Mortgage advice needed please - credit file.

hieveryone

Partner and I applying for mortgage.

Combined salaries are £73k. (Mines is £42k)
House price is £216k
Deposit - 15%
LTV - 85%


The 'Agreement in Principle' as applied for by our broker was rejected today - by two companies Accord and Abbey I think the names were.

My partners file is fine. Mines is not great, but I didn't think so terrible that it would reject me automatically.

Active accounts:

2x current accounts with RBS - only 1 has overdraft facility
1x CC with RBS, always paid off in full
1x personal loan with RBS for £2k
1x mobile phone account held for 5+ years - always paid in time
1x Next account, always paid off in full. (£3k limit)
1x Barclaycard credit card with no balance (£3k limit)

Problems on credit history:

2x late payments recorded on old current account 2007 now closed.

Defaulted old Santander account in September 2008 - paid off in full - £548 now closed.

Late payment on Lloyds account September 2008 - arrangement to pay finished in January 2010. Now closed.

1x late payment recorded Barclaycard July 2012.


Other factors:

I do have a permanent job, but I changed employers in January this year.

Been on electoral role at this address for 1.5 years.



Nothing else I can think of. Are these problems enough to reject me for a mortgage?

Please someone put my mind at ease that we will be able to get a mortgage. Our broker has our credit files tonight and says he will speak to lenders tomorrow.

chanz4

If you defaulted with abbey, why have then even bothered togo to them. Think I would change broker, also Halifax are a bit more relaxed

hieveryone

I'm sure that was the names he told me - I will double check though, I could be mistaken. Accord was definitely one of them though.

hieveryone

Any other advice on this please?

Thrugelmir

Do you use the overdraft facility regularly?

hieveryone

Thrugelmir wrote: »

Do you use the overdraft facility regularly?

Not particularly - if I ever notice I'm in overdraft I transfer money from elsewhere immediately.

It is an arranged overdraft facility and not unauthorised.

hieveryone

Any other ideas folks from those in the know or those in a similar situation?

hieveryone

Just bumping this hoping someone will have some more advice.

amnblog

you need a specialist lender.

this means using a mortgage broker that specialises in bad credit cases.

If your broker took you to Abbey and Accord having seen your credit file then he/she does not know what they are doing

Dave_Ham

Get rid of your broker.

Accord and Santander given your history were the most stupid and reckless applications they could have made.

This should be achievable on sensible terms, but not Accord rates although you will need a sensible broker.

hieveryone

Thank you both - I'm unsure what to do now as the mortgage broker is a person my partner has used before and trusts his judgement.

What kind of things should I ask him to do?

How would I find a mortgage broker in my area that does specialist cases?

Thanks