I need some advice please!!!

wattosay

Hi there

Just need some help with my mortgage. Me and my bf are FTBs and have been looking for a mortgage over the last year.

We started off with 10% deposit but were quickly declined and soon realised that a 4 year old default that is settled on my bf credit report was holding us back.

We then went to a mortgage advisor who ran a loads of applications and credit searches. Too many ultimately lowering my perfect credit score.

We mananged to find a mortgage with the post office but we declined after the agreement in principle. As we had a house lined up with an offer accepted we found another mortgage on the same day with the co-op.

We applied the same day and I explained everything to them. When the application form was sent through to me it said that we had not been refused a mortgage before which I questioned and was told it was fine.

Sale has continued and just as everyone is ready to exchange the co-op declined our mortgage again. After speaking to a couple of different people i recieved two reasons:

1) I am finicially linked to my bf and they think he will run up bad credit against the house.

2) We said that we hadnt been refused a mortgage when we had (spoke to the underwritter before the decline and was completely honest as i have always been)

3) that a previous address of mine had adverse credit

After leaving it a day I rang back and was told that if I sent in my credit report they may reconsider. Any advice as to what we can do incase they say no again.

We have already paid solicitors fees, admin fees, searches and conveyancying fees.

The whole process has take 6 weeks so far and we are desparate to move.

All advice welcome

Thank you

TrickyDicky

The co-op would have done a credit seach on both of you and will have seen all of the previous companies searches - this tells them that you have probably be rejected already. You are not financially linked to your boyfriend until you have a joint debt, which you dont have yet (unless you have a join loan elsewhere). As for point 3, it is people, not addresses, that have a credit record. Adverse credit at a previous address, for other people, will have no affect on your application.

90% mortgages are only being given to those with perfect credit ratings. With the first few rejections, going through other applications is only going to get harder because the lenders will see all the searches in a short space of time. I think your only option will be to either sit tight till you have a 20% deposit, or find a cheaper house.

Sorry if it's not what you want to here

wattosay

Thanks for your advice. Thought we were right and as no links show up on my credit report the co-op have offered to review my application so will keep it updated.

We have a 40% deposit but this seems to make no difference

Thanks again