What to try next

samminich

My husband has just been recjected for a mortgage with the nationwide due to credit score not being at there level. We checked Equifax and the score was 352 (fair) gone down since we last looked but nothing has changed a couple of 1 month late payments in the last year, due to stupidness were only a couple of days late. Also only 16 months on electrol roll at current address.

Obvioulsy we don't want to try others as the searches will go against us, what should we try. We have found a house and our desperate to move. Currently renting.

icklejulez

I use checkmyfile.com - expensive but you can compare all your credit file's with all 3 agencies and compare. There is also advice as to how to improve it and explanations to each summary. I too have a similar score to you and am applying for a mortgage possibly with Nationwide. As far as I knew nationwide were ok as long as there were no CCJ's on your file as they are one of the likeliest lenders to offer me a mortgage. I was advised this information was on there website. We are applying for an 80% mortgage with 25k deposit so this may help. Anyway you can get any cash together? Also we have had to repay a lot of our debts before we apply. Easy to say I know but if you could work on these things for a few months and then apply again.

I am of course no expert just trying to share the advice I was given. Wishing you luck I know how you feel. I havent even applied yet!

samminich

We have a 10% deposit and no CCJs, it really is nothing serious. Seems very unfair as the rent we pay at the moment is the same as the mortgage would be.

UK007BullDog

Nationwide is very picky when it comes to clients. If you had late payments then no chance.

I would suggest for both of you to go to a broker who will assess your current status and then find the best most suitable mortgage for you.

With a fair or poor credit score you really need to make sure that you do not apply for mortgages with the wrong lenders which will leave big fat footprints on your credit file. This will then turn off other lenders who might have taken you on but then wont.

With missed payments you have literally gone sub prime. Paying off any late payments or defaults will not help as it is now showing on your file for the next 6 years. Depending on what the defaults or late payments were for, i.e. Mobile phone: can be argued with the underwriter; Rents, Mortgages, Credit Cards or Loans: Lenders do not like it at all and have no tolerance for that.

With a poor credit file it is very hard to get a 100% or more mortgage. So it would be best to get a deposit together which will help tremendously like the second poster mentioned.

Good Luck!

herbiesjp

samminich wrote:

My husband has just been recjected for a mortgage with the nationwide due to credit score not being at there level. We checked Equifax and the score was 352 (fair) gone down since we last looked but nothing has changed a couple of 1 month late payments in the last year, due to stupidness were only a couple of days late. Also only 16 months on electrol roll at current address.

Obvioulsy we don't want to try others as the searches will go against us, what should we try. We have found a house and our desperate to move. Currently renting.

Depending on the level of missed payments etc on your credit file, you could still get a prime lender and prime deals
Have a word with a fee free whole of market mortgage adviser

dunstonh

Have you been to a whole of market mortgage adviser and asked them for advice? After all, its what they are there for.

Obvioulsy we don't want to try others as the searches will go against us, what should we try. We have found a house and our desperate to move. Currently renting.

Which is why you you use an adviser and not go running around yourself, potentially making the situation worse.

samminich

We were thinking of going to a broker now and seeing what they can do, as we don't want anymore credit searches. We have the credit score and all the information from the credit files. It shows 2 late payments on a credit card, the bigger other cards he has no missed or late payments at all.

We do have 10% deposit so only looking for a 90% mortgage. We save on average £500 a month, so its not like we spend all our money. No other loans or debts.

UK007BullDog

Take the credit file with you. That way the broker can count when you had your late payments. Explain to him as well how it happened so that the broker can discuss your case with the lenders underwriter. If it is just a blib on an otherwise good credit record one has more scope to argue.

The Chelsea might be an option but it all depends on the income you both have and the deposit etc.

Good luck!