Please help - refused mortgage

GMS

Guarantors won't overcome poor credit rating.

Stop applying at random and enlist the help of a broker. Further applications will impact on credit score.

What is your credit problem exactly?

How much are you looking to borrow? What are your incomes?

kingstreet

The_Jones wrote: »

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

Thanks. I just wondered if a professional had suggested approaching Nationwide with a recent £5k default.

The_Jones

GMS wrote: »

Guarantors won't overcome poor credit rating.

Stop applying at random and enlist the help of a broker. Further applications will impact on credit score.

What is your credit problem exactly?

How much are you looking to borrow? What are your incomes?

We are looking to loan £97k with a 51% loan to value ratio. Some brokers want money even before they begin searching. I'm a housewife so not bringing any money in and my husband earns about 42k. An account defaulted whilst he was having a financial dispute with his ex wife over a joint account, and this has affected his potential to borrow to the point where no one will give him a mortgage. He's appealed to nationwide with more in depth accounting figures to show he is otherwise a good borrower. So we have a week to wait for their response. Do you know anyone who has managed to borrow in a situation like ours without paying up to 6% of the mortgage interest?

Thrugelmir

The_Jones wrote: »

An account defaulted whilst he was having a financial dispute with his ex wife over a joint account, and this has affected his potential to borrow to the point where no one will give him a mortgage.

I've highlighted the key word. If debts are not paid on time then all parties to the contract will suffer. That's the reality. The creditor has no interest in the dispute between the parties, in fact it's irrelevant.

GMS

The_Jones wrote: »

We are looking to loan £97k with a 51% loan to value ratio. Some brokers want money even before they begin searching. I'm a housewife so not bringing any money in and my husband earns about 42k. An account defaulted whilst he was having a financial dispute with his ex wife over a joint account, and this has affected his potential to borrow to the point where no one will give him a mortgage. He's appealed to nationwide with more in depth accounting figures to show he is otherwise a good borrower. So we have a week to wait for their response. Do you know anyone who has managed to borrow in a situation like ours without paying up to 6% of the mortgage interest?

You are not in a position to dictate rates unfortunately. The default is recent and large so will have an impact.

Have you tried speaking to the company involved to see if they are prepared to remove it as it was settled so quickly? Explain the situation to them. They are totally correct in placing it and are not required to do anything at all but people have managed to have defaults removed.

The payment conduct leading to the default will be taken into account anyway so if continuous missed payments then still likely to cause issues with almost all lenders.

A case like this isnt straight forward by any stretch so a broker will need to do plenty of work to even find a potential place for it. As a result they will require paying.

I wouldn't hold too much hope overturning Nationwides decision but I wish you good luck and stand to be corrected.