declined mortgage twice! HELP

winnie21

Hi,

I would like some advice please.....

On the 2nd Feb 2015 my partner and I applied for a mortgage through a MA with Virgin Money......we got declined:(, my MA rang Virgin Money to see why and they wern't obliged to tell her why, so I gave her my permission to look on our Experian, and she gave us a list of things to do before appling again.

My banks Barcleys and HSBC have been brilliant, Barcleys where even able to experdite information being sent to credit reporters as its for a mortgage application and I now dont have any negative points on my Experian report. My partners bank Lloyds on the other hand have been complete nightmares! the negatives on his credit report was that he needs a settled account and more credit, so I did a balance transfer with Barcleys as they offered more credit and would give him a settled account and he needed a older credit account on his file, so I requested to Lloyds that his settled credit account and his current account be sent to credit reporters, (I thought this wouldn't be a problem as Barcleys was able to do this for me) I've been fighting with Lloyds to do this now for nearly a month!!!!!! Experian and Lloyds keep giving me different dates that infomation gets sent from the banks, I'm waiting to see if it will be the end of the month......does anyone have any infomation on when information from banks get sent to credit reporters?

Since the 2nd of Feb we have had to put in a offer with the house we want as another offer was put in, still awaiting for a definate yes but I think our offer has favoured the other. So I really need a mortgage, my partners previous address is a bit confusing and the postcode differs, my MA thinks this could've been the problem so she applied again jiggling the address around and we still got declined. After looking on Experian (who virgin money use) they have the different postcode on file, could something this little be the reason why we got declined?

My MA wants to wait until my partners Experian is updated and then we'll try and apply with Virgin Money again and put the postcode in that's on file with Experian.

Im being chased now by the estate agents for our position, so we are in desperate need of a mortgage, any advice would be much appriciated.

Kind Regards,

andyfromotley

You're paying a MA. Do what they suggest would be my only advice.

amnblog

Sounds like you are trying to massage the Virgin credit score upwards.


Why not just go to another lender?

winnie21

hmmmmm, but should we have been declined twice if she knew what she was doing?

winnie21

thats what I think amnblog, but my MA is insistant we stick with them, I just want a mortgage in place!

betmunch

winnie21 wrote: »

thats what I think amnblog, but my MA is insistant we stick with them, I just want a mortgage in place!

Why on earth would the current MA insist otherwise!!!


Take control, they are not getting you the mortgage you need. Its either because they are not doing something right, or because your credit file isn't sufficiently strong enough to get the mortgage.


You have now made the offer so you cant be waiting around for your credit file to come good, so get the current MA to give a solution or find someone that will.


I know what I would be doing with a client suffering like this, no hesitation.

winnie21

Thanks Betmunch, my worry is that I don't think my MA is very experianced, she was advised to me from the estate agents that the house I would like is with. Its been advised that we wait until Monday to see if my partners Experian has been updated, if not I will be kicking some butt with my MA!

Thrugelmir

Balance transfers suggests there's some debt lurking. The decline may have something to with your overall financial position.

Lenders have their methodology of scoring you. Balance transfers if anything are negative.

Yorkie1

winnie21 wrote: »

Thanks Betmunch, my worry is that I don't think my MA is very experianced, she was advised to me from the estate agents that the house I would like is with. Its been advised that we wait until Monday to see if my partners Experian has been updated, if not I will be kicking some butt with my MA!

Generally speaking, MAs in Estate agents often are not very experienced, as you say, and do not have access to the full range of products / lenders on the market.

They can be OK for straightforward applications but can struggle where there are complications. She should have asked to see all of your credit reference reports before starting.

I'd be tempted to go elsewhere.

ACG

A lot of the things you have said make me think your broker is not particularly good.

Doing a balance transfer to get a negative comment off your credit report for instance - pointless. All your doing is moving the debt, so its still going to be an issue.
Being given different dates for updates on the report - thats correct because different companies update on different dates - why has your broker not been able to answer this?

I would suggest speaking to another broker, one who might request to see your credit report before even making an application.

Sparx

Ditch the MA and find your own reputable one locally or online.