HELP - Mortgage declined due to credit check due to bank change

salsa_rara

Hi,

Last September I've changed banks which said they'll transfer all direct debits. Before the payments were due I rang the bank as I had one less DD set up as I should've. They couldn't advise me which one it was so I had to wait for this to default. :(Unfortunately, it was my payment for my loan with Tescos. As soon as it happened I rang them and paid my monthly payment although it was late. Without my knowledge they put a 'Late Payment' flag with the credit company which resulted being declined a mortgage. :mad:
I've asked Tesco to send me a letter confirming they are removing this flag from my credit report but it might take days and it will take up to 28 days to get removed from the report.
I've got a good deal on a flat I wan't to buy but as it's a reposession I have to move fast so I won't lose it.
Beside ringing Tesco about the letter every day is there anything else what can be done or is there any other mortgage providers who would consider giving me a BTL mortgage if the situation explained.
Any advise would be welcomed. Thank you.

ACG

It wouldnt/shouldnt default with just 1 late payment unless it was VERY late.

You could take a copy of your credit report to a broker. they will be able to find a lender that would look at your circumstances.

salsa_rara

ACG wrote: »

It wouldnt/shouldnt default with just 1 late payment unless it was VERY late.

You could take a copy of your credit report to a broker. they will be able to find a lender that would look at your circumstances.

Hi ACG,
Thanks very much for that... It was 2 weeks late which I wouldn't consider very late.
My broker knows the scenario and she said that we'll have to wait for the flag come off my report, which might mean that I lose the flat. :mad:
If this is the case it doesn't inspire confidence in my broker so I don't know what to do. Really don't want to miss out on this property.

Thrugelmir

salsa_rara wrote: »

I've got a good deal on a flat I wan't to buy but as it's a reposession I have to move fast so I won't lose it.

No guarantees. You could end up in a contract race. Or even be outbid.

salsa_rara

Thrugelmir wrote: »

No guarantees. You could end up in a contract race. Or even be outbid.

I know, that's why I'm desperate for a quick solution.

Thrugelmir

salsa_rara wrote: »

I know, that's why I'm desperate for a quick solution.

Has the property been offered on yet?

salsa_rara

Thrugelmir wrote: »

Has the property been offered on yet?

Offered and accepted.

Thrugelmir

salsa_rara wrote: »

Offered and accepted.

Yours or someone else?

salsa_rara

Thrugelmir wrote: »

Yours or someone else?

Mine... ..

Nins12345

If its a repossession as a general rule of thumb even if your offer has been accepted it has to remain fully on he market until the exchange of contracts so potentially anyone in that time can gazzump you

salsa_rara

Nins12345 wrote: »

If its a repossession as a general rule of thumb even if your offer has been accepted it has to remain fully on he market until the exchange of contracts so potentially anyone in that time can gazzump you

sorry guys, I know all this but the question is how can I get a mortgage quick for a good rate... I've got my credit report printed which shows it was only 1 late payment over the past 7 years, so I need to know if I can get a mortgage or not. This is not about the property. it only come into it as I need to move fast so I can't wait for 28 days for the flag to come off my report.

Hope this clarifies the issue.