First time buyers & time running out please help !!!!

MICHANDSTEVE23

Please could someone please advise us on the next step ? We have had an agreement in principle and have had an offer accepted on the property we really want ! we have sat down with our advisor who have given us all the options ! we recently sawa a natwest first time buyers exclusive deal which was great so we applied

after going all the way through the guy told us unfortuantely it was a decline !

now the confusion comes fromn the fact that the advisor has put our application through with rbs and has come back all ok (only reason we re applied with natwest is because the rate was better)

The decline reason we think is because i have 1 default on my credit report which relates to and error on the finance companies part which meant i missed a payment in 2004 !!!! now i am scared to start another application in case i get declined again and further ruin my credit report !!

we are due to complete soon and are now hold up the buyer !!! we have paid for survey and eveything as well now and are getting really upset as we hate the thought of losing our little house !!! does anyone know what the best thing to do would be or also as a last resort any company that would agree a mortgage for default credit !

many thanks

TEDDYRUKSPIN

MICHANDSTEVE23 wrote: »

The decline reason we think is because i have 1 default on my credit report which relates to and error on the finance companies part which meant i missed a payment in 2004 !!!! now i am scared to start another application in case i get declined again and further ruin my credit report !!

If the default was due to the finance company why did'nt they remove it? This mark will not be removed until 2010-2011.

Unless you have supporting documentation for i.e. RBS now, most people will reject you as they consider you high risk. All companies will ask you to sort this problem first.

I would get the ball rolling and get this mark removed if it was'nt your fault. It will take as long as 3 months. <do it anyway>

happybroker

If you have had a survey done was that instructed by the bank? If it was then I think you should be well on the way to an offer.

RBS and Natwest have slightly different criteria, as do A&L and Abbey (same firm) as do Halifax, BM and Bank of Scotland (same company).

Speak to the advisor and find out exactly where you stand.

hayley77

OMG, i am now worried, i have applied with natwest, got to the valuation stage which has gone to the underwiters an i should get my formal offer tomoz.....the people on the phone told me its only a case of the valuation being checked as all the checks have been done onme, but i have a default from a cc from 2003 which im still paying off an have never missed a payment of........is there a chance they will not give me my formal offer tomoz???? Oh i shall not sleep tonight!!

_Andy_

hayley77 wrote: »

OMG, i am now worried, i have applied with natwest, got to the valuation stage which has gone to the underwiters an i should get my formal offer tomoz.....the people on the phone told me its only a case of the valuation being checked as all the checks have been done onme, but i have a default from a cc from 2003 which im still paying off an have never missed a payment of........is there a chance they will not give me my formal offer tomoz???? Oh i shall not sleep tonight!!

Not sure why you're worried as they've already said it's approved subject to looking at the valuation.
If they had issues with the credit side of things that would've meant a decline they would've said so.