Mortgage rejected, with good credit rating

funkyorange · 21 October 2011 at 4:23PM

Hi people,

I have just got a rejection from a mortgage product with no reason.

I have a 20% deposit after hard saving for years, good/excellent credit rating and a mortgage which is less than 3 times my salary.

I thought I was a brilliant applicant! I have put down solicitors and conveyancing money and am worried this whole thing is going to fall through and I will never be able to get on the housing ladder..anyone have any ideas?!

kingstreet · 21 October 2011 at 4:26PM

Have you got your credit file from all three CRAs?

How long in employment?

Anything unusual about you or the property?

How long at your current address?

Lender?

Direct or via a broker?

Wh05apk · 21 October 2011 at 4:28PM

Wasn't HSBC was it?

Are you on the voters roll?

SAK45 · 21 October 2011 at 4:31PM

What particular product was it? Did they initially say you may qualify or did you apply for something that didn't meet their T and C's.

With the details you have given you should easily get a mortgage with most lenders...try someone else.

funkyorange · 21 October 2011 at 4:33PM

I have been in my current job for 3 years.

Not a HSBC product, its through Leek building society.

On the voters roll for last 2 years

Only 1.8 years at current address through

I have only checked Experian - could there be some hidden nasties in the others do you think?

Nothing unusual about me or the property.

Thanks for advice people hopefully this can be sorted!

Thrugelmir · 21 October 2011 at 4:35PM

Have you saved with the society or elsewhere?

funkyorange · 21 October 2011 at 4:37PM

Nope never had any account with them whatsoever, I have used a comparison broker for the whole market and this was the best deal for me.

kingstreet · 21 October 2011 at 4:40PM

Hm. Leek United, the BS that thinks it's a football team.

Which LUBS product did you apply for?

All I can suggest is obtaining the other two credit files to see if there is anything on there. Anyone with the same or a similar name had problems at your address? Previous partner problems?

When you say less than three times your income, did you take into account any continuing credit commitments?

I'm trying to think of every little detail which may have got you tipped out.

Wh05apk · 21 October 2011 at 4:47PM

At 20% they will only lend 3.5x so not a lot of leeway there.

What has your broker said? they should be able to get an indication as to why - poor credit /income stretch etc

The smaller b/s's at the moment have some good deals, but can be quite picky.

funkyorange · 21 October 2011 at 4:49PM

haha! Yup its them.

The product is a 3 year tracker as below...
http://www.leekunited.co.uk/mortgages/products/new-customers/3-year-tracker

Yes good idea about obtaining the other reports I will give that a go

As you mention it my last flat I had all sorts of issues with CCJ coming through and bailiffs giving a date to force entry! for the last occupant, I did clear my name (so I believe! - even though everything was in their name) ,in my mind this is the only thing it could be.

Yup even with my commitments the house is still well below 3 times my income.

Thrugelmir · 21 October 2011 at 4:56PM

Are you proposing to buy a flat?

Mortgage rejected, with good credit rating

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free