Mortgage declined

crowy68

Hi all,
Looking for some advice please.
I am looking for a mortgage with my girlfriend, we went today to see a broker. We have a £100,000 deposit and only looking for a £60,000 mortgage. The broker tried with santander and it came back declined. They wouldn't tell me who or what it was for. I previously had debts with MBNA which the citizen advice set up an agreement so I could afford the payments. There were no courts or bailiffs involved. I came into some money about 8 years ago and cleared all the debt in 1 payment. I have had no debt since or even a credit card. I have just done a credit check on noodle and come out 5 out of 5. My girlfriend has never had any debt.
So why would I have been declined and will I be able to get a mortgage soon as we have agreed a sale on ours and been accepted on another property.
Thanks for reading this ( hope it makes sense)

Rollinghills

Did the broker offer any explanation? It does sound a bit strange, I'm no expert though.

Do you have good address history, ie. on electoral roll at all locations? What is your combined income?

19lottie82

First step would be to get credit reports for both of you and see what they show. However you said you have had no credit in the last eight years, and your girlfriend has never had any debit, so I'm guessing this could be the problem. Lenders like to see a history of being able to borrow money responsibly.

crowy68

Yea we have a good address history only 3 for me in 20 years and 2 for my partner. I was there when the broker spoke to the bank , offered to put me on put they wouldnt pass any information. Our combined income is over 30k.
How acn we change the having no debt, though she has had a mortgage which she has never missed.
Is noodle reliable ? Could it still be my debt thats causing the problem ?

enthusiasticsaver

Why did you go to a broker? Why not go direct to a bank or building society, preferably one you already have a relationship with. If you have no debt and have a 5 rating it does sound strange. You could try one of the other credit rating agencies to see if anything is flagged up - Experian or Equifax.

Kittycat1981

Maybe go with a different broker, - get a statutory copy of your credit report from all the CRA and then book an appointment with an independent broker.

If your other half has a mortgage already- what are the chances of approaching the current lender?

stator

Don't rely on noodle alone, get the other two credit reports and have a look at what's on there.

It would be good to have a credit card that you use responsibly, pay off every month.

Was the bank you applied for a mortgage with one of the banks who you owed money to in the past?

crowy68

It was just somebody I know, and thought they would get me the best deal ? Is that not true ? Should I try the Halifax ?
Im worried now ill get declined somewhere else and that will keep building up against me !
I have also applied with Experian but have to wait for a pin to be sent through the post, and really wanted to get things moving !

Red-Squirrel_2

crowy68 wrote: »

Yea we have a good address history only 3 for me in 20 years and 2 for my partner. I was there when the broker spoke to the bank , offered to put me on put they wouldnt pass any information. Our combined income is over 30k.
How acn we change the having no debt, though she has had a mortgage which she has never missed.
Is noodle reliable ? Could it still be my debt thats causing the problem ?

If your debt was cleared 8 years ago, it won't be that, defaults etc. drop off after 6 years.

19Lottie82 is right though, with no credit accounts there's nothing to show the lender that you are capable of paying on time and keeping your credit commitments.

A lot of people use a basic credit card (often with their own bank at first) to build up a positive credit history by putting a few purchases on it each month and then paying it back in full when the statement arrives.

Are you both on the electoral roll at your current address?

crowy68

No its wasnt, unless MBNA was part of Abbey.
Yes we could approach them, Im thinking that might be the best option.

crowy68

We dont currently live together but yes we are on the roll. She has store cards which are paid regular.