Ajay Ahuja Blog Post on Buying Property and Lenders

Have you given up trying to buy a property yet?  I know it can be frustrating trying to buy and getting knocked back because you missed a credit card payment for £39.86 back in 2008!

I remember when it was difficult to buy back in 1998 to 2001.  I used to visit broker after broker, bank after bank.  All with pretty much the same answer:  NO!

This was because I was trying to buy:

Ex-local authority houses and flats

Studio flats

Non Standard Construction properties

Properties priced below £30,000

Rural located properties

I was used to getting knocked back.  However once in a while, just sometimes, an answer would come back with a YES!

If I were to hazard a guess of the rough percentages I would say around 1 in 20 times a yes would come back.  Around 5% of the time.  Once a yes would come back I would then use these lenders to continue buying until they said no.  They would say no because:

You had exceeded their limits for borrowing

Lending policy changed

They withdrew from the market

They went in to administration (!)

You failed a credit score with them

Whatever the reason being I just dusted myself down and went off hunting elsewhere.

So appreciating you need 19 “No’s” before you get to the 1 “Yes” can I ask:

“How many No’s have you got this week?”

It is the No’s that lead you to the Yes’ which lead you to Wealth which lead you to Freedom.  Do you know what I mean?