Declined at the first hurdle!!! help!!!

Vik1810

So myself and my partner attempted to apply for our first mortgage today (DIP) and unfortunately was declined. The broker then asked for our credit reports as it was the credit score we failed on. on our credit score we are both 970 something, and scoring excellent. however my partner has a defaulted account from 2010 of £500 which we were unaware of. the broker has told me we have no option but to pay the account (goes without saying) and then reapply in 'a year or 2'.

As you can imagine I am completely deflated. We have been saving hard for a while and have 32k deposit and collectively we earn 75k per annum. I really would be grateful for any advice as to what we should do next. Surely there must be something we could do other than wait 2 years.

Kind regards

matttye

You could ask your broker to look for another lender who would accept you as you are.

This really highlights the importance of checking your credit files before any important financial application.

In the meantime, look into whether the default is actually valid. If not, contest it. Also, carry on saving as you're more likely to be accepted with a higher deposit.

ACG

Ignore your broker and find a new one!
A 4 year old default is not enough to prevent you getting a mortgage (satisfied or not).

Senior_Paper_Monitor

Broker has not covered him/herself in glory in:


1) applying without seeing your credit reports first


2) the subsequent advice (assuming the reported content is accurate)


... I'll go with ACG's advice on this one.

californiagirl

If you don't think the default is valid, definitely contest it. My husband and I had a similar thing last year when we remortgaged. His record showed a default from a couple of years ago that was totally false. We wrote to the bank to ask why it was there and ask that they remove it from his credit file immediately and they did. Two months later it cleared from the Equifax file and the mortgage went through fine.

Thrugelmir

Vik1810 wrote: »

however my partner has a defaulted account from 2010 of £500 which we were unaware of.

Whatever the reason behind the debt you need to get to the bottom of the matter.

amnblog

My colleagues ACG and SPM are right.


Does your broker happen to wear a big red nose, long shoes and a flower that squirts water?