Mortgage Refused - Advice Needed

Cargsy

Hi, this is my first post but I am in dire need of advice.

I put in a 50% co-ownership mortgage application in Ulster Bank in Northern Ireland for £69,975, which is half of the property's total price.

I put this in last Wednesday and it has came back today refused. My Experian credit report was excellent with a score of 978 but I found out that Ulster Bank have their credit checks carried out with Equifax.

I signed up with Equifax and was able to instantly view my credit report and there laid the problem. My brother's BT account, which has defaulted, is linked to my credit report. It is registered at a completely different address, which I have never resided at, and to cut a long story short, I have never had an account with BT. My brother and I have the same initials and his account with BT was named Mr R *Surname* without a full forename. (I hope this makes sense!)

Equifax are removing this from my credit report within 24 hours which otherwise leaves a very healthy credit report apart from one late payment to Orange (which they have also agreed to remove within 5 working days).

The problem now is my Mortgage advisor with the Ulster Bank states that she has already appealed on our behalf and we cannot re-apply. Surely something can be done once my credit report is corrected.

The only two banks that offer co-ownership mortgages in NI are Ulster Bank and Danske Bank, but the Danske Bank require a 5% deposit, which I don't have at the moment

I stand to lose quite a bit of money in solicitor fees, deposits and application fees.

Any advice that can be given will be greatly appreciated. Thank you

saverbuyer

This will be a problem with coownership and not Ulster bank.

Coownership automatically fails applications if there is a missed payment in the last 12 months.

I would suggest you try again in 12 months or look at the coownership appeals process.

You should only have lost £250 max.