Mortgage refused - advice needed

sjd069

Can anyone offer advice here please, we applied to Abbey yesterday to move our 5.29% NRAM deal to a 2 yr tracker with Abbey at 2.1% and it was refused because of the following:

I had an 'arrangement' with Santander that I did not know about - this was during the account switch they set up for me - told me they would arrange my salary to be moved along with DD's etc (i have letter stating this), anyway, I used the overdraft facility and low and behold the salary never got moved, I had to do this myself in the end but in the mean time I had a call from them stating i used the overdraft and needed to make regular payments, i explained the situation and they were apologetic but said i had to arrange, by this time I had missed the change opportunity, the consultant said OK can you just make a credit into your account in the mean time which I did, little did i know that that would hit my file as 'an arrangement'

i am furious and am off to Santander this morning (having to take time off to do this) to get this removed from the credit files.

The other reasons they gave was we had 2 missed payments on credit agreements one on my file and one on my husbands but were paid straight away after I realised they had failed.......would this stop me getting a mortgage or would it be the 'agreement above'?

I have hardly slept worrying about this, moving the mortgage means we save £300 per month, lot of money to loose!!

I intend to hopefully get santander to remove the 'arrangement' from the file, but am i likely to get refused again on 2 missed payments? There are no other issue, affordability was great and our credit scores came in at excellent and very good (means nothing really considering we failed a credit search)

Any advice much appreciated.

Thanks

Sarah

Caz3121

What LTV are you looking at - the higher the LTV the more squeaky clean your credit needs to be. Your high amount of existing debt may also affect the decision

sjd069

75% LTV, we have about £60k of well managed debt apart from that mentioned above, affordability was cleared as not an issue, the things stated above were, I am so upset over this, never had a mortgage refused before!!

kingstreet

The decline will be a combination of the three issues.

Once you clear this problem, which will take around a month to six weeks, there's no guarantee you'll be successful with a further application. All you can do is try.

It may be worth considering a conversation with an independent or whole market broker to discuss your options.

Trollfever

sjd069 wrote: »

75% LTV, we have about £60k of well managed debt apart from that mentioned above, affordability was cleared as not an issue, the things stated above were, I am so upset over this, never had a mortgage refused before!!

Some more information:

https://forums.moneysavingexpert.com/discussion/2182083

Thrugelmir

sjd069 wrote: »

we have about £60k of well managed debt apart from that mentioned above,

All a lender cares about is repayment of the debt. Nothing more nothing less.

So meeting the repayments scores no bonus points.

Chin

£60k debt!!!!!!
On top of your mortgage???

Wowsers.
You must be having a good time!