Turned down for Credit

farn75

Hi,

I am currently trying to release some equity on a second property that i currently have that is mortgage free. I need @15k to clear debts and 15k to pay for my wife's maternity leave and update her car.

So i'm trying to get 30k against a £150k property. My credit score is 969 on experian, so in the "Excellant" bracket. But i keep getting turned down for credit. I did have a late payment on one of my credit cards which i thought was responsible for the rejection. But i waited three months until that came off the report and re-applied to northern rock to get turned down.

I haven't been able to get a specific reason for why i'm being turned down. Maybe it's because the missed payment still shows up on the report in some way even though it's outside the 12 month bracket.

Has anyone any advice on what i can do to borrow this money?

Thanks in advance!
Aidan.

ILW

What is your income?
Do you have any other outgoings?

TrickyDicky

Cant you just sell the property?

Soot2006

TrickyDicky wrote: »

Cant you just sell the property?

That's a bit over the top just to get £30k?

betmunch

Could be Northern Rocks tough credit scoring system? They are ultra cautious at the moment.

Also, there are lots more aspects to whether you will be accepted for a mortgage than your Experian report.

My Advice: Try asking a decent Broker to fix you up with a lender that is likely to accept you.

Cheers

herbiesjp

Do you let out the second property?

What is your income?
What is your mortgage amount on property1?

Thrugelmir

As its a remortgage, lenders may not be interested. For such a small sum not highly profitable.

They'll want you to take a higher priced product, hence the declines.

VIGILANT22

Thrugelmir wrote: »

As its a remortgage, lenders may not be interested. For such a small sum not highly profitable.

They'll want you to take a higher priced product, hence the declines.[/QUOTE]

This is not correct...if it was below the min lending criteria the electronic system wouldn't process it to DIP stage.....most lenders min loan is 25k

WhiteHorse

Odd, given that your rating is Excellent and the property is currently free. I assume that you have no debts or problems.

It just seems like a combination of factors, not the least is that Northern Rock is probably the worst financial institution in the country.

The credit rating system is mad. I am aware of very dodgy chararcters getting plenty of continued credit and of excellent risks having their credit facilties abruptly terrminated without good reason.