Mortgage Rejection Help Please

lavster

Hi all, me and my partner applied for a joint mortgage today but unfortunately failed the credit check. we earn enough to cover the payments and 1 of us has a very good credit rating. however we looked into the 1 and it seems that an overdraft was passed to debt collector of £1000 which is now being paid. Are we likely to be refused regardless or were we apply now? or could another lender maybe help?

The lender that refused was santander

Thanks in advance.

beecher2

From your other post you're looking for a 90% LTV on a new build. In that scenario, I'd think only the cleanest credit file would do.

Henry_P_Chester

It is possible you could get a deal with another lender. Although because you have defaulted on the overdraft you would be considered high risk of defaulting on the mortgage too. Therefore the lender would charge you a much higher interest rate to cover the risk.

Henry_P_Chester

beecher2 wrote: »

From your other post you're looking for a 90% LTV on a new build. In that scenario, I'd think only the cleanest credit file would do.

From what I am aware you can't get more than 80% LTV on a new build and I would have thought that for any 90% LTV mortgage you would need a spotless credit rating anyway so I would think you need to keep saving.

babyharry5

Henry_P_Chester wrote: »

From what I am aware you can't get more than 80% LTV on a new build and I would have thought that for any 90% LTV mortgage you would need a spotless credit rating anyway so I would think you need to keep saving.

we've actually just secured an 85% LTV new build mortgage , fixed a 4.46% - but yep your credit file needs to be squeaky!

lavster

thanks everyone for your replies. Yeah i think we may have to wait until things get a bit better and also try to save up more of a deposit to get us to 15% LTV.