Credit rating and mortgages

hollymonster

Hi everyone,

Myself and my boyfriend have had a mortgage decision agreed in principle with our bank whom we both bank with. With this in mind, we were lucky enough to have an offer put on and accepted to the house that we had viewed! Hooray!

Now it all feels very real. In the past, when I was a teenager (and refused to listen to all the very important advise) I had several store cards and defaulted on them from time to time. I currently do NOT owe anything. I have an agreed overdraft on my account, of £450 which I, in the past, have gone into and then above. I have always paid it off and the charges I incur, too.

The bank have access to these details yet just asked us basic questions about in goings and outgoings, yet still offered us a great product. Now, the estate agents we are dealing with for the sale feel they have found a better option for us. I obviously want to save money, but in all honest I am nervous about going somewhere else and them going through everything with a fine tooth comb, only to think "Why on earth were they offered anything...her credit rating is shocking" and us to lose our dream house.

I have gotten myself into a right panic and would really, really appreciate some advice and preferably reassurance that I am worrying over nothing, and I will still get my dream house with my dream guy!!

Thanks in advance,

Monster.

ACG

Who is your bank?
Who were the defaults with?
Who has the agent found?

redflwr

ACG wrote: »

Who is your bank?
Who were the defaults with?
Who has the agent found?

Hi

on the subject of credit ratings
my daughter has been refused her mortgage application due to bad credit rating

Deposit = 10k +
income = £6500 bursary (nursing)2nd year
no credit cards/store cards/ =no debt
no loans

The bursary is for living expenses not fees so why will the bank not consider this, one bank initially accepted that they didn't have any written rules to say that they couldn't accept bursary but final decision with under writers

Yorkie1

redflwr wrote: »

Hi

on the subject of credit ratings
my daughter has been refused her mortgage application due to bad credit rating

Deposit = 10k +
income = £6500 bursary (nursing)2nd year
no credit cards/store cards/ =no debt
no loans

The bursary is for living expenses not fees so why will the bank not consider this, one bank initially accepted that they didn't have any written rules to say that they couldn't accept bursary but final decision with under writers

Can I suggest you start your own thread rather than hijack another person's? It gets very confusing when 2 sets of answers are mixed up.

redflwr

Yorkie1 wrote: »

Can I suggest you start your own thread rather than hijack another person's? It gets very confusing when 2 sets of answers are mixed up.

HIJACK! im only new to this and I thought this topic was about credit ratings but if you think that I should start a new thread that's fine. May I suggest a more friendlier tone in your suggestions as people can make mistakes!

fuzzybear01

redflwr wrote: »

Hi

on the subject of credit ratings
my daughter has been refused her mortgage application due to bad credit rating

Deposit = 10k +
income = £6500 bursary (nursing)2nd year
no credit cards/store cards/ =no debt
no loans

The bursary is for living expenses not fees so why will the bank not consider this, one bank initially accepted that they didn't have any written rules to say that they couldn't accept bursary but final decision with under writers

My guess would be that the bursary is not enough (also it will stop at the end of her third year and the mortgage lender has no guarantee that she will have an income after this point). What was the mortgage amount she was looking for?

Yorkie1

redflwr wrote: »

HIJACK! im only new to this and I thought this topic was about credit ratings but if you think that I should start a new thread that's fine. May I suggest a more friendlier tone in your suggestions as people can make mistakes!

Sorry you feel this way. Hijack is a standard forum term but if you're new to forums you might not know this, nor that it's usual etiquette to start your own thread. I should perhaps have used to make it friendlier.

The point is that this thread now has answers to your question as well as answers to the original poster's question, so the risk is that the original poster can't find the answers to their question because of the confusion.