Mortgage Advice for a FTB who cannot overcome a barrier!

harri1988

Hi All,

I am looking at buying a property as a first time buyer. Iam 25, have 1 child, have had my own business for 6 months short of 3 years, I alsowork in a school and am in 2nd year of University.

My credit score is fantastic with no defaults, CCJs and I havenever been bankrupt.

I have applied for 3 different mortgages, 2 on 1 propertyand 1 on another. The first house fell through and the 2nd 1 I wasdeclined for due to an issue surrounding a property that I lived at.

I have spent months with my bank and various other organisationstrying to work out what the bank were referring to and it leads back to my ex-partnerwho went bankrupt in our rented property which I was obviously living in. Thebankruptcy was due to debt prior to us being together and we have never hadjoint financial agreements, the only things we were jointly named on were the tenancyagreement and council tax.

I have a friend who works in the mortgage sector to attemptanother application and he also found this brick wall within my process togaining a mortgage.

I would like to know how I can overcome this as no one I speakto sees to have the answer. As far as my credit scoring goes it doesn’t showany concerns surrounding this but it is obviously being picked up by the banks mortgageapplication system.

I have a maximum 18k deposit and have now found a propertyfor 60k, annual salary is roughly 16k (not from my business) and I am not in receiptof any benefits or CSA payments.

I don’t wish to rent any longer as I feel I now need a homenow for me and my daughter, yet it is proving an impossible task for asituation that doesn’t involve me.

I would greatly appreciate any advice if anyone has any!

Thanks

Harri1988

Senior_Paper_Monitor

Is your friend 'who works in the mortgage sector' a qualified and experienced broker ?

Your case will not be easy - and will need one !!

[Deleted User]

have you got a hold of all three credit reports from each of the three credit reference agencies?

This might give you some further info:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

ACG

Stop making applications - this wont be helping.

Speak to the credit agencies, ask the to remove any financial association.

Alternatively speak to a good broker. If the issue can not be resolved, i would expect them to go to a good small lender who has a human doing the underwriting and everything can be discussed in depth rather than relying on a computer... might be worthwhile ignoring the bigger lenders at this stage.

harri1988

Senior Paper Monitor - My friend is training so no not qualified yet.
What case would you be referring to and whom would I raise it with?

Domino9 - I pay for all 3 records and there is nothing on any 3 of my reports, they are all "gold" rated

Thanks both for a quick response

ACG

harri1988 wrote: »

Senior Paper Monitor - My friend is training so no not qualified yet.

The exams are not that helpful. They teach you the history/technical bits, they do not give you the experience and understanding of lenders criteria. Speak to a good broker and i would imagine this can be resolved.

harri1988

ACG - I have already had the agencies remove any financial association with my ex and that was way before I applied for any of the mortgages. I haven't applied for a mortgage now since July/August

harri1988

Any recommendations to a broker or is it better to find a smaller local firm?

Senior_Paper_Monitor

Case = your mortgage application.

As ACG and I are telling you, this needs an experienced broker to investigate and negotiate a pre-approval (probably with a small non automated lender).

This is not one for your friend to practice on ! Any more mainstream applications are going to start to do real damage.

harri1988

I will get on the case tomorrow and no, I do not wish to attempt further applications until I am able to overcome this incident.

Thank you all for your advice! :-D

ACG

Try and find a good local broker - preferably not one attached to an estate agents (they will probably be able to spend more time doing the ground work than an estate agent based broker will).

It might cost you a fee to get it done properly, but as the old saying goes you get what you pay for (although try to only pay a fee on completion or mortgage offer).