Please help - refused mortgage

The_Jones

Hi all, I'm looking for help with our mortgage. We're gutted because we've had our mortgage application refused because of my husbands poor credit. He had a great rating up to the point where he divorced his ex wife and she wouldn't pay her debts on the joint account. The account ended up defaulting, my husband paid all her debts off and now has had to to take her to court to reclaim it. But this has now led us to the point where he can't get a mortgage. The mortgage is only going to be in his name also.

We were refused by nationwide and another adviser said we will only get one in two years maximum. We're just so gutted because we've just found a buyer for our house and we've put an offer in for a new one and was hoping to be in by christmas with our new son.

Does anyone know of anyone who has been in this situation and still been able to secure one?

Help and advice much appreciated

kingstreet

Have you got all three versions of his credit file and if so what is on them? Defaults, judgments, late/missed payments?

How much, dates of registration, satisfaction etc?

Deposit/loan to value for new purchase?

The_Jones

Yes I've got his credit report up on experian. His rating is fair at 733.
There is default balance of £4965 satisfaction date 31/07/13 and everything else is fine.
Deposit loan/ value ratio is 51.87%

Thank you

The_Jones

In May his score was 966

Dave_Ham

Forget the score, the content is all important.

When was the default actually registered and any others and dates?

The date and value are the determining factors, although given your loan to value there will always be solutions - just optimising those available.

kingstreet

Ignore the score. It's worthless.

What is on the other two versions? Is the default visible on all three?

You have Experian, which is the CRA Nationwide uses, but the other two may have something different.

The_Jones

The default was registered in May 2013 and satisfied on 31/7/13. And that's the only negative mark on his file, everything else is satisfactory. He only has a report with experian and we are registering with the other two now to see what they say.

Dave_Ham

This is a very big hurdle to overcome, although still potentially achievable as he has satisfied and your loan to value.

There needs to be a really good reason also why you would not be on the ongoing mortgage.

Need some good news on the other credit files I believe.

kingstreet

Did you know about this £5k recent default before you went to Nationwide?

If so, did someone advise you to do that, or did you just do it off your own bat?

The_Jones

Yes he knew about the 5k default and nationwide saw the default. I'm not on the old mortgage because we hadn't met and if I was on the new mortgage my credit rating might get it refused because of an old phone bill.

We are looking at guarantors now in hope

Dave_Ham

This is unlikely to solve the issues you have, although best of luck