Should we keep trying

mortgage_help_3

A mortgage company has just declined our application due to credit score.:mad:

Should we bother applying to another mortgage company?

happybroker

get your credit file and take it to a good whole of market broker.

Leon_W

Of course !

A defeatist attitude like that is not the British way !

I would suggest you get a copy of your credit file and take it along to see a competent broker rather than keep applying off your own back on a random basis. The more searches the lower your score will become.

Dependent on your circumstances, deposit etc then there are a couple of lenders I can think of who still do not credit SCORE. Yes, they will do a credit CHECK but do not have a credit scoring computer say no mantra.

Best of luck.

mortgage_help_3

It was through a broker that we was declined - I had emailed the broker both mine & my husbands credit reports.

We need a buy to let mortgage to buy my late dads house. The plan is take a mortgage for £75000 (property is worth approx £100000). We plan to do house up to rent and pay off several debts.

I just don't know what to do for the best

_Andy_

Do you have any adverse credit and if so, specifically what is it?
More importantly, what has your broker suggested as the next move?

mortgage_help_3

I have quite a bit of debt and a few late payments. The broker said he has another lender who would look to see if they will lend us the money. I don't know whether to give up & put house on market

Leon_W

In that case it would be nigh on impossible.

Buy to let + Adverse + Debt + (I'm guessing, family gifted deposit or purchase under value)= Isn't going to happen.

There are only a few lenders still in the BTL market so it wont take long for your broker to exhaust all the possibilities. Take his/hers advice on this.

mortgage_help_3

It isn't gifted deposit - my dad died and I'm left with the house, it has a mortgage of £24000 which I need to pay off with a mortgage or sell it.

happybroker

do you need to raise £75k or £24k? if it's £24k (or certainly less than £75k) then your score may have less of an impact.

lenders really want to lend at 75% on btl if it's a squeeky clean deal so lowering the loan to value may help your cause.

Miggy24

Leon_W wrote: »

Of course !

A defeatist attitude like that is not the British way !

I would suggest you get a copy of your credit file and take it along to see a competent broker rather than keep applying off your own back on a random basis. The more searches the lower your score will become.

Dependent on your circumstances, deposit etc then there are a couple of lenders I can think of who still do not credit SCORE. Yes, they will do a credit CHECK but do not have a credit scoring computer say no mantra.

Best of luck.

Hi there - Are you able to say who those lenders are who still don't credit score?

mortgage_help_3

The thing is we really need to borrow £75000 so I can pay off mortgage & some debts so if we have a few months without rent we will be able to pay mortgage without struggling.