Mortgage Help - First time buyers

leon103

talksalot81 wrote:

Hmmm - I believe nationwide are probably obliged to disclose full details of their refusal. I was refused for a CC a few years back and I was able to go through to find out why (mind you it took a while).

I think thats what I will do.

Just had a new credit report from Experian and my national score is 999 out of 1000 - Excellent.

Going to get the OH to check hers now.

MortgageMamma

Hi Leon

I think this has been said before on this thread but I'm going to say it again because I don't want you to keep approaching lenders and getting declined.

1. Use a fee's free whole of market mortgage broker. They will be able to credit chck you themselves to avoid you being declined. I know a lot of people are wary of us brokers for some reason, but if you find a good one, you will thank your lucky stars you did! You really have nothing to lose here.

2. Do not keep approaching lenders direct - each time you are credit checked it leaves a footprint on your credit score which is visible to the other lenders you will approach - the mroe footprints, the worse it looks - this could start a vicious circle of you being declined over and over. it can take a long time to repair your credit report if you do this.

3. Nationwide were probably the worst lender you could have approached. They are very stringent with their credit scoring and their affordability/income multiples is not the highest compared to other lenders. One tiny glitch on your credit rating and NW will decline you. This is not to say your credit is bad, there will be plenty of other lenders happy to accept your business. However i think its mroe likely they have declined either on your partners credit history or affordability as your score looks very good to me.

4. Have you read Martins guides to mortgages/finding a good broker?

5. Don't use London and Country as recommended by Martin Lewis. For starters they will not be interested in helping you are you have not secured a property to buy yet - you need ot know how much you can borrow before putting an offer on your chosen property andthis can only be achieved by speaking to a broker and getting a mortgage promise (agreemnt in principle) before you put your offer in. For this reason L&C are totally unsuitable for your needs at present.

HTH

MortgageMamma

leon103

MortgageMamma wrote:

Hi Leon

I think this has been said before on this thread but I'm going to say it again because I don't want you to keep approaching lenders and getting declined.

1. Use a fee's free whole of market mortgage broker. They will be able to credit chck you themselves to avoid you being declined. I know a lot of people are wary of us brokers for some reason, but if you find a good one, you will thank your lucky stars you did! You really have nothing to lose here.

2. Do not keep approaching lenders direct - each time you are credit checked it leaves a footprint on your credit score which is visible to the other lenders you will approach - the mroe footprints, the worse it looks - this could start a vicious circle of you being declined over and over. it can take a long time to repair your credit report if you do this.

3. Nationwide were probably the worst lender you could have approached. They are very stringent with their credit scoring and their affordability/income multiples is not the highest compared to other lenders. One tiny glitch on your credit rating and NW will decline you. This is not to say your credit is bad, there will be plenty of other lenders happy to accept your business. However i think its mroe likely they have declined either on your partners credit history or affordability as your score looks very good to me.

4. Have you read Martins guides to mortgages/finding a good broker?

5. Don't use London and Country as recommended by Martin Lewis. For starters they will not be interested in helping you are you have not secured a property to buy yet - you need ot know how much you can borrow before putting an offer on your chosen property andthis can only be achieved by speaking to a broker and getting a mortgage promise (agreemnt in principle) before you put your offer in. For this reason L&C are totally unsuitable for your needs at present.

HTH

MortgageMamma

Thanks for all the advice.

We won't be approaching any companies direct anymore.

We are using a local brooker who has come highly recommended.

Spoke to her today and she thinks are our debts are the blocking point for most companies and suggested consolidating ours debts to be part of our mortgage. Think she is approaching Northern Rock about this to see if its possible.

I know consolidating debts isn't the best but it could be the only way around this mess. The figures look ok and we should be able to over pay when wages go up.

MortgageMamma

Thats great - good luck let us know how you get on!

leon103

MortgageMamma wrote:

Thats great - good luck let us know how you get on!

Will do. More confident now after speaking to someone. She seems to be on the ball with things.

leon103

Its got worse.

Meet with the advisor yesterday and my partner and myself agreed on Northern Rock together package so we can consolidate our debt and over pay if need be.

We got declined because I have a late payment on my Cahoot loan. I have never missed 1 payment not on any loan. I checked my account, Cahoot money went out has usual. Money went out on 02nd Jan instead of the 30th due to Bank Holidays.

I checked Experian and it shows a late payment. The file was updated on the 07th of Jan. 5 days after the money leaving my account.

I rang Cahoot and they say there is nothing wrong with my account and say the late payment marker will be removed by the end of the week.

Any experts out there, what can we do next. Luck is against us.

Thanks in advance.

leon103

Any advice?

tomstickland

Wait for the late payment marker to be removed, meanwhile contact Northern Rock via the broker and ask them to reconsider.