Mortgage declined!!

drdpj

I honestly have no idea - personally I'd now like to rapidly defer to someone who has an understanding of how the industry works!

It is stressful though, even when things are apparently going "ok" there is a constant sense that someone's going to drop something on you or pull the rug out from under you. Good luck with working it out!

d.

TheChar

drdpj wrote: »

I honestly have no idea - personally I'd now like to rapidly defer to someone who has an understanding of how the industry works!

It is stressful though, even when things are apparently going "ok" there is a constant sense that someone's going to drop something on you or pull the rug out from under you. Good luck with working it out!

d.

I know there seems to be obstacle after obstacle. It would be good to have a mortgage expert look at all 3 credit files I have obtained and see if there are any issues. Alas, there doesn't seem to be that option available from any mortgage advisor at all. This is the only thing holding me back now. Sigh..

Din85

dazanteney4 wrote: »

Its only something like the top 3 bands out of 16 based on credit scoring that they will offer the loans to. By the sounds of it you had the same issue as me. .

See, i don't get that..

We applied with Natwest, when they did our credit checks it came out as band G on there internal system, recommend approve ! I could see the screen and there was no actual info from your credit file on there... just a recommendation and category, it appears to be all in the software as to weather you pass or fail, i guess it looks for certain things and grades you on its own score card.

The only reason we never went with them is because the idiot adviser put the application through knowing i would be declined because i had not been in my job long enough to fit there criteria ! Naturally we where miffed and found their criteria on the intermediates web page and complained... received £195.00 compensation. (not that that helps) we only put an offer in on a house on the advisers recommendation.

Trying with the Halifax now, we wait for the results on that one.

I guess its the Credit card balance in the OPs case, or a previous default would almost defiantly be the cause as far as i understand it so far.

TheChar

Well they asked me in the beginning if I would be willing to pay off the card balance. I said yeah no problem. They didn't mention I needed to do that so I assume that was not it.

As far as the default goes, that has now fallen off my credit file. I was always under the impression that they can only take into account things on your credit file and information you give them in the application.

I think it's soo bad of lenders not to give you reasons for declining something. Some issues may not be your fault and could be sorted out. They say they want to help first time buyers get on the property ladder but don't do a great deal to help if there are any issues.

I'm completely at a loss now. I don't know whether to contact them once the entry of my dads is taken off or go with someone else. I'm just worried that will be another search on my file and that ain't good at all.. I just wanna scream! Lol

TheChar

So anyway, Virgin are removing my dads entry from my file. Do any of you know if they would look into it again if maybe I had a 10% deposit instead of the 5% I have now?

I would be very good to my parents and look to increase my deposit if so.. I'm just really anxious to have this sorted as soon as possible as the seller is putting on the pressure..

pureamber234

I know this was last month so you might have got something already, but I had a similar problem with Natwest. For me, the problem (which they couldn't tell me for sure at the time, but that I worked out later) was that I was financially linked to my husband as we had a joint account. Even though I was a sole applicant on the mortgage, they took his credit status into account and outright refused me. Even after closing the account the same day (the account was with Natwest) it took forever to get the association removed from my credit file - over a year!!! I also complained and received compensation, as someone else did above.

In the meantime I spoke to an IFA and also to London & Country Mortgages - the latter is fee-free - and on their good advice applied to Halifax (they said they had slightly more lax rules than Natwest in their experience). I was accepted in just half an hour over the phone.

Not saying that would be the case for you of course, but worth checking if it's a financial association that is stopping you (it sounds like it could be, from the stuff about your dad)

Good Luck!

TheChar

Thankfully it's been sorted now. The bank was basically telling me it wouldn't have made a difference as there was no adverse data on my dads entry. However, I persevered and had it removed.

I then had the application re-scored and told them I now had a 10% deposit (thanks mummy and daddy) and it was accepted without an issue. The last person I spoke with said it would have caused an issue but obviously the bigger deposit helped also.

So I'm over the moon to have been accepted at last. I have the keys and just need to get sorted on the decorating. So happy it's finally sorted.

Vikaroo

I had this exact same problem with them at start of Jan. Applied with Halifax a week later and our application was accepted straightvaway subject to valuation and id checks... dont worry go elsewhere! Don't lose faith! I thought that was it but it wasnt!