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  • FIRST POST
    • mds303
    • By mds303 15th Jul 17, 10:42 PM
    • 17Posts
    • 2Thanks
    mds303
    I need a mortgage - Help!
    • #1
    • 15th Jul 17, 10:42 PM
    I need a mortgage - Help! 15th Jul 17 at 10:42 PM
    Hi
    So I cleared my DMP in October 2016 (fully settled), phew! I've opened a credit repairing card account, which I pay off EVERY month.
    Problem is, we are trying to buy a place of our own and have now twice been declined a mortgage in principle.
    We have seen our dream house and I don't know what to do.
    Advice/help welcomed
Page 1
    • glosoli
    • By glosoli 15th Jul 17, 10:50 PM
    • 561 Posts
    • 305 Thanks
    glosoli
    • #2
    • 15th Jul 17, 10:50 PM
    • #2
    • 15th Jul 17, 10:50 PM
    Are you applying to lenders directly or going through a broker?

    If the former, you should probably print off copies of all three of your reports, and go to a mortgage broker who deals with adverse credit and see what your realistic options are. DMP finishing last year is far too recent to be applying randomly to lenders without guidance.
    • amnblog
    • By amnblog 16th Jul 17, 9:43 AM
    • 9,545 Posts
    • 3,688 Thanks
    amnblog
    • #3
    • 16th Jul 17, 9:43 AM
    • #3
    • 16th Jul 17, 9:43 AM
    Agreed.

    sounds like you are harming your chances with your approach to date
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • ACG
    • By ACG 16th Jul 17, 9:46 AM
    • 15,054 Posts
    • 7,611 Thanks
    ACG
    • #4
    • 16th Jul 17, 9:46 AM
    • #4
    • 16th Jul 17, 9:46 AM
    I escho the above. Despite the DMP being cleared, I am assuming your credit reports are still not fantastic. It could be even worse if you are applying to lenders who had to accept the DMP.

    Too many credit checks is going to affect your credit score further. I would speak to a broker, they will likely be the difference in getting you a mortgage.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mds303
    • By mds303 16th Jul 17, 10:38 AM
    • 17 Posts
    • 2 Thanks
    mds303
    • #5
    • 16th Jul 17, 10:38 AM
    • #5
    • 16th Jul 17, 10:38 AM
    I'm am going through a broker. We sent her our reports. If this doesn't work out, may have to leave it a year and try again.
    • Caz3121
    • By Caz3121 16th Jul 17, 11:48 AM
    • 10,596 Posts
    • 6,934 Thanks
    Caz3121
    • #6
    • 16th Jul 17, 11:48 AM
    • #6
    • 16th Jul 17, 11:48 AM
    what % deposit do you have?
    • Thrugelmir
    • By Thrugelmir 16th Jul 17, 11:56 AM
    • 54,355 Posts
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    Thrugelmir
    • #7
    • 16th Jul 17, 11:56 AM
    • #7
    • 16th Jul 17, 11:56 AM
    What's the source of the deposit?
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • mds303
    • By mds303 16th Jul 17, 3:41 PM
    • 17 Posts
    • 2 Thanks
    mds303
    • #8
    • 16th Jul 17, 3:41 PM
    • #8
    • 16th Jul 17, 3:41 PM
    Got a 10% deposit. From house sale, which I needed to do to pay debts off, also we needed a bigger house as new baby came along.
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