FTB Mortgage Worries

sockpuppet

Thats odd. I thought Abbey changed their criteria quite suddenly around feb time so that any defaults within the last 6 years was an instant decline ?

I suppose you may be okay if you have got this far, maybe its on equifax & not on experian

fingers crossed

GMS

AwesomeMcTawesome wrote: »

GMS; They were aware of the default as I made it clear in the notes sent on the application. Also not wanting to say that you are incorrect, but I have read the lending criteria (May 12) from the Abbey for Intermediaries website and it does not exclude adverse credit, other than;

Arrears in the previous 12 months are not acceptable.

Any customer who has ever been bankrupt will be declined.

It includes some adverse credit when credit scoring (which we have been through).

Where does it state specificly that adverse credit will result in a decline?


If that is the policy, its pretty cr*p that a broker would over look this (ours steered us away from other lenders for the fact having of the default).


Surley the lending, affordability, credit checks, mortgage t&c etc, laid down on there are the points to follow when applying (which I read before application).

Like you say fingers crossed, but i will be pretty pis*ed off :mad: if its got this far only to be pulled for something that was declared from day one!

Abbey underwriting is poor at best and heavily reliant upon what the computer asked for. If you went through scoring ok then it may well be that the application form hasn't been looked at.

Last I knew of Abbey was no adverse credit whatsoever. I stand to be corrected though and hopefully will be. Abbey were ok with minor adverse previously.

Are you certain the adverse was declared on the application?

I lost a case with Abbey between Decision in Principle and full application as the adverse rules changed overnight. One day client was acceptable, the next day he was not.

AwesomeMcTawesome

Suppose we'll just have to wait and see now, I'll update as things progress, thanks for the replies :-)

AwesomeMcTawesome

Update; Experian shows the Santander search on both reports from when we applied, but not on the Equifax reports (so looks like they use Experian).

The wife's report had the previously mentioned (settled) default on it, so I'm feeling very confident of the next couple of weeks proceeding without a hitch (thats cursed it...;))!

AwesomeMcTawesome

Everything has been witnessed and signed by the Wife and I.

Should know by the end of next week completion/exchnage dates.

Without any unforseen hitches we expect to be in before the weekend of 14 July 12. Which from the offer being accepted, to moving in, would be 8 weeks! (alot quicker than we thought, or even hoped for). This would be quicker but the sellers are on holiday untill Sunday.

I think we have been lucky as far as both parties and solicitors are seemingly efficient (along with a quick survey and offer from the mortgage provider).



Just got to sort out building (a mortgage requirement) and contense insurance, maybe boiler cover and a gas/electric provider.

A visit to the insurance comparison sites is in order!

I'm not looking forward to the numerous change of address for the various accounts.

AwesomeMcTawesome

All wrapped up, happy ending after all!