just been declinded again???

mummytwinton

some of you might know we have already been turned down by Nationwide & now c&g have said a big NO after having a fax copy of our credit agreement.
we have had a problem with a false transaction on our credit card which resulted in 3 late payments before money was paid back to us. we have now had this cleared up but the fact we appiled for 3 remortgages before getting a copy of our credit score.

Q, how long do apllications for remortgages stay on credit score??

all we want t o do is trans the same amount from our one account on to a fixed 5year.
we feel if we were up to our eyes in debit(apart from mortgage we have nothing else) we would get some where

Joe_Bloggs

I think applications for credit stay on for six months. I'm sorry for your predicament. Perhaps give it this amount of time.
J_B.

MortgageMamma

Mummy,

I don't mean to be rude but...
1. stop applying for mortgages or you will trash your credit rating
2. Either get the credit card company to rectify your report put statement of correction on your credit file or,
3. Wait until some time has passed, perhaps 6-12 months 0r
4. instruct a broker to sort out your mortgage, there are plenty of primer lenders that will look at your business, but without knowing the inside out of their t & c's, you dont stand much chance of sorting this alone

I really do think you need some professional help. no disrespect to anyone on here who trys to help you, but second guessing whats wrong isnt going to solve anything. go see a local whole of market broker armed with your credit rating and you will get this sorted.

Best of luck

MM

herbiesjp

MortgageMamma wrote:

Mummy,

I don't mean to be rude but...
1. stop applying for mortgages or you will trash your credit rating
2. Either get the credit card company to rectify your report put statement of correction on your credit file or,
3. Wait until some time has passed, perhaps 6-12 months 0r
4. instruct a broker to sort out your mortgage, there are plenty of primer lenders that will look at your business, but without knowing the inside out of their t & c's, you dont stand much chance of sorting this alone

I really do think you need some professional help. no disrespect to anyone on here who trys to help you, but second guessing whats wrong isnt going to solve anything. go see a local whole of market broker armed with your credit rating and you will get this sorted.

Best of luck

MM

Spot on MM.

I think you need to talk to a whole of market adviser to let them guide you along what you need to do to get this agreed

Arch-Angel

MortgageMamma wrote:

Mummy,

I don't mean to be rude but...
1. stop applying for mortgages or you will trash your credit rating
2. Either get the credit card company to rectify your report put statement of correction on your credit file or,
3. Wait until some time has passed, perhaps 6-12 months 0r
4. instruct a broker to sort out your mortgage, there are plenty of primer lenders that will look at your business, but without knowing the inside out of their t & c's, you dont stand much chance of sorting this alone

I really do think you need some professional help. no disrespect to anyone on here who trys to help you, but second guessing whats wrong isnt going to solve anything. go see a local whole of market broker armed with your credit rating and you will get this sorted.

Best of luck

MM

This is advice than I'm going to follow. We're FTB's and our credit history was a bit shakey in the past - not to mention a couple of incorrect defaults entered on our files (we're in the process of cleaning these up). Everything is fine now, but we've been worried about those old entries still on our credit files.

I've also got a couple of questions though:

1. Do factors such as size of deposit and amount requested have an impact? We don't want to borrow the earth and we're building up a reasonable deposit...

2. Would it be worth providing the broker with a copy of our credit files? That way he/she has all the facts to hand...

Everytime I think I've got my head around buying my own place the goalposts get moved!!!

MortgageMamma

Hi there Arch Angel

Factors such as size of deposit and amount of lending required in conjunction with your income/affordability to repay are all major factors.

2. This would be an excellent idea, as it give the broker a clear and accurate insight into your situation and they will place your mortgage right first time.

I think the best thing you could do is instruct a whole of market broker, who will keep you realistic with your options before you find a property, and guide you step by step through the buying process. and indeed the mortgage itself.

MM

herbiesjp

Arch-Angel wrote:

This is advice than I'm going to follow. We're FTB's and our credit history was a bit shakey in the past - not to mention a couple of incorrect defaults entered on our files (we're in the process of cleaning these up). Everything is fine now, but we've been worried about those old entries still on our credit files.

I've also got a couple of questions though:

1. Do factors such as size of deposit and amount requested have an impact? We don't want to borrow the earth and we're building up a reasonable deposit...

2. Would it be worth providing the broker with a copy of our credit files? That way he/she has all the facts to hand...

Everytime I think I've got my head around buying my own place the goalposts get moved!!!

In answer to your points:

1) Yes - the bigger the deposit and the lower the income mutiple used, the greater chouce of lender you will have to choose from.

2) Yes


The more information your can provide the better it is for the adviser

Arch-Angel

MortgageMamma wrote:

Hi there Arch Angel

Factors such as size of deposit and amount of lending required in conjunction with your income/affordability to repay are all major factors.

2. This would be an excellent idea, as it give the broker a clear and accurate insight into your situation and they will place your mortgage right first time.

I think the best thing you could do is instruct a whole of market broker, who will keep you realistic with your options before you find a property, and guide you step by step through the buying process. and indeed the mortgage itself.

MM

Thanks MM

I will be using a broker now (thanks to MSE!); I was going to simply apply to the Halifax as they have a 97% fixed rate...not any more - I'm a wannabe MSE!!!

BTW - is 3 x our joint income a reasonable sum to ask for?

Too many questions!!

MortgageMamma

Hi Arch Angel

Where are you located? you can actually get more than 3 x joint income, perhaps up to 5 x income depending on your earnings, deposit, credit rating and selected lender. Halfax are a good lender but may not be the right one for you. If you choose an advisor make sure they are whole of market and have acess to all lenders in the uk (you must ask them this specifically) and if they do not walk away. Some brokers will charge you a fee whilst others will not. Personally I think if you ar happy to pay a small fee you will get better service. May not be in true moneysaving spirit this but when it comes to financial advice and personal service you get what you pay for!

Arch-Angel

MortgageMamma wrote:

Hi Arch Angel

Where are you located? you can actually get more than 3 x joint income, perhaps up to 5 x income depending on your earnings, deposit, credit rating and selected lender. Halfax are a good lender but may not be the right one for you. If you choose an advisor make sure they are whole of market and have acess to all lenders in the uk (you must ask them this specifically) and if they do not walk away. Some brokers will charge you a fee whilst others will not. Personally I think if you ar happy to pay a small fee you will get better service. May not be in true moneysaving spirit this but when it comes to financial advice and personal service you get what you pay for!

we're planning to relocate to Gloucestershire from another part of the UK. We'll both need to get jobs as well - but that aspect is going very well; I've got an offer and there's loads of jobs in my wife's field. Naturally this would be declared to the broker. Could this cause an issue?

As for the amount...we've got a particular monthly amount in mind at the moment. Pay that on a 3 yr fixed deal and use our extra cash to finish snowballing our remaining debts. A little bit of luck and we'll be debt free (aside from the mortgage obviously!) in just over 2 years. Our "maximum" mortgage is about 3.25 x our joint income with a 5% deposit; if the interest rate that we get is higher then the amount we borrow is lower. However, we've stil got a maximum value in mind which will get us the types of property that we want.

We have a plan at least!

MortgageMamma

Hi There Arch Angel

Its great you are going into this with your eyes open and planning your maximums etc before you have even found a property. thats a really responsible way of doing things and you'd be surprised how many clients of mine don't think this through ebfore they come to me.

As for the relocation and both getting new jobs. Do you intend to buy the property before you move there or perhaps rent short term until you have found jobs and found a property? Either way, I dont see it being a major problem but you need to deduct annualised credit payments off your salaries before multiplying. Another important factor is that some lenders do not work off salary multiples and simply do affordability calculations. This can get you more or less dependant upon your circumstances.

I would recommend you seek independent, whole of market advice (do not use an estate agency broker if you can help it), preferably from someone that will not charge you a fee as your relocation is going to cost you enough.