Perfect credit score but still can't get mortgage, please help!

Cleared_the_Decks

I'm a first time poster, so forgive me if this is a repeat entry but I can't see my previous entry.

In summary, I've worked hard since 2006 to get "financially healthy" (Martin's my hero!!). Anyway, I earnt £20k last year on 10hr wk contract. I work in energy sector so job security is o.k. I have £60k mortgage on £100k property and want to a) increase borrowing to build an extension or b) remortgage at current level to 3 or 5 yr fixed rate.

Apart from £3k hp on car (which will pay with added borrowing) have no debts or credit cards. London & Country have been superb (cant praise them enough) but because of bank's current lending criteria, they can't find anyone to help me.

Does anyone have any suggestions, please? This is really frustrating as I've worked so hard to get myself "clean" and now that I have I can't access the deal I need.

Also, from reading this forum, I also wonder whether self employed mortgage would be an option in my situation?

Thanks for reading. Any and all help greatly appreciated.

Forever hopeful.

Shakethedisease

Hi,

Is there anything adverse showing on your file from before 2006 ?

Lenders as you know are being particularly fussy about credit files these days. Anything from 2003 onwards if it still appears on your file, will probably still cause a few problems. Do you have access to your credit report ?

Also is your contract permanent ?

ps am not an expert as such just had a few problems myself with bad stuff on my file and my husband being a contractor.

_Andy_

What reasons are you being given for the decline - e.g. adverse credit, credit scoring, income/employment issues?
Which lender/s did L&C try?

beecher

You say you can't remortgage at current level which makes me think that might be more to do with LTV? What's a realistic value for your house? Where does the 100k come from?

Dan_1976

Can you buy in the uk for 100k? Even now?

ANyway, I suspect that its either your credit file or job situation. Your work is not that secure and your on a contract. I have a mate who had work in that area for 3 months.

Have you ever renewed your contract?

Cleared_the_Decks

Hi Everyone, thank you for all your kind advice. If you don't mind I'll answer collectively...

Nothing adverse on credit report. In fact (being rather boastful! Lol! My credit score is 999 out of a 1000) with Experian. Yes my contract is permanent and have been with current employer for four years.

L&C did a whole of market search for me and Nationwide were the best bet and even though L&C had preped them about my case beforehand, Nationwide noises were positive that they'd be able to help but once credit check point reached... declined on credit scoring. I did a screen dump of file and emailed it to them as proof that this couldn't possibly be the case. Anyhow, L&C advised that it was probably the low contracted hours and the LTV which with the added borrowing would be 84%.

I had the house valued last summer at £120k so allowing for market drop, I think £100k is a (erring on the side of caution valuation).

Hope all of the above helps... Thank you all

Cleared_the_Decks

Please please keep the good advice coming!!! Ta

beecher

What about your present lender?

Cleared_the_Decks

Hi Beecher et al

I've been working hard to repair my financial history since 2006 and in order to do this, I'd had to remortgage with a sub-prime lender and if I can I'm keen to move away from their rates. Their not tracking the rates particularly well but you're right I'll give them a call tomorrow and sound them out.

Do you think that there would be any specialist lenders out there who might consider me? I saw Uniform Mortgages earlier, have your heard of them? They appear to do a lot with public sector employees nurses and such like where income isn't a) necessarily high or regular due to overtime etc.

Would this be viable for me?

Thank you again.