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Mortgage Application Declined - Should we go to a broker next time?
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It's not just the outgoings but the remaining left to pay more importantly.
That's not true - they may consider the outstanding amount but with loans they look at the monthly payments.
How frustrating that you aren't clear about why your application was declined - was you pushing affordability? (you could always let us know what both of your salaries, loan & other credit commitments are) or you could use nationwides own affordability calculator on their website.
Have you checked both of your credit files to see if there is any incorrect information on there?
Are you both on the voters roll at your current address?
it is advisable not to apply for any new finance within the 3 months prior to a mortgage app so your partners car finance app last month may well have had an impact.
If you haven't checked/thought about any of these things prior to your mortgage app then it may well be advisable to consult a broker before making any new applications
HTH0 -
Not as far as we know. We completed the affordability stage using the nationwide calculator and we could borrow upto £98000. We only wanted to borrow £95000 max. It's annoying that Nationwide couldn't really give us any feedback. The woman seemed baffled.
We both vote in the general election/have just recieved our voting cards last week.
We haven't checked our credit files as we weren't sure if that would affect our application or not. We never thought about his car application affecting it though, that's a good point.
We'll definitely be waiting at least 6months before reapplying. Think we'll go for the broker option too.0 -
Your definitely really close/pushing affordability - and this may have been the problem - Anyway, like you said it was probably the wrong time for you so use this next 6 months to save as much as you can and don't open any new finance agreements. Good luck next time0
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Probably a good start would be to get credit files from all three agencies, they are free and they don't leave a hard print on your file.
That way you will know where to improve your score, although all the lenders look at your credit history rather than score itself however i.e CCJ, defaults e.t.c.
But as someone said above, any finance too close to the mortgage app is not a good idea. Probably best to leave it 6 months from the last finance application. This includes utility switches as well as they can leave hard prints on your credit file."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
When you say credit files from all 3 agencies, do you mean Experian etc?
Neither of us have/have had any other debt other than our cars which we pay religiously so that's one less thing to worry about.
Probably must have been too close to the affordability and my boyfriend's car finance application.0 -
You have credit cards - that's debt (even if you pay them off in full) you need to check your credit files for any incorrect/adverse information. For example, have you ever missed a credit card/car payment or been late paying it - even by one day.0
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Sorry, i meant outstanding debt. Neither of us have ever defaulted on anything - phone bill/insurance, gym membership are our only bills. We pay car insurance yearly. We'll check our credit files for any incorrect information before applying again now we know it doesn't leave a hard print0
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Yeah starting to realise that now. Would have been good if nationwide could have told us that haha!0
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Obtain copies of both yours and your partner's statutory credit reports from all 3 Credit Reference Agencies (Experian, Equifax, Callcredit/Noddle). You need all 3 agencies reports to obtain a full picture of your profiles. It is worth reviewing all 3 reports well ahead of time, to enable you to spot any errors and have them corrected in good time, or any adverse issues such as defaults, CCJs, missed payments, arrears etc that you may not be aware of. Doing this exercise will ensure that the data that lenders use to credit check you is up-to-date, correct & complete. There is no need to sign up for the monthly subscription services - the scores they generate are irrelevant to lenders and not visible to anyone except you and the credit reference agency.
See links below to each agency's statutory report.
Experian Statutory Report
Equifax Statutory Report
Callcredit Statutory Report AKA Noddle
Check that your current, previous and linked addresses are correct, that you're both on the electoral register (this is a UK legal requirement anyway), that any financial associations derived from joint credit accounts are correct or have them disassociated if incorrect.
Then make sure you provide your reports to a good whole of market broker. One suggested method to find a broker (as well as using Google), is to follow the steps in this post.0
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