downsizing with bad credit

inkythumbs

Bad news, London and Country said no. Is is worth trying other brokers?

holly_hobby

What was the reason for decline (if they gave one).

Did you broker consider any other lenders ? Have you asked them to do so ?

H

inkythumbs

Partner's credit was too bad to consider him on the mortgage. My credit isnt as bad, so the broker looked for a mortgage for me on my own. Partner was fine with this :-) My salary was fine for this, but the one default I do have from 4.5 years ago, (7k on halifax credit card) made it a non starter. He advised me to wait 18 months, when it will no longer be on my credit record.

And as L&C are a 'whole of market' broker, assume he looked at whole of market.

Dave_Ham

Whole of market does not mean the whole of market, stupid I know.

In addition with a large, national company you could get the most experienced or the least experienced on the phone and the outcome may be derived from that experience.

Hard, not impossible but you need to get the credit files I suggested in advance of trying another broker - if you want to continue of course

Good luck

holly_hobby

I go back to post #10 - you knew your partners credit history was tanked, so can't understand why your broker would have submitted a joint app, if your income was sufficient (notwithstanding your Halifax default), which has now created a linked relationship.

Anyhoo we are where we are, you may be looking at rental, unless you can hang on until your Halifax default has expired - unless you have a low LTV and a stonking good reason for the default (even if satisfied - which of course is an option to you).

I know that this may not be ideal, but its an alternative.

Hope this helps

Holly x