figures, the price we think the house is worth, by consolidating our debts and therefore reducing our outgoings, he thought it was totaly feasible. We left feeling really confident.
I phoned the bank yesterday to chase up our application and the guy told me over the phone that it has been declined. He briefly said that it's because Experian have advised that the two credit cards are up to their limit and so are the overdrafts but I don't understand as if we got the money all that would be paid off and our monthly payments would be less - why aren't they taking that into account? I'm gutted. We both really though we would get it no problem and now we're back at square one, with a garden that our 5 year old cannot play in, a car thats breaking down all the time and loads of debt.
They have said we can appeal once we receive the letter but I'm not sure how likely they would be to overturn their decision onces it's been made.
I'm having my 20 week scan today but instead of feeling excited about that, I just cannot stop thinking about our financial situation and what we are going to do about it all.
No need to reply, I know no one can help me, just wanted to get it all off my chest.
I phoned the bank yesterday to chase up our application and the guy told me over the phone that it has been declined. He briefly said that it's because Experian have advised that the two credit cards are up to their limit and so are the overdrafts but I don't understand as if we got the money all that would be paid off and our monthly payments would be less - why aren't they taking that into account? I'm gutted. We both really though we would get it no problem and now we're back at square one, with a garden that our 5 year old cannot play in, a car thats breaking down all the time and loads of debt.
They have said we can appeal once we receive the letter but I'm not sure how likely they would be to overturn their decision onces it's been made.
I'm having my 20 week scan today but instead of feeling excited about that, I just cannot stop thinking about our financial situation and what we are going to do about it all.
No need to reply, I know no one can help me, just wanted to get it all off my chest.
i havent even bought bmy future house and im stressing!!!!!! lolxx
