Please help, second mortgage app refused.!

Dee_Cee

Please can anyone help, I need to get a mortgage as my current one runs out in November (we where ill advised to get a 7 year mortgage in 2005, there for it has to be redeemed in November this year) My wife has had some big defaults and subsiquent ccj's in 2006/7 totaling 21k :eek:. I didn't find out about them until 2010 when I started to look for a new mortgage.

It was a pretty emotional time as you can imagine, but we managed to pay them all off with some savings and a loan from a mate.

We have now just been refused twice from two non-high street lenders. The last one apparently found two other defaults dated 2010 that are not on either of our Experian credit reports.

The question which I hope someone can help me with is, do lenders have other reports they look at that us mere civi's do not have access to? A special Experian for lenders search, or a government list.

Without knowing what else is out there I don't really want to apply for anymore as it will be the third search on file.

Any help would be greatly received.
Dan.

Dave_Ham

Hi Dan,

Not good on the emotional side, am a man of practicality and will try and help with answers and solutions.

You need to run your Equifax credit report quickly as they will definitely show on there.

Remember a default will show on file for 6 years and is then removed.

Have a look at Equifax and then come back, tell us what you need purchase price and what deposit you have as a starter..

GMS

Get copies of Equifax and Call Credit searches.

Do not apply anwhere else at present.

Which lenders turned you down?

Who are you with now? What is the property worth and how much are you looking to borrow?

Dee_Cee

Thanks for the post's
I shall try Equifax now for both of us.
The lenders we applied to where PLATFORM HOME LOANS LTD and ALDERMORE BANK PLC. The house is worth 190,000 we are looking to borrow 125,000.

Thanks again,
Dan.

Dave_Ham

Ok - then definititely please do not apply for anything other than the Equifax report...

Let us know and will try and help..

GMS

Platform a definite non starter due to the CCJ's. Who advised Platform?

Aldermore no defaults in last 3 years so they are correct in declining if adverse found. Obviously if you were unaware of this then it is a shock to you.

Loan to Value is in your favour so hopefully a solution can be found.

You NEED to get a good broker on board.

Dee_Cee

I have now looked at Equifax reports for both me and also my wife.
Sure enough there is a default for £400 from my wife in 2009 for a credit card, but that is all. According to my broker, the lender Aldermore saw another one listed.
Is there another credit agency I should look at or have they miss read it?

The_J

Will you be able to get the wife off the mortgage and do it in just your name?

Dee_Cee

Thanks for the post J.
I will bring this up with the broker. He did mention it briefly but if you are married, apparently they will ask questions why she is not on the deeds.

Thanks,
Dan.

The_J

Only a few are like that, I don't know the situation but it sounds like she has let you down so this is an understandable move.

Dave_Ham

I would find a broker that has answers and not questions..

Honestly, the fact you have had to find out on a forum that you have a default is p!ss poor. I always, always get clients in this situation onto Experian and Equifax. The other agency is call credit although they are not likely to have anything additional to offer.

There are solutions which would be sole names, or a specific sub prime lender which you fit into their criteria rather than the ramdom ones selected.

You will get lots of good information on here, you need to find somewhere that will provide you with good advice and I would not be sticking where you are currently..

I wish you well and please ask away any questions...