first time buyers, mortgage declined, feeling stressed

c.redfern

We are first time buyers, we wasnt looking at buying for a while but found a house cheaper than what we was saving for and really liked it so decided to go for it. The house is £110,000 we are putting down a 10% deposit. Other than my car finance we have no monthly payments as everything else is payed of, although dont show as closed yet as apparently it takes a couple of months. These are on my partners side of things. We earn £45000 a year between us. We went to see a mortgage advisor who said our affordability was great and he found the best deal through coventry building society. They declined us though on the basis of past loans so we were advised to appeal this with evidence that they are all paid of but they still declined us, the mortgage advisor was shocked by this. So he is back to the drawing board tomorrow. In the mean time im sat here feeling like no one is going to approve us and worrying that the more applications he does the more likely it is we will get declined. The sellers of the house want a quick sale so we really need to get going but i feel like everyone is just going to say no. Please someone tell me different. Sorry for going on just feeling very worried about no one excepting us and needed to let it out. Thanks for reading

kingstreet

Everyone isn't going to say no.

c.redfern

But the more people that get applied to and decline us the more others are likely to then decline as it leaves a print on your history which is worrying me. Im just rather stressed with it at the moment

kingstreet

No. A search may be recorded, but there is no record of a decline visible to other lenders.

betmunch

They declined you on past loans? That doesnt sound right to me.
was it due to missed payments on the loans? or just that you had them?

Have you checked your credit files already? Or just assumed everything was fine?

c.redfern

It was because of the amount that they mounted to that they was uncomfortable about. He took out a big loan for his mum and dad to help them out that they payed him for each month, plus two car finances, mine that ended in january and then his which we payed of this month. No payments ever missed

betmunch

If thats the case then dont worry there will be plenty of other lenders to go to.

Your advisor should come back to you shortly with the next best option

c.redfern

Ok ill try not to worry to much i just dont seem to be able to stay level headed at the moment. I was told that it would leave a mark each time a company is applied to and declines you, thats why am worried about that.

kingstreet

Yes. The record is a credit search and brokers don't leg it up and down the high street having multiple speculative searches carried out.

Your broker may have had a bit of a wake-up call from this decline, but you should be able to trust them to ensure the case is properly placed with the right lender next time...

c.redfern

Fingers crossed he comes back to us soon with someone that will except us, i see now why they say buying a house is one of the most stressful things

mistakehappens

Hello redfern

Why don't you try Tipton and coseley building society, I have personal experience with them and they even gave me a mortgage with a credit default of £2000 plus i dont even have a british passport and only got limited leave to stay in country on a work visa.

the other best thing is you dont need even a agent to go with them and can approach them directly like i did and save the agent fees. Their rates are pretty low as well.

goodluck