Credit ratings and FTB Mortgages

Linz30

Hi
Can anyone help, I am a first time buyer with a 10% deposit to put down on a property I have seen. I saw a financial advisor who offered me a mortgage deal with Nationwide therefore a mortgage in principle was done only i didnt pass the Nationwides credit score even though I have a 999 credit rating with experian with no missed or late payments an exemplary credit rating..
I have now contacted my bank who say i can go in and do a mortgage deal with them with a 10% deposit i am worried that i may not pass this either but there is no mistakes or errors on my report and I cant rectify a problem when there isnt one.. the financial advisor basically said that ftb mortgage lending is very strict at the moment can anyone enlighten me on what to do thanks

Dave_Ham

Have you checked Equifax also? They are the other main credit referencing agency..

What is your salary and purchase price?

Linz30

no i havent, my salary 22000 p/a and purchase price 71000 putting ten percent down on that!!!

ACG

You need to find out why you havnt passed - has your advisor asked nationwide?

Affordability wise you have no problems and should easily get a mortgage so there must be something in your past causing a problem.

Linz30

He basically said Nationwide will not tell him this kind of information, there is nothing in my past I have a credit card which is not maxed out and has always been paid on time, I have had in the past car loans everything paid off in time and accounts settled, experian full credit report is excellent...financial advisor just said that they are strict on lending especially with only a 10% deposit??? Thanks for the advice

moatmeister

Double check that you are on the electoral register at the address you used to apply with

Unfortunately at the end of the day if they think you dont fit their target customer they wont have anything to do with you.

Even more unfortunately they sit there with a smug grin on their faces whilst they hide behind that invisible riot shield they have built into their telephones that is called "Data Protection" and will refuse to tell you exactly what the problem is in case you run out and defraud them or instigate a terrorist attack on their ivory towers, wheras in fact all you really want to do is find out what is wrong so you can sort your life out.

Its very frustrating. Ive been there!

Dave_Ham

As ACG said, you easily fit affordability so you need to get your Equifax report and see if there is anything untoward on there.

Linz30

checked equifax my credit rating is excellent so im bemused as to why????

Dave_Ham

Nationwide must have found something.

Would suggest you print off both of your reports for Experian and Equifax. Put them in front of someone who knows what they are doing and they will tell you why..

It could be at a linked address or anything to be honest..

Good luck