Mortgage In Principle - Rejected by underwriters

pmd123

Can I ask, when you are in the process of applying for a substantial mortgage, and have £16,000 in savings, how on earth did you end up with a default for £168 in the last 2 weeks?

It will make it really hard for you to get a mortgage with your OH as a joint applicant, and can't imagine there are many lenders who will accept a joint application with your future MIL.

somyagilberts

Hopefully you will get your mortgage on time with your idea and planning.

zarf2007

WCN87 wrote: »

Myself

Default Date: 24/02/2012
Satisfied Date: 2/10/2012
£350 Certegy LTD

My other half

LOWELL PORTFOLIO I... Mail order Default Satisfied 26/08/2012 £371

NEXT DIRECTORY Mail order Default Satisfied 18/12/2011 £163

STUDIO Mail order Default Satisfied 09/10/2011 £84

FREEMANS PLC Mail order Default Satisfied 06/11/2012 £711

LOWELL PORTFOLIO I... Mail order Default 04/05/2014 £168

My other half was still a university when she had her 3 original defaults, since then has cleared a significant amount of debt including her final default now.

I was walking past the underwriters the other day and was wondering why they were rolling around the floor laughing.....wake up!! tell your wife that both of your stupidity has cost you any chance for the forseable future of getting a house.....

time to realise you cannot have your cake and eat it.

WCN87

zarf2007 wrote: »

I was walking past the underwriters the other day and was wondering why they were rolling around the floor laughing.....wake up!! tell your wife that both of your stupidity has cost you any chance for the forseable future of getting a house.....

time to realise you cannot have your cake and eat it.

Cool story troll. I also don't have a wife. We will pay off our existing debt with saving and wait a year. For her credit history to improve. No sweat.

monty-doggy

I know it's not what you want to hear but don't snap at people offering to help. You look like a risk to ANY lender because you don't have a huge deposit, you have defaulted various times over the last few years and you are living in permanent debt with your credit card.

How can they see this as a safe investment?

Your salaries are not huge how will you cope if interest rates rise or you need urgent repairs to your house?

You need a contingency fund so start by clearing 100% of your debt. If a wedding is more of a priority, get married then save for a deposit. If not use the wedding fund as part of your deposit and try to get 20-25% deposit. Your interest rate will be lower and you have less risk to a lender with the amount of equity that will be in your house.

Don't let this house push you to further destroy your credit rating by having loads of applications and rejections. There WILL be other houses.

Good luck.

zarf2007

WCN87 wrote: »

Cool story troll. I also don't have a wife. We will pay off our existing debt with saving and wait a year. For her credit history to improve. No sweat.

i think it will take more than a year or you could put off your katie price wedding...

Let_Us_See

WCN87 wrote: »

They weren't applying at random.

He certainly was! Any relatively experienced adviser would instantly know a 95% LTV mortgage with your credit histories would not be possible.

Thrugelmir

WCN87 wrote: »

My other half and I also have an overdraft facility on our joint account for £800 which again we dip in and out of throughout the month as we transfer our salaries In there.

I have one credit card left that I am about to start paying back which is £1000 I've had this since I was 22 and always just paid the min amount.

Then you need to sit down and get to grips with your personal finances. Also decide your priorities in life.

Not said in any judgemental way. As how you spend your money is your choice. However your attitude at the moment is very clear to any potential lender. They'll decide whether they consider the mortgage is affordable or not.

WCN87

Thanks for all your advice and opinions.

amnblog

WCN87

Your IFA does not seem to know what they are doing from what you have said here.

When you are ready engage a broker with experience with adverse credit.

It may be that on the posts here you are confusing the dates the defaults occurred (which are key), with the dates on which they were satisfied (which are not).

A decent broker will be able to tell you what options you have right now and if they are not suitable, how long you will have to wait to look again.

BTW - the options with BTL and MIL are not sensible.