Question on joint application

Jaydee_3

Hi my partner has had a mortgage with C&G for 5 years and we are looking at moving to a bigger place together, and getting a joint mortgage. She has sold her house and made around £50K on it that will be used as a deposit. The new mortgage will be for about £130K (again with C&G) and when i provided my details, the advisor has done a provisional credit check (they said) and things have been ok'd.

Imagine my surprise when nationwide turned us down for a joint flexaccount. Investigating my credit record i found i have a default against a loan of theirs from 4 years back. I haven't missed any payments for nearly 4 years now on all my accounts.

I am contesting the default notice and am hopeful it will be removed but what is the likelyhood of us getting the mortgage certificate now, and also the likelyhood of getting a joint account with lloyds for the mortgage to go out of??

silvercar

Are you saying that you can get the mortgage but not a bank account?

Seems strange. But if true you could always pay the mortgage from your partners bank account and pay into it each month.

HelpWhereIcan

Hi Jaydee

A lot will depend on how big the default is/was and whether it is showing as satisfied, but it should not stop you getting a mortgage and you should still be able to get a 'high street' deal.

Just because one lender says no, it does not mean that they all will. Every lender will assess your application differently and it may be that your partner's previous good record with C&G was more than enough to compensate for your default. It may also be recorded with one agency and not the other and Nationwide and C&G may be using different ones.

I would ensure that you check with the C&G adviser that they HAVE carried out a credit search. Having said that, a decision in principle is exactly that and may be withdrawn at any time.

Failing that, get some advice from a whole of market adviser to make sure that your application goes to the lender who will give you the best deal.

Bank accounts cen be a nightmare and can be harder to get than a mortgage, but again any existing/previous relationship with an institution could affect their decision for the better (or worse). As Silvercar says, there would be nothing stopping you from paying the mortgage from your partner's account and you paying some money into it to cover your share.

Hope this helps

Jaydee_3

I already have a flexaccount with nationwide and have never had any problems with it raising or lowering the overdraft limit (which they say involves a credit check).

Maybe its because the default was for a nationwide loan, i don't know but since 2002/2003 i've been a good boy financially making sure everything is paid on time etc.

The mortgage application has been agreed in principle, we need to find a current account (joint or otherwise) to fill in the final part of the application form.

As I said before the broker spoke to me and said the credit checks were fine and it was agreed in principle.

I don't want everything to go belly up at the last stage........

Jaydee_3

Hi Helpwhereican,

The default is satisfied and the account closed within the terms of the agreement. I will speak to the mortgage person tomorrow I guess, to clarify. Is it best to inform them of the default and past problems?

This only came to light when nationwide turned us down, and then i did some research to get my credit ratings and found that 3-4 years of not missing any payments doesn't appeared to have made much difference to my financial position (in their eyes!).

I'm more worried about what my partner will do to me if it falls through at the last stage - her house is sold, offer accepted on the house we want and solicitors involved.

I wish i'd never applied to nationwide for the poxy joint account now!!!!