Mortgage declined.....then approved....!

Ashan55

Has anyone had a mortgage declined due to bad credit/finances and then re-applied a year after and got approved?

What steps did you take to get approval? did you apply via a broker? is it true you should wait 6 years after last default to re-apply?


Advice would be great.

kingstreet

We've just had a decision in principle declined, waited for an IVA to drop off the client's credit file and reapplied to the same lender and got an accept about two weeks later.

You don't have to wait until six years after a default is registered. That's the point it falls off your credit file. Some lenders will accept a bit of old/historic adverse more than three years old.

tonyranks

i waited till everything dropped off, got a car loan and got accepted no problem

yes some companies do accept old history but you will pay more for your mortgage, but not always, something to bear in mind