Mortgage Declined now what

xlickle_cutiex

Hi everyone

Me and my partner applied for a mortgage yesterday with Nationwide and were declined, adverse reasons i think.

We had a 8 grand deposit on a 78 grand house both work full time and have enough money to cover mortgage payments every month.

The problem i believe is my boyfriends credit history. He has been late paying a few things such as ebay fees and a store card but these are all paid now and no money owing. We have always ensured we paid our own personal loans on time. By boyfriends parents, who he lives with, both have dreadful credit history could this possible effect him? We are currently waiting for experian credit report through the post to see if he needs to disassociate with his parents and what is actually the problems coming up on his report.

Does anyone have any advice at all to give me? Should we just give up now and concentrate on improving the credit history and saving more money, or is there a way around this so we can actually get a mortagae to purchase the house we want?

Any ides are muchly appreciated.

Thanks

Dave_Ham

No-one will know this until you receive your credit files from Experian for you and partner.

It would be worth applying for the Equifax ones too - just the stat. copies for £2 each will be fine.

You then need to identify the defaults and dates (if any) and the ccj's and dates (if any)

At 90% LTV, subject to what your credit files tell us this could be hard work.

Essentially, if there are many defaults and ccj's and depending upon how recent at 90% LTV, this could be a real problem for you obtaining a mortgage in the near future.

Let us know what the credit reports show..

harvey115

If your boyfriend's parents are not financially linked with your boyfriend then their credit history should not effect his. That said, the addresses linked to your boyfriend may well be related to bad credit history as well.

Late payments in a couple of occasions in the past is usually not a big issue but recent regular late payments will cause issues. With 90% LTV it gets even harder.

You need to speak to a good broker to give you the best option available. I would suggest that you should get to 15% to 20% deposit level and a good broker should be able to deal with the application okay.

Dave beat me to it he is the right person to answer this query any ways not me!

PS - you can sign up for the 30 days trial period of both Equifax as well as Experian, why not do that and get access straight away, much easier then the £2 report you get.