Rejected Application

vikkiharris

I was wondering if anyone out there can suggest why an application from my husband and myself can be rejected by a mortgage company on the grounds of a repossession I had 8 years ago. The same company granted my ex-husband (with whom I owned the repossessed property) some 2-3 years ago. I thought that if an incident was more than 6 years old and therefore off your credit file, it wouldn't be considered. Was I an idiot to declare it?

Alias_Omega

Could you not carry out a credit check through experian and cancel it within the 30 day period.

herbiesjp

If they do not want your business there will be plenty of lenders that will. Are you sure it was down to the repossession?

vikkiharris

My credit file is clear - nothing to report and the repossession was removed 2 years ago. According to my mortgage broker - Northern Rock said they don't accept applications from people who have had repossessions. Apart from anything else, it would've been nice to know this beforehand so we didn't waste the application fee. :mad:

homer_j_3

applicant

A credit check will be made on all applicants and the loan will be declined where an adverse credit history is revealed, for example if a County Court Judgement is registered. In addition, statistical techniques (credit scoring) will be used as part of the decision making process.

Monthly mortgage payments must be made by Direct Debit otherwise an annual charge of £25 will be made to the mortgage account. The applicant will be responsible for all legal and valuation fees, whether or not the loan completes.

PBA

If it is Northern Rock policy to not accept people who have had reposessions in the past, your broker should have known this before submitting the application. If this is the reason you've been declined he should cough up the applcation fee, as he obviously hasn't done his job properly.