Joint Mortgage declined im Amazed

welshdragon1976

Ok here we go, I have had three mortgages with Britania Building Society since i was 18 and am now 35. All three have been redeemed having bought and sold three times.

I have recently sold my last house early February following divorce and the last Mortgage settled. I have never missed a repayment ever and have a credit score 978. No defaults or CCJs ever.

My new partner has three Defaults from 1999 and 2000 after being left with a load of debt with her ex partner. She has been repaying those debts via arrangement ever since and has letters of reference from them. No CCJs...She currently has a credit score of 890 and has had a good history for the last 10 years.

I earn 40898 basic per year and asked for 108000 and was putting down 12000 deposit. I was told during the first meeting that i could get it in my own wages alone easily and they did not record half of my partners earnings.

During the application we were totally open and honest and declared everything. We were told our credit rating was A plus but we were declined because of the two very old defaults. they said they were going to the underwriters to approve the mortgage and were 99% certain it would be fine. Low and behold the following day i was told "computer says NO".........

To add insult to injury they know my proffession and know that if i default on a mortgage its not just good bye house but also job and pension of which i have payed 12 years.........

I was then told that although i would get the mortgage on my own without problem i now cannot apply as i am finacially linked to my partner on their records even though we dont have any financial links at all at this point...........

16 years of superb payment of mrotgages to same company and good well paid job in total secure job

Thrugelmir

welshdragon1976 wrote: »

My new partner has three Defaults from 1999 and 2000 after being left with a load of debt with her ex partner. She has been repaying those debts via arrangement ever since and has letters of reference from them.

How much is still owing?

Has money been saved at expense of clearing the debt.

welshdragon1976

Total left adds upto less than 2 grand

Thrugelmir

welshdragon1976 wrote: »

Total left adds upto less than 2 grand

Be a wise move to clear them.

welshdragon1976

What i cannot get my head around is the fact that i have a massive credit score have never missed a payment ever.... I have 16 years of good lending with them and i earn more nactow than i ever have...... The fact that the payments were going out of my account ?????? It does not make sense

welshdragon1976

And if i had wanted to mislead them i could have just applied on my own in the first place and they would have been none the wiser. At the end of the day they have no say on who lives in youre house with you

suburbanwifey

welshdragon1976 wrote: »

And if i had wanted to mislead them i could have just applied on my own in the first place and they would have been none the wiser. At the end of the day they have no say on who lives in youre house with you

No, they have no say who lives in your house with you, that is true. Had you applied for the mortgage in your name only, then you would have had no problem. Sadly, your partner has the problem and now you have made a joint application you are financially linked. You don't need to have any previous linked credit, you have now made a link in your finances by making a joint mortgage application. Did you not know of the money owed from her past? had you done so, I'm sure you would have advised her that making a joint application was a bad idea, better for you to apply yourself and when she was in the clear, then add her to the mortgage and deeds at a later date. Sadly, that option is no longer open to you.

Its unfair, very but just how it works. Now you have that link, you're stuffed I think. Bad news, sorry.

suburbanwifey

welshdragon1976 wrote: »

And if i had wanted to mislead them i could have just applied on my own in the first place and they would have been none the wiser. At the end of the day they have no say on who lives in youre house with you

That wouldn't have been misleading them. Only you would borrow the money, owe the money and be the once to chase if you did not pay the money borrowed. So had you applied alone, you wouldn't have been misleading anyone at all.

Reactor_2

First thing I want to say to the OP, is that I'm sorry for the situation you are in.

I can understand why you went and applied for a joint-mortgage, as in theory you'd be sharing out the risk with your partner, as you obviously don't like the idea of taking on all the risk yourself. You have to trust that the mortgage provider has enough data to come to the conclusion they have.

Put it another way, if you were lending me your money, are you saying you wouldn't mind that I've defaulted on my debts several times? When you apply with your partner, the lender just see you and your partner as one unit/person, so if one of you has a bad record, you both have.

The choices you have are simple. You can change your approach with the next lender, where only you apply or you change your partner. The right choice here is to change your partner, but I know you won't. If it was the other way round, where you were the partner with the defaults and holding back your partner, I'm sure your partner would change you.

Good luck going forwards.

clive12

maybe the new lender views the fact you have had three mortgages in a relatively short period of time a bit suspect.

lenders are in my experience picky and are now even more picky.

my mum has never been in debt, never defaulted on anything and cant get a loan with a particular company even though she can pay it.

danielanthony

Her credit file is crap but yours is good. You put in a mortgage application together and were rejected because of her poor credit history. I can't quite see the surprise here.

I had a bad credit history some 9 years ago and still got a 90% mortgage from Britannia, I had to make sure my credit file from all three reference agencies was spotless though. I suggest you get copies of her credit files and start working through them, then apply again once she's looking more credit worthy.