Refused Co Op Mortgage and they wont say why!

brighteyes88

My boyfriend and I recently entered into a shared ownership scheme and found the perfect place.
Our share to buy advisor took all our information and got us an agreement in principle with Co Op mortgages and all was going through fine.
However, yesterday when I got home I had a letter to say that Co Op had refused us on the the grounds of what the credit reference agency had said (they use Experian). Our share to buy mortgage advisor was completely unaware when i called her, and she has since been in contact with them for answers.

They have said that the reason is due to an address I am linked to (when i was a student 2 years ago) but they cannot tell me or her what the problem is! This is all due to data protection yada yada.
I am at my wits end to find out what it is! Whilst we were there we recieved lots of unpaid bills and letters from debt collectors 'to the occupier' and to our landlord. We contacted the agencies to say that it was not us and they seemed to rectify it but sending them in the name of the landlord, as she was liable to them.

I have had experian for 4 years, and this address has been listed for 3 years on there. NOTHING on my experian suggests unpaid bills or any problem, and i cannot find out what it is from Co Op due to data protection!

Could it be that we lived there whilst there was lots of credit problems on the place? I have all my closing bills with the gas, water and electric companies so I know we paid.

Im so worried that this mark will be on their forever, and i'm never going to get a mortgage! I recently got a loan with Natwest and my credit card provider are constantly trying to give me more money so i dont see that i'm much of a risk?

Help me please!!

poppy10_2

Addresses aren't blacklisted, you wouldn't have damage to your credit rating just from being in the same property as someone with bad credit unless you had a financial association with them - joint bank accounts or bills in both your names.

Have you got your latest Experian credit report?

MortgageChallenge2011

Give Experian a call, they are helpful and knowledgeable and can probably spot something you may have overlooked or on the other hand they could confirm nothing is adverse which is ammunition against the Co-Op.

brighteyes88

I realise that addresses are not blacklisted, the only issue that I feel may be a problem was the time we were there we had lots of bills 'to the occupier' but these were previous tenants.

If at the time we were there, they had bills that were problematic 'to the occupier' and we were the occupiers, would that not show up?

Been with Experian for 4 years and cannot see the problem. I will call them today (as for some reason they list my credit card twice as well...) and run through what could be the issue.

I shall report back!

brighteyes88

To any one thats interested...

I spoke to Experian. They cannot see what the issue is, and they cannot see any information on the report that would stop Co Op lending.

They have been fabulous and rectified some other things, and have sorted out me being detatched financially to my parents - which could help.

However, the mortgage application submitted did not say that I lived at that address. My Agree in Principle stuff said I did - but it was missed out on the full application. So what I can guess is they've seen this linked address and automatically thought i'd lied or i'm trying to hide something!

Scary how something (to a newbie as myself..) so trivial could cause them to point blank refuse.

The underwriters have our case, so lets just see what happens!

FraudBuster

However, the mortgage application submitted did not say that I lived at that address. My Agree in Principle stuff said I did - but it was missed out on the full application.

You may like to check what information is recorded on the National Hunter database.

http://www.nhunter.co.uk/data.html

kingstreet

brighteyes88 wrote: »

However, the mortgage application submitted did not say that I lived at that address. My Agree in Principle stuff said I did - but it was missed out on the full application. So what I can guess is they've seen this linked address and automatically thought i'd lied or i'm trying to hide something

This inadvertent error is more than likely the reason you were declined. If they can't find an uninterrupted address history for you, or the information changes between AIP and full application, you can find your way into FB's hunter database and find yourself getting declined.

Members of our network have been warned not to put estimated income figures on AIPs, to carefully check basic, overtime, bonus etc first as the systems pick up these variations and can cause both the borrower and the broker problems.

brighteyes88

Thank you.

My broker (or the share to buy people) missed out the information when sending this onto the full application status. I did not miss it out.

We were good with our AIP and solicitors questionnaires and put everything that should be there and correct amounts etc.

Hopefully this blip wont cause any further issues!

kingstreet

brighteyes88 wrote: »

Thank you.

My broker (or the share to buy people) missed out the information when sending this onto the full application status. I did not miss it out.

We were good with our AIP and solicitors questionnaires and put everything that should be there and correct amounts etc.

Hopefully this blip wont cause any further issues!

Fingers crossed.