mortgage refusal FTB with 25% deposit

herbiesjp

Based on the above, you should be able to find a lender to agree the mortgage. Do you have copies of both credit files?

Not having enough credit score can be an issue with some lenders, but then again, you should be able to find deals comparable to the accord deals you have been offered. There are plenty that would agree this IMO based on the info above - unless there is something else that is making you fail Accord criteria, which could make you fail other lenders' criteria.

You could get a second opinion from another whole of market adviser, just to see what they can find and see whether you would have any issues based on the information to hand. I'm guessing you need to move pretty quickly also, as the agent/vendor would want to see things moving in terms of valuations etc?

Batchy

Hi Dawn,

Even with a lack of credit history, as another poster said, there is always YOUR BANK, who can see your history.

Where Accord have said no, there will be another 10 that will say yes, dont lose heart but make sure you stay focused, and don't have multiple credit searches against your name.

That could also be the problem, how many times have you tried to get a mortgage? multiple recent serches could be a little problem, but not the be and end all?

Good luck, and please keep us informed.

Have a good weekend.

kazire

dawn_b wrote: »

thanks for your replies. here's further info:

the lender is Accord.

We submitted all the details about living costs and credit/debt status and got the mortgage approved in principle. It is only when it went to full application that we hit problems.

we signed some papers after picking the product right for us went on holiday thinking that everything was fine as we had put an offer on a house aswell and expecting the ball to be rolling whilst we were away but when we got home amongst the pile of letters was one that said we didnt qualifiy for the mortgage grrr so we are still renting at present waiting/looking for another house. Hope everything works out for you!

dawn_b

thanks for all the advice and messages of support. i may well end up going to my bank at this rate.

btw, is it possible that my credit card hasn't been added to any credit reports? i rang my credit card supplier (hsbc) and they've sent me an opt-in form. what kind of bs credit check system allows credit cards to stay off the report? no wonder there's so much bad debt been lended out.

smiddy_2

dawn_b wrote: »

thanks for your replies. here's further info:

the lender is Accord.

I KNEW you were going to say them. Only last week i submitted a request with them and was refused - perfect credit rating, 29% deposit and comfortably within their lending policy.

My broker phoned up the regional manager and even she said they would have no problem lending - for some reason the computer did not like it and refused. Apparently she was saying they had a FTB asking to borrow only 2x income and that was refused the day before.

Seems like Accord is a no-go to FTBers.

EDIT - Ended up going with Abbey who accepted in principle within 20 minutes.

Conrad

Accord are pathetic just now. Steer clear.

Batchy

Never even heard of accord if im honest. But its reasuring that most people say you shouldnt have a problem.

I would move on ... try somewhere... in fact, by the sounds of it, anywhere else.

ginvzt

dawn_b wrote: »

thanks for all the advice and messages of support. i may well end up going to my bank at this rate.

btw, is it possible that my credit card hasn't been added to any credit reports? i rang my credit card supplier (hsbc) and they've sent me an opt-in form. what kind of bs credit check system allows credit cards to stay off the report? no wonder there's so much bad debt been lended out.

Yes, it is possible - OH's credit card (with HSBC) was not on Experian. He had to fill a form requesting them to share this information with the credit agencies, as apparently this is a data protection issue (well, we were sure they would have shared if he missed a payment on it!!!).

Have you seen your Experian report? You can take a free trial (possibly) for 30 days and have a look. We had a wrong address associated with OHs credit report as well (when he bought his contract mobile they put wrong address in firstly and never removed it, although they corrected it in the next 2 minutes!)

dawn_b

Accord's employee of the month



thanks, its reassured me to know that other FTBs have had no luck with accord either. progressing better with the woolwich.

Batchy

dawn_b wrote: »

Accord's employee of the month



thanks, its reassured me to know that other FTBs have had no luck with accord either. progressing better with the woolwich.

Your better off with them as their SVR is GREAT if ever you got stuck things couldnt be much better then!