Mortgage Denied

axel132132

Hi,

I have been into Yorkshire Bank and have had a mortgage accepted, the mortgage is 109000 with a 15k deposit so 94000 mortgage, we were allowed to borrow 150k

We signed all the papers it all went through, even had the property we put the offer on accepted and the bank then went on and got us a valuation of the property which was 109,000 with a 130k rebuild cost so we had got this far, we have instructed solicitors etc.

York bank then rang me today to say my partner has defaults on her account which means we cannot get the mortgage. But yorkshire bank had incorrect details of mine saying i owe 2000 on a credit card which i dont and 16k on a car which is actually about 8k

We looked at her credit file and she had 2 defaults, 1 with o2 which was defaulted in 2012 and then paid and settled in 2014, she then has another one which is fraud of £707 defaulted again in 2012.

Do paid 'settled' defaulted things on your credit file still mean you cant get a mortgage? Because surely if you pay a default it is then not defaulted anymore and is settled. It comes up on equifax as GREEN SETTLED.

I ask this because if i then just pay the £707 for the fraud vodaphone that is on as defaulted. This will then make this 'Settled' - Therefore having no defaults but two settled defaults?

Would this mean that then i can get the mortgage because for the sake of 700 quid if thats the difference between a mortgage or not then we may aswell just pay it and have done with it.



On the other hand if a bank says you can have a mortage accepts it and then do valuations etc how can they then turn around a month later and say na sorry you cant have it? As it all went through and we signed papers.

So to round it up in brief if a default on credit file is paid, will this mean i can then get a mortgage

Thanks alot for your time and sorry for the essay.

Senior_Paper_Monitor

No it doesn't - find a broker, this one is not going to be easy.

Malmo

axel132132 wrote: »

So to round it up in brief if a default on credit file is paid, will this mean i can then get a mortgage

Thanks alot for your time and sorry for the essay.

Hi, defaults recorded with any of the 3 credit reference agencies (Experian, Equifax, CallCredit/Noddle) are adverse issues, irrespective of age and whether or not they are settled. Lender's appetite for these credit issues depends on their own lending criteria. Most high street lenders are likely to be off the table in your circumstances but you would be advised to see a whole of market mortgage broker experienced in sub-prime or adverse credit issues to see if they can place you with a lender that will take on a borrower with such a credit profile.

amnblog

If you are a borrower who insists on going direct to lender make sure you check your credit files for unexpected missed payments and defaults.


If you know you have missed or late payments on your record and still want to go direct to lender - think again!

aishaonline

amnblog wrote: »

If you are a borrower who insists on going direct to lender make sure you check your credit files for unexpected missed payments and defaults.


If you know you have missed or late payments on your record and still want to go direct to lender - think again!

If I had missed payments and defaults does that mean I have a slightly, if any , better chance of getting approved through a financial adviser or a broker?

Senior_Paper_Monitor

It means that a broker is far more likely to identify the correct lender that will accept your circumstances (in some cases they may also be able to sway acceptance by virtue of presenting the case favourably).

amnblog

if you have ever played 'pin the tail on the donkey' you have some idea of the chances of your picking the right lender without the help of a broker.

Vodafone

axel132132 wrote: »

Hi...

We looked at her credit file and she had 2 defaults, 1 with o2 which was defaulted in 2012 and then paid and settled in 2014, she then has another one which is fraud of £707 defaulted again in 2012.

Do paid 'settled' defaulted things on your credit file still mean you cant get a mortgage? Because surely if you pay a default it is then not defaulted anymore and is settled. It comes up on equifax as GREEN SETTLED.

I ask this because if i then just pay the £707 for the fraud vodaphone that is on as defaulted. This will then make this 'Settled' - Therefore having no defaults but two settled defaults?

Would this mean that then i can get the mortgage because for the sake of 700 quid if thats the difference between a mortgage or not then we may aswell just pay it and have done with it...

Hi axel132132,

If your partner would like me to take a closer look at this, ask her to email me with her details via the link in our profile here.

All she needs to do is copy and paste the link into her web browser and it'll take her to the Contact us form on our website. To make sure it reaches me, she'll also need to quote the code WRT135 - MSE in the subject line.

Once sent, she'll receive an automated reply with a reference number. Post back with this and I’ll check I've received it.

Kind regards,

Lee

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Vodafone UK

jadeburrow

Hi lee or whoever is Vodafone customer service rep now sorry to jump thread but I've emailed regarding this issue reference #9688295

Hi,
Where to begin! Almost 5 years ago my contract ended I emailed letter confirming leaving Vodafone to alternative provider and continued to receive a final Bill outside of contract ending period. The amount was around £20. After a couple of bills reminding final payment followed by a bailiff letter (the company couldn't even believe they had been involved for small and incorrect billing amount!) I eventually got Vodafone to remove and cancel - thought nothing of it.

End of last year I wanted to carry some credit over to a new 0% interest card and this got rejected due to bad credit rating, after checking report Vodafone flagged
Up as reason behind this. Contacted Vodafone again and they stated it had been removed..

Fast forward 3 months to present and we have applied for a Mortgage which we need to proceed urgently with as landlord is selling our home leaving us homeless and we have managed to buy our first home for our family. Mortgage in principle was accepted but then rejected full asking amount due to bad credit (again same Vodafone old incorrect Bill)

Now we have rang and spoke to every single country available to Vodafone customer service and nobody wants to deal with this problem. My account is even inactive so we luckily found an old mobile to get the number to gain access to our account to proceed. Eventually Vodafone contacted Experian and removed incorrect 'unpaid' credit charge, however our Bank still require a formal letter (not email) from Vodafone explaining it was Vodafones error yet we are unable to find anyone able to do this and email this document for immediate access to print or copy to bank.
Time is ticking and I am getting more and more frustrated that not one single member of staff can point me in the right direction and deal with this matter. It's cost me so much time and money ringing up to speak to people not to mention my wife and I worrying about our first family home for our daughter being rejected due to an error from Vodafone over £20 that wasn't even ours to pay in the first place!

Any advice?

Vodafone

Hi jadeburrow,

As promised in my email yesterday, I'll come back to you as soon as I have an update.

Kind regards,

Lee

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Vodafone UK