Moving, new mortgage declined...

ymmit

property.advert wrote: »

Is there anyone alive who applies for a mortgage without pulling the very latest versions of their credit files from all available agencies ?

Didn't think the dodo was still doing the rounds.

Harsh ? perhaps but seriously, if you haven't been in a coma since 2008 you know you have to do this and if you haven't, it means you just couldn't be bothered.

I assumed, maybe naively, that if the bank was happy in September it'll still be happy now. Also the default was satisfied.

ymmit

Well, I got the default removed, now we're just waiting on a re-application...

Nothing like last minute is there!

Thrugelmir

ymmit wrote: »

I assumed, maybe naively, that if the bank was happy in September it'll still be happy now. Also the default was satisfied.

Watch the news. European banks are collectively in trouble.

bargainhunt2012

I suppose you are requiring to remortgage/further advance due to the move into new house, presumably because the new house is more expensive. There are few other things you can consider depending on the sum of money involved.

1. Ask Santander to port your mortgage over rather than increase/further advance: they should be legally binding to porting as terms of your mortgage if it was included.
2. For the Additional sum you can consider taking unsecured personal loan or Secured personal loan or ask the builder to give you secured loan (some builders have such assisted schemes).

hope this helps.

GMS

bargainhunt2012 wrote: »

1. Ask Santander to port your mortgage over rather than increase/further advance: they should be legally binding to porting as terms of your mortgage if it was included.
.

Absolute nonsense and very unhelpful. Porting a mortgage is and always has been subject to meeting criteria at the time of application. No legal right whatsoever.

Conrad

OP - do you mean the default has been paid off, or do you mean completely expunged from your credit records?

It usualy takes a lot of time and hassle to get such things removed.

Thrugelmir

Conrad wrote: »

It usualy takes a lot of time and hassle to get such things removed.

Hard to see any justification at all to have the default removed before 6 years has elapsed. As the OP admits to forgetting about the debt.

I wish people wouldn't be so obsessed with their published credit score. As its not the same rating as lenders use in determining whether to lend or not from the same data.

The_J

If the lender had not provided enough time for the consumer to pay off the debt before it reached default, or indeed had not let the consumer know they were behind on their payment (which seems to be the case here if the debt can immediately be paid off), then it's reasonable to have that removed.

It's not easy though. The credit agencies have far too much power.

Thrugelmir

The_J wrote: »

If the lender had not provided enough time for the consumer to pay off the debt before it reached default,

Default is when a contractual arrangement is not paid to terms.

So even a single day late in payment is technically a default.

So unless there are mitigating circumstances then the lender is within their rights to file a default notice and not rescind it.

The_J

Thrugelmir wrote: »

Default is when a contractual arrangement is not paid to terms.

So even a single day late in payment is technically a default.

So unless there are mitigating circumstances then the lender is within their rights to file a default notice and not rescind it.

Absolutely, but the number of times lenders !!!! up you wouldn't believe.