refused a mortgage

angie555

Hi all!!

wonder if anyone can help me?
My partner and i applied for a first time mortgage a few weeks back from an independent lender this took ages but he kept saying its looking good.
After weeks of stressing he said i have a default on my loan (this is the only loan i have which i pay every month!)
I investigated this and spoke to black horse where they said i had a default from 2009 and that i had to pay £430 to get everything back to normal so this i did straight away.
My lender suggested i get a credit card to help my credit history but this i got refused also.
Sorry to ramble on but how long will it take to reapply for our mortgage or for my credit rating to be good enough,People are telling me to get this and that which is probably making my credit far worse!

I have been checking my credit report on line as this updates every 30days.This is becoming stressful as i just want to get my credit report up to a good standard so i can get on with my life!

I also really don't want to wait for another year for it to correct itself.

Thanks Guys :j

geoffky

And you can not get on with your life without buying??? strange.....prices next year will be better for you,so think of it as a bonus..

angie555

if you are not going to give advice don't bother viewing my post

Debt_Free_Chick

When did you pay off the loan? Have you had any confirmation letter from Black Horse?

ruggedtoast

If you're being refused for a credit card I'm afraid you are not going to have much luck getting a mortgage.

Your broker is correct that servicing lines of credit on time will help your overall credit score, but it wont help you to keep applying and being rejected.

What does your credit score say now?

missile

Seems like you went to the wrong independent lender, I guess you mean mortgage advisor? You have not given us much information to go on but, IMHO you are unlikely to have been turned down for only one default in 2009.

Depending on who you bank with? You might get a better response from them.

geoffky

angie555 wrote: »

if you are not going to give advice don't bother viewing my post

I gave advice, Do what you might have to do,wait till next year..

Cheeky_Monkey

angie555 wrote: »

if you are not going to give advice don't bother viewing my post

I'll give you some advice - try not to be so rude when asking for advice

mikey_bach

Try Aldermore, they seem to be pretty helpful and look at each case individually, a friend in a similar situation managed to get a mortgage with them.

DVardysShadow

angie555 wrote: »

if you are not going to give advice don't bother viewing my post

Sounds like you already know what answer will satisfy you. So what answer would you like?

kingstreet

You're expecting your credit score to mysteriously rise after repaying a default?

News for you. It won't.

The default will remain visible. It may show as satisfied, if the lender gets round to marking it as such.

However, you'll still be viewed as a greater credit risk until it drops off your file after six years.

Obtaining a credit card from the likes of Capital One or Vanquis is normally a good idea to help to rebuild your credit history by showing a solid record of payments for a year or two.

There are adverse credit specialist mortgage lenders, normally best accessed via independent or whole market brokers. Their fees and rates will be higher and you're likely to need a higher deposit, at least 20%, probably more.

I suggest you obtain copies of your credit files from all three CRAs to establish exactly what is registered. Take them to a meeting with your chosen independent or whole market broker.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase