FTB Mortgage declined

Hi

Me and my girlfriend recently applied for a mortgage with C&G first time buyers at interest rate of 6.5% we was asking to get £144k having 10% deposit

My girlfriend earns £34k a year and i earn £21k

I have checked my credit rating and got a score of 999 saying excellent my girlfriends score should also be fine as she has never missed a payment and has had 2 loans that have now been paid off

We opened a joint account in jan 09 which only her salary gets paid into, the adviser said it would be better to put down her old account details as it would have a better credit rating ? would it not have been better to use the active account ?

Does anyone have any idea's why we got declined?

Should we try again with another company or wait a few months before applying for another mortgage?

Thanks
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Replies

  • benoodbenood Forumite
    1.4K Posts
    What does your mortgage advisor think? S/he would be the first person I would ask.
  • 1983319833 Forumite
    8 Posts
    She just said its tough times at the moment and we could try natwest ?
  • herbiesjpherbiesjp Forumite
    8.5K Posts
    Did the adviser not tell you why it got declined? It sounds like you should have built up a good credit history

    Have you moved around a bit in the last 3 years?

    On the face of it, it looks a solid case to go through even if underwriting at that level is pretty tight at present

    I would always advise clients to put their up to date detail etc when applying, as anything else would not be accurate.

    You could try another lender, although at 90% LTV choices are limited.

    Does your broker search deals that are direct to lender only deals, as well as broker deals? Are they whole of market?

    They should be able to come back with alternatives, otherwise get a second opinion from another broker
    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.
  • herbiesjpherbiesjp Forumite
    8.5K Posts
    19833 wrote: »
    She just said its tough times at the moment and we could try natwest ?

    That is not much of a response to be honest

    I would get a second opinion then.
    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.
  • 1983319833 Forumite
    8 Posts
    She said we didnt meet there scoring, she was a mortgage adviser at countrywide.

    How accurate are the online credit scoring ?

    No we both are still living with parents !

    So in future we should put down the joint account instead of her old account which has had no money paid into since december 08 ?

    thanks for replying
    herbiesjp wrote: »
    Did the adviser not tell you why it got declined? It sounds like you should have built up a good credit history

    Have you moved around a bit in the last 3 years?

    On the face of it, it looks a solid case to go through even if underwriting at that level is pretty tight at present

    I would always advise clients to put their up to date detail etc when applying, as anything else would not be accurate.

    You could try another lender, although at 90% LTV choices are limited.

    Does your broker search deals that are direct to lender only deals, as well as broker deals? Are they whole of market?

    They should be able to come back with alternatives, otherwise get a second opinion from another broker
  • herbiesjpherbiesjp Forumite
    8.5K Posts
    Countrywide only offer advice from a panel, so not true whole of market.

    On that basis I would look elsewhere for a recommendation

    A lender's scoring system is different to the score you on your credit file - but you have to get a decent score at 90% with lenders as you are classed as high risk.

    I would put the accounts where your salaries are being paid, as if they were to ask for bank statements, these would be the ones requested normally.

    Have you actually put in an offer for the property? Has it been accepted?
    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.
  • 1983319833 Forumite
    8 Posts
    No we have not put a offer in yet as we was'nt sure what would be able to borrow but we saw a bungalow advertised by countrywide so had a viewing and then they arranged for us to see there mortgage adviser...


    So should we not tell her to send our application to natwest and find a new mortgage adviser? is it worth waiting a few months before apply again >? we in no real rush and the longer it takes us the more we can save
  • herbiesjpherbiesjp Forumite
    8.5K Posts
    19833 wrote: »
    No we have not put a offer in yet as we was'nt sure what would be able to borrow but we saw a bungalow advertised by countrywide so had a viewing and then they arranged for us to see there mortgage adviser...


    So should we not tell her to send our application to natwest and find a new mortgage adviser? is it worth waiting a few months before apply again >? we in no real rush and the longer it takes us the more we can save

    Thought that would have been the case - see a property and then get "vetted" by the in-house mortgage adviser.

    The decision is yours I'm afraid. However only having a panel of lenders to choose from will mean other being left out of their research for you, which may impact on what is the best deal for you.

    As for waiting, again only you can decide, although what you say is spot on
    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.
  • 1983319833 Forumite
    8 Posts
    Thanks for the help herbie as you say we need to find a whole of market adviser and take it from there.
  • ConradConrad PPR
    33.1K Posts
    herbiesjp wrote: »


    I would put the accounts where your salaries are being paid,


    I disagree, put the Bank you've been with longest - otherwise your score will be lowered.
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