Northern Rock Mortgages when refused

LAURAJFIVE

Hi there,
I wonder if anyone can help. Me and my partner were refused a mortgage. We requested our credit report and it turns out my credit is terrible due to the fact I was shopping around for a credit card and applied for quite a few (i naively did not realise this would adversly affect my credit). I did not end up taking any of them though. I have only missed 2 payments on any debt in the past year as well and was advised (by experian) the score was so low purely due to the fact that I had so many credit searches made.
Anyway - if you are refused for a mortgage, is there any way to appeal the decision? If I was to take in my credit report along with my partner's (who's rating is quite good) can they perhaps base it on that?... Thanks for any help.x

brannyrhino_2

Do you need your income to support the mortgage? If not can he apply on his own?

mr.broderick

The credit score from experian/equifax only forms part of the overall score used by lenders to assess you.A lot of the score is gained from the application, work history, how long at current address etc.

LAURAJFIVE

Well we do need both incomes as we are wanting to move from our current flat to a house and really do need both to support the cost of a house. We were advised by the mortgage company that the reason we were refused was bad credit and we should contact experian to see our report. I assumed it must be terrible but it was only when we ordered our credit report it was only due to the damn credit searches (honestly i should have been reading this site months ago so i would've known better). We have an appointment to see the mortgage advisor on Tuesday but I was just wonderring if anyone knew prior to us going in just in case we are laughed out the office.....

UK007BullDog

Northern Rock has very tight credit criteria and only take those with a good credit report. The fact that you had 2 defaults has sealed the case with them.

There is The Chelsea who will take on people with mild defaults in the past. But I suggest you speak to a broker as the defaults you had has narrowed the playing field for you. It also now depends on the size of your deposit, the property you want to buy, your income and any outstanding credit cards or loans.

May I ask why you applied for all those credit cards and then did not take the ones you got, or were you refused? I suggest you take your credit report along to the broker so that they can see exactly what the problem is.

LAURAJFIVE

To be honest I thought it would be a good idea to apply for all the credit cards that had 0% balance transfers so that i could transfer all my balances.I managed to get one credit card credit increased though that i could transfer all the balances on to so there was no nexisting need for the others. Like I said-I was very naive and quite daft. :embarasse