Mortgage rejection with large deposit

Missnthompson

Hi Martin,

I'm hoping for some advice, we are first time buyers with a minimum deposit of £80,000 for a house costing £225,000. My partner has had two defaults one in 2008 and one for £45 last year both of which we were unaware of, this has caused us to be rejected on our application with Halifax and is currently escalated with the mortgage fraud department. As it stands the appeal has been taken further to what we understand is the highest level of appeal after appeal in branch and now having to go higher than the mortgage fraud team. We are desperately anticipating our decision but should this be a no please can you advise who would lend to us?

We are desperate for the house for our young family and are getting worried we may be refused on final decision. I have had 7 wonga loans prior to my partner living with me and both of our salaries paying the bills and along with his defaults are we a lost cause even with such a large deposit?

Please help any advice is greatly received as foolishly being first time buyers we are quite far in the sale now and contracts to sign arrived yesterday!

Thank you.

Missnthompson

Also to stress both defaults are now paid and appear as settled on his credit report

Simon_gloster

I doubt you'll be told its with fraud. Are you getting mixed up with underwriters?

Those wonga loans show money mismanagement (whether true it not) and the defaults if within the Lloyds group will be a big -ve.

Saying that deposit is good, look at other lenders as you should get a mortgage but jot at 3-4% rates.

Missnthompson

Thank you, they have said they are happy with mine but went to the fraud team as was at such an old address not listed on experian. Any ideas on who we could approach?

Thanks

kingstreet

What is visible on all three versions of your credit file?

No. They are not necessarily all the same.

Missnthompson

How do you mean? Experian we are in high 900's and good to excellent bracket. Equifax not so great are in poor but again only the two defaults and the wonga loans. And I'm not aware of a third?

I think it has gone to this fraud team as an address was not entered on the experian when I set it up and now we have drawn attention to ourselves that we have had a couple of silly mistakes and now it's having to be looked at in detail. What a foolish mistake that could have cost us the mortgage!!!

StarGrabber

The scores are pretty meaningless. I don't have defaults - a few late payments and some Wonga loans.

My Experian score is very good because it shows lots of loans paid off on time. Equifax the same but my CallCredit is only 3/5 (Call Credit/Noodle is the third).

As far as Mortgages are concerned, the devil is in the detail.

What do you mean about the third address not on Equifax? Did you leave it off your application and then they discovered it on your credit report? If so, is that the address where the adverse was registered?

kingstreet

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Missnthompson

Hi star grabber yes the address that I hadn't put on was the adverse data address! I wasn't trying to hide anything had just only put on the last 2 years as it instructed. I really hope I haven't messed up my chances! I also do noddle on noddle we are both pretty good to equifax is the only one which says we aren't great and Halifax are just using experian.

My concern is if this is rejected who do we approach to get a mortgage if high street won't offer us?

shortchanged_2

We don't know what your income is.

Is this a potential stumbling block? Is affordability an issue as well?

You need a £145K mortgage and if say your joint income is less that £30K then that would be a problem even if you have a large deposit.

happycamel_2

Where is the deposit coming from? If its inheritance or savings you're fine but if it's a gift from family you need to declare it. They may be wondering why you hav a £45 default and wonga loans then suddenly have £80k.