Rejected for mortgage in principle

stripeytrousers

My OH had an outstanding phone contract debt of £170 which was paid off 2 weeks ago. My credit rating doesn't have any debts etc and this was the only thing outstanding on his report. We are in the process of applying for a mortgage and have now seen a house that we would really like to put an offer in for.

We saw an independent mortgage advisor who said that this satisfied debt wouldn't be a problem and that we would be fine to apply for a mortgage in principle. So today he applied on our behalf for Nationwide, Abbey and finally Halifax.

3 failed applications later .....

He is now saying that it could take up to 60 days for the debt to be registered as satisfied on my OH's report (this was not mentioned before) and that we should now wait those 60 days until his 'score' will be updated and higher and apply again. The feedback from the lenders regarding the rejections were due to the outstanding debt.

We're now trying to decide what's best to do, as if we wait 60 days we're likely to miss out on the house.

Is it worth me applying on my own for the mortgage in principle, which should hopefully get accepted and then would i be able to apply for a mortgage with my OH, as this would be a way of 'buying time' so we can put an offer in and then his score should be better?

Or applying for the mortgage on my own and adding in my OH's name when we remortgage in say 2 years?

Or could i possibly apply jointly with my dad? And then when it comes to remortgaging, getting the names changed over?

I'm not sure on the process or implications of the above suggestions, but would be happy for any feedback on this. I would be able to put together the deposit needed for getting the mortgage on my singular salary.

Thanks,

CLAPTON

what do you mean 'outstanding debt'?

what exactly do his credit record say?


your other issues require some knowledge of the price of the property, your deposit and how much mortgage you are applying for and last but not least your income details

casualwalks

When I applied for a mortgage in principle with Abbey they did a credit check initially (not sure about nationwide and Halifax) each credit check will affect future applications. I'm suprised the broker applied for so many AIPs in a short time frame. I'd say see a different broker as your current one doesn't seem to be applying for the right mortgages to meet your needs. Did he/she have a look at your credit reports before applying?

kingstreet

Obtain copies of your credit files from all three CRAs to see exactly what's on them before you do anything else. Don't have any more searches done and get rid of a broker who runs up and down the high street trampling all over your credit file doing worthless searches.