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Mortgage declined
mrdizzy
Posts: 3 Newbie
Hi,
I am trying to find a mortgage for a shared ownership property, purchasing 40% at £40000, for which I have a £26000 deposit, so the mortgage I need is only £14000.
After applying to Halifax, after initially getting a Mortgage Promise they declined me due to a linked address on my credit report. I have since discovered this is a very old Barclaycard debt (over 8 years). The debt is showing on Equifax with constant late payment markers for the past 6 years but no default. I need to investigate how to get this removed as it should have fallen off several years ago.
My credit record for the past 7 years is immaculate apart from this.
Does anyone have any advice as I have around 6 weeks to complete the offer? It is such a small mortgage of £14000 which is a really low LTV.
Thanks
I am trying to find a mortgage for a shared ownership property, purchasing 40% at £40000, for which I have a £26000 deposit, so the mortgage I need is only £14000.
After applying to Halifax, after initially getting a Mortgage Promise they declined me due to a linked address on my credit report. I have since discovered this is a very old Barclaycard debt (over 8 years). The debt is showing on Equifax with constant late payment markers for the past 6 years but no default. I need to investigate how to get this removed as it should have fallen off several years ago.
My credit record for the past 7 years is immaculate apart from this.
Does anyone have any advice as I have around 6 weeks to complete the offer? It is such a small mortgage of £14000 which is a really low LTV.
Thanks
0
Comments
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Did they tell you that the Barclaycard debt was the reason? Do you still owe Barclaycard the money?0
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Can you not get a loan for this amount? I could get this money on a credit card...0
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I think you would be better off taking a loan out instead of a mortgage. If your credit rating with ur current bank is good, u will have a very good chance of getting the loan. I thought the minimum mortgage for Halifax is £40,000. So you only after 14K they might think there's no profit out of it.
Good luck!0 -
No. Minimum valuation with Halifax is £40k. It has no minimum loan.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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