Mortgage/credit score help.

Jon_boy

Hi,I'm out of ideas so thought I'd ask for some advice here me and my partner a newly married and are looking to get on to the property ladder,we have 5k deposit and are looking at a 95% mortgage on a 100k house. So it begins,we go to see a financial adviser at a estate agents,we go through all our affordability etc,so then we're informed Santander would be the best to try because they are offering a few good things,we go with it,I'm sorry unfortunately it's been refused! Oh great! The affordability is fine,it's bringing up something on one of our credit scores,so we went away and both get credit checks straight away,I did before we went but some how failed to miss that in the past I've "missed" one of my loan payments from 2011 for £150,and three payments of a credit card I had at the time for £6 a time,the credit card I paid of in full a couple of months later. So now to the £150 Santander loan,work had messed up with my wages so I called Santander to inform them the money wouldn't be there for that months payment and could I add it on to the end of the term,yes they said that would be fine,they never once said that this would go against me have a red dot on my credit report or anything like that,also the next six months are marked down as arranged payment? What does this mean? Unless I can get this taken from my credit report I can't see how me and my wife are going to get a mortgage in the near future,I'm unsure of what to do for the best now? What steps should I take next to help us to get our mortgage? For the past three years I've missed nothing no payments and pay £600 a month rent without fail..any help would be welcome thanks.

Dave_Ham

Firstly, easier to read through if you put in paragraphs.

What credit file are you looking at (there are 3; Experian, Equifax and Call Credit)

Exactly when are the AP's recorded date wise?

Jon_boy

Yeah sorry about that,doing it on a small phone was pretty difficult!
It's with equifax,and they are from march 2011.

ukbrockest

Jon,

I don't know it its any help

I had a settled default for £12 - yes £12 (thanks o2)

Santander chucked it straight out

But Nat West are ok with it on 95% fob, valuation this week

There is hope speak to a broker and tell them the exact situation

Dave_Ham

Then best suggestion is to get your Experian and Call Credit too and armed with these hunt down a different broker and not an Estate Agent one.

Given the dates on the AP and dependent upon the detail, I think you can be conservatively optimistic.

Jon_boy

ok,thank you both for your replies,i will now get more credit reports and be ready for anymore hurdles we may have to overcome.
Natwest was my next plan seen as ive banked with them for 11 years.
thanks again fingers crossed.

Senior_Paper_Monitor

For any "financial adviser" to make a 95% LTV mortgage DIP/Full application without viewing credit reports is ...


1) lunacy !!


2) yet another demonstration of why you should not use "a financial adviser at a estate agents" whose sole interest was, as is so often the case, to 'see if you are any good'.

ukbrockest

Senior_Paper_Monitor wrote: »

For any "financial adviser" to make a 95% LTV mortgage DIP/Full application without viewing credit reports is ...


1) lunacy !!


2) yet another demonstration of why you should not use "a financial adviser at a estate agents" whose sole interest was, as is so often the case, to 'see if you are any good'.

Can you expand on this and give your reasons?

kingstreet

I can. It's a wasted speculative credit search and after 26 April will be an absolute "no no" as you will be expected to establish that the borrower fits the lender's criteria before you attempt an agreement in principle.

At 95% you need to ensure every aspect of the case is perfect before you submit it and taking a borrower's word for it is not applying the required level of diligence.

Dave_Ham

Echo above. People tend to tell you what they think you want to hear, when we just really want the truth and therefore we have to deal in fact.

In the current climate (and certainly at 95% Loan To Value) we really need credit files and to not request and then this is the end result.