the which direction he has chosen to take is dealt with elsewhere.
The loan rejection thing is quite interesting to me. MAinly because I don't have a mortgage either.
Shortly after paying it off and being dead chuffed I was told it wasn't a particularly sensible thing to do. I should have kept it going but with only 10 quid payments a month.
Also my tendency to not use credits cards would also be an issue.
Apparently half your credit rating is done on paying off debt regularly without missing payments. If you don't have any debt to pay you don't get for what of a better word "points" for being a good credit risk by always paying you repayments.
So someone with zero debt and zero repayments is seen as a higher risk due lack of history than someone who pays off their CC every month and has a mortgage repayment.
They also seem to think if you don't have a mortgage you don't need a large loan, if you do need a loan you can get capital against the house.
Again they don't like the house deeds in the owners hands if the loan is against the house capital as there is nothing stopping you selling it and not telling them.