Turned down by 3 mortgage providers...

opinions4u

Bigger deposit may help. Could you stretch to 15%?

What are the details of the credit agreements?

- balance
- rate
- payment
- remaining term

Thrugelmir

6 active credit accounts?

star4876

Are you 100% positive that you are on the electoral register? I was applying for credit a few years ago and went through 3 applications same as you, all declined, I was totally confused because my credit history was great.
I moved a few times in a few years and even though I had filled in the change of address paperwork with the electoral register, I missed the fact that the Council didn't actually run an update on it until October 2010 - I had moved into the property in May 2010. So even though I sent the paperwork in May, I was told they wouldn't update it until October! Don't ask why, I assume this is standard (if not, Derby City Council have much to answer for...)

I applied for 3 credit cards between May and October not realising the above, and it absolutely trashed my credit rating. My advice would be get your Experian report and if it doesn't immediately show you any issues then contact their help centre and ask for advice (thats what I did, they were the ones who highlighted that I wasn't actually registered at my current address). Don't apply for anything else in the mean time, until you have solved the problem.

Fingers crossed for you

MoneyMagic01273

Your situation is similar(ish) to mine, actually.

My partner’s and my combined income is £70k or so, loan amount requested £215k - 90%LTV. Property is a late Victorian converted 1 bed flat w’ garden (converted over 10 years ago)

I check Experian before applying for the mortgage. I too have moved 4-5 times in the last 6 years – been at current address only 1 year and my previous address for 2 years, on the electoral roll at my current address. Have 16 credit accounts showing on my Experian credit file – most settled with approx 6 or so active (2 bank accounts, credit card, charge card, mobile phone etc) Only about £10k in available credit and only 7% or so of that is utilized. No late payments on anything, ever (same with my partner).

I applied to HSBC – declined. Then applied to Nationwide which was approved (eventually - see below regarding a small hiccup).

I got the impression that Nationwide were actually my brokers “go to” lender for higher probability of acceptance and they had no issues at all with any of the above in my case.

I realize your circumstances could be different to mine in any number of other ways which could affect the decision, so do treat this as just another data-point. But I do find it strange that our incomes, credit history, property type etc all fairly similar (and you are asking for a lower amount that we got) but Nationwide said no to you…

I do remember that when we were getting our AIP from Nationwide through our broker it was initially declined. When our broker phoned Nationwide and spoke to an underwriter it emerged that it apparrently Nationwide’s scoring had been impacted by something to do with our current and previous address formats (the variants we used on the application didn’t match the variant(s) Experian held or something) causing the decline. When our broker tweaked the addresses he had input a little we tried again and it went through no problem. And we haven’t had a single issue since then.

Don’t know if something similar could have affected your scoring. May be worth asking your broker. Maybe I was lucky the broker I was using had a direct line to someone helpful at Nationwide who was willing/able to look further into what was possibly causing the score decline…

Hope this tale helps you somehow…