Urgent help required!

mickeyfinn1

If we apply again though, even with a larger deposit surelyt they would refuse us again based on the credit score? The reason given for declining us was the credit score not the deposit. We are scared to keep applying as I have been told that every time you get credit scored it goes against you.

We would really rather not involve family if at all possible, either one of us on our own salary should be able to get a mortgage for the £127k we need so would rather do it ourselves. We can put down £14500 on the new house if we have to which would be just under 11%.

Conrad

Credit scoring outcomes depend upon the inputs, one of which is deposit size.

You say the late mobile phone payment was down to the telecomms company. It is possible Nationwide may require a letter from the company stating it was entirely thier fault. If it were me I would obtain this now just in case.

mickeyfinn1

Thanks everyone, I am waiting on the letter from the mobile company, will chase this up again today.

Do you think we may be approved if we managed to scrape together a deposit of 20-22% or would the fact of the "poor" rating on Experian ruin it for us again? I don't want to keep getting credit scored.

Conrad

20% deposit will certainly make more likely to be passed.

This thing people say about several scores depleting ones credit record - I'm not sure if that's an urban myth because I've not encountered any evidence to support the theory. We sometimes need to try several lenders for a client.

Jaybee5

I'd agree with Conrad as we remortgaged with Nationwide in Feb this year and are now porting that mortgage with additional borrowing to a new house. Interestingly I have over £45k unsecured debts still outstanding (never missed a payment or been late) and the mortgage went through in under 3 weeks from in branch application to receiving offer letter in the post. I was a little worried that they would view me as 'over committed' but we are putting 40% deposit down (£145k) and our joint incomes are £90k. My gut feels says that the deposit is the killer here based on my experience.

mickeyfinn1

Hi everyone, thanks for your comments.

I spoke to Nationwide today and asked them to pose the situation as follows to the underwriter -
Mortgage in husbands name only, 27k deposit.

She called back to say that they are reluctant to run another credit score as we came out as a risk 4 a couple of days ago. The deposit is not the issue but the credit rating is.

She said that as we are customers already they are running an appeal automatically and they will be in touch regarding bank statements etc.

I have also been advised to get a letter from Orange asap explaining the error on their part and get it to Nationwide asap. The appeal process should take 3-6 weeks.

Orange mobile say they can get a letter to me within 28 days!! Argh! They say it will also take 28 days to get the credit score changed with the agencies.

So it seems at present all we can do is sit this out. I suppose it means that we are not at risk by running another credit score until this orange thing is resolved and we will have another month payment history behind us. I just hope we don;t lose our dream house in the process. It seems so unfair.