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How clean do you need to be.....
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Benjamine1979
Posts: 8 Forumite
Hi all,
Does this make sense to anyone. I am just coming to the end of my fixed rate with NR (December) and I have applied for a Woolich product (fixed for 5 years). However I was shocked to find out that my application had been declined for credit purposes.
So off I went and ran an Experian check on my wife and I. Both came back with a score of 999. (which I believe is quite good).
My LTV is 57% and we are both are employed with fairly good wages.
This got me thinking - I bailed my dad out of his old house (which he had bought from my grandfather who had a very poor credit). My GD also has the same name as me so I am wondering if this is what is causing my difficulty.
Does anyone have any any advice or similar stories with outcomes they wish to share. I am just waiting for the underwriter to call my mortgage broker back to explain their decision so any comments would be appriciated
Ben
Does this make sense to anyone. I am just coming to the end of my fixed rate with NR (December) and I have applied for a Woolich product (fixed for 5 years). However I was shocked to find out that my application had been declined for credit purposes.
So off I went and ran an Experian check on my wife and I. Both came back with a score of 999. (which I believe is quite good).
My LTV is 57% and we are both are employed with fairly good wages.
This got me thinking - I bailed my dad out of his old house (which he had bought from my grandfather who had a very poor credit). My GD also has the same name as me so I am wondering if this is what is causing my difficulty.
Does anyone have any any advice or similar stories with outcomes they wish to share. I am just waiting for the underwriter to call my mortgage broker back to explain their decision so any comments would be appriciated
Ben
0
Comments
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At 57% loan to value ... not very clean basically. Woolwich can be a bit funny, and given that you seem to have a clean Experian report you shouldn't have any trouble with another lender.
What will cause you problems would be outstanding CCJ's or Defaults, or mortgage arrears. With those your broker would need to do a bit more work to place you on a competitive rate.0 -
Having the same name could be a problem, and might be causing the confusion (although is shouldn't be)
If your credit files are clean I can't see why they have declined you on credit grounds.
I would show your credit files to a broker and let them come back with some options - assuming the Woolwich deal is still the best for you they may even be able to get the mortgage accpeted by themI am a Mortgage AdviserYou 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.0 -
Talk to the Woolwich/Barclays might need a visit to a branch.0
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Thank you all for your comments. I have spoken with my MB and we are just waiting for the Underwriter to get back to us with the reason for rejection.
Fingers crossed. I guess if that fails then I will try the branch as advised.0
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