Turned down by 3 mortgage providers...

sjbarb76

Hi

I have recently been turned down by 3 separate mortgage providers, including my own bank whom I have been with for nearly 20 years.

I have a 10% deposit and am looking to borrow £180,000. I earn £80,000 a year and have been in my job for 9 years.

I ran an Equifax report and my credit rating is 511 which is apparently classed as excellent. I have always had credit and the report shows it is always paid on time (one credit card back to 2005). I am on the electoral role, have no history of any late payments, CCJ, Bankruptcy at any address.

I have 6 active accounts on my credit report and one settled at my current address.

I cannot see what the issue is. The only information I can get is that it is a problem with my credit history and I that I haven't got 'enough' history showing.

I have noticed that there is only one linked address and I have moved 5 times in the last 6 years. The linked address isn't actually an address I have lived at but my mums as her mobile phone contract is in my name as I bought it her as a gift in 1998.

Also one of my old addresses that isn't showing up on the report is one that I owned and so am wondering where my previous mortgage details should be showing up?

I am a loss and no one seems to want to give me any specifics so I am in a catch 22 at the moment.

Any advice/suggestions would be appreciated.

Many thanks

betmunch

get a proper Independent Mortgage Advisor on the case and let him check though the credit reports rather than speculating on here

betmunch

Sorry, that sounded a little abrupt didnt it? Its only as I replied on my phone and its a pain to write long answers out on it!

The point is get your situation checked out by a professional

Good Luck

Senior_Paper_Monitor

Your applications are approaching the point they may harm your credit rating.

Betmunch is 110% correct - no other sensible route.

You should be placeable (if there is no more to situation than you have described) BUT this is the sort of case that wants pre-approving via BDM/lending manager pre-application.

Ensure you 1) find an experienced broker 2) declare everything to him/her

ACG

defo should get a broker onto it.

As has been said its getting to the point now where if you dont do it properly you will be having a negative effect if you havnt already.
Its probably something like youve moved house and missed a utility bill or something.

The_J

We need to know who you have applied to. I am surprised the other "brokers" haven't advised you to get your Experian report, Equifax isn't used by as many lenders and there could be something on your Experian report in error. Doesn't Martin's code of conduct for mortgage advisers specifically rule out "seek advice" answers?

Advisers shouldn’t reply with ‘seek advice’ as a standalone answer. To prevent accusations of touting, mortgage advisers should not simply reply to with short answers followed by a plug for ‘you need to seek advice’. If brokers aren’t attempting to genuinely help the user with a specific answer and can’t offer an answer the question directly then it’s best not to answer at all. There are enough links to where to get info and advice on the forum and the site to enable people to seek advice if they need to

Regardless 90% mortgages require a very good credit history, moving frequently does not help at all especially if you do not register a lot of information at those properties. Without knowing who you have applied too I can't tell you whether it's due to a lender being picky or some other, underlying issue. I would ask that you get a free copy of your experian credit report as well.

Finally, have you been dealing with a broker already?

Thrugelmir

Do you have unsecured debts owing?

sjbarb76

Thanks for the replies..

I have been using a broker, he applied for the first two mortgages. Accenture and Nationwide. I then went to my own bank HSBC whom I currently have a small loan and credit card with. They said I checked out fine on their internal systems but it was the credit check that was the problem.
I sent my credit report over to the mortgage advisor I had been dealing with but have heard nothing back....

I have declared everything! There is nothing untoward to reveal. I wish there was as I would know why I am in this situation!

betmunch

Accenture?

When did you send over the credit report? Maybe time to chase up? It should only take a few minutes to check through once hes got it. Obviously need to allow for other clients he would be helping as well

The_J

I presume you mean Accord? They are very picky so that would be no surprise.

Nationwide is a surprise, they use Experian so I would doubly recommend getting that report. HSBC, given you bank with them, is also a surprise. I would suggest that there is something untoward being picked up. Of course it could just be number of searches/available credit/lack of information found due to moving around.

How long have you been living at your current address?

sjbarb76

sorry not Accenture - Accord