reffused mortgage - Help needed!

prince_percy · 2 August 2006 at 6:16PM

My wife and I have just applyed for a morgage with Northen Rock and it has been declined due to a poor credit score.

We were trying to get a %100 mortgage for 135000 Are there any other lenders who may be willing to lend that amount?

Have already had offer accepted on a house so need to act fast.

regularsaver1 · 2 August 2006 at 6:18PM

did they give any further detail about your credit score?

have you got hold of the experien/equifax file?

prince_percy · 2 August 2006 at 6:22PM

Broker couldn't go into detail as Northern Rock couldn't give him that information. In the process of getting credit report now.

regularsaver1 · 2 August 2006 at 6:24PM

so if you are with a broker have they recommended anyone else for you in your situation?? they should know

prince_percy · 2 August 2006 at 6:27PM

The other company they recommended was Bank of Scotland but we don't really know whether one refused application will act against us, whether they will turn down for the same reason and if so how damaging two refused applications on our record would be. Not sure if all companies have the same criteria

mrcow · 2 August 2006 at 6:32PM

Another way to go could be with your exisiting bank. As you have history with them, they may come up trumps? It may be just worth a visit to your branch and ask the question?

regularsaver1 · 2 August 2006 at 6:42PM

worth finding out which banks do 100% mortgages and not everyone do - but definately worth a shot of they do

prince_percy · 2 August 2006 at 9:02PM

Just been on the phone to by own bank (HSBC) and they have given me an agreement in priciple and at a better rate than Northern Rock. Finger's crossed

mrcow · 2 August 2006 at 9:05PM

That's great news (hopefully!).....good luck!

MortgageMamma · 2 August 2006 at 9:09PM

There is one 100% mortgage that is currently available that will accept defaults, and ccj's (satisfied and unsatisfied) if they are over three years old (and late payments). If you don't meet NR's criteria I doubt there will be many lenders you could try this with. If you don't get anywhere with the other company let me know. The headline rate is slightly higher than NR and so are the fee's and you can't take this mortgage direct, you have to go through a WOM mortgage advisor/packager route.