refused mortgage - help please!!

kingstreet

he said he couldn't include my partner due to the irregularity of his wages

Which prompts me to ask what your adviser does where one applicant is a non-working housewife/husband?

Your partner may not have an income which can be taken into account, but that shouldn't preclude him being party to the purchase if his credit score can help...

I'm not saying this is the answer for you, just one of the little things I'd consider.

You've contracted with your adviser to act on an independent basis for you? That's good. At least you'll have a chance with all lenders, including those which don't pay a commission to middlemen. How much are you paying for this service?

boo123boo

we agreed to pay £100 if he got a decision in principle, and then a further £295 when the mortgage completes. i thought if he was getting paid he was more likely to put the work in and find us something

kingstreet

boo123boo wrote: »

we agreed to pay £100 if he got a decision in principle, and then a further £295 when the mortgage completes. i thought if he was getting paid he was more likely to put the work in and find us something

Is he rebating to you any commission he receives to subsidise the fee? If not, you aren't getting an independent service, only whole market. This means you won't be offered non-commission paying lenders.

ACG

Is it just me that thinks the advisor is probably not doing his best?

If i had clients who were coming onto the forums i wouldnt be insulted but id certainly be thinking that im probably not doing the job properly.

Go and see another advisor, there are far more lenders than just the halifax, get a copy of your credit report and see if they can do anything with it. Without knowing all the information its difficult to say but 1 default from 4 years ago that has been settled for 18 months does not make you unmortgageable - it depends how much the default was for but i would be surprised if you couldnt get a mortgage.

boo123boo

kingstreet wrote: »

Is he rebating to you any commission he receives to subsidise the fee? If not, you aren't getting an independent service, only whole market. This means you won't be offered non-commission paying lenders.

i might be mistaken then, im sure he said he was independent, but he did mention that he would be paid by the mortgage company once it had gone through

boo123boo

ACG wrote: »

Is it just me that thinks the advisor is probably not doing his best?

If i had clients who were coming onto the forums i wouldnt be insulted but id certainly be thinking that im probably not doing the job properly.

Go and see another advisor, there are far more lenders than just the halifax, get a copy of your credit report and see if they can do anything with it. Without knowing all the information its difficult to say but 1 default from 4 years ago that has been settled for 18 months does not make you unmortgageable - it depends how much the default was for but i would be surprised if you couldnt get a mortgage.

thanks, im new to all this so dont really know how i can make sure hes covered every area, and the default seems to be a huge issue. are you actually a practising advisor? im not far from Manchester

ACG

I am, ive dropped you a PM with my details if you want to contact me, if not im happy to carry on trying to help on the forums.

The_J

ACG is a good advisor and having seen a number of his posts on this forum I will say they are always accurate so, if you need a second opinion, I will vouch for him being a good point of contact.

boo123boo

ACG wrote: »

I am, ive dropped you a PM with my details if you want to contact me, if not im happy to carry on trying to help on the forums.

Thanks, just sent you a message as your email bounced back

Thrugelmir

The_J wrote: »

Agree with kingstreet, but I would say that the Halifax soft score does sometimes pick up bad credit if it's been registered at the current address. It's linked addresses and old addresses where it struggles, no idea why.

Depends which credit agency the default is registered with. Halifax only use one during the DIP stage. At the application stage a thorough check is conducted. This will detect all errant behaviour.

Why is done like this? Down to cost. As it will cost the lender a fee for each individual enquiry made.

Lloyds has imposed its own risk management ethos across the old HBOS. Post acqusition in March 2009. Lloyds reported that 75% of HBOS's lending book was outside its own lending criteria. Hence why it might appear that a stricter regime is now in force.