Mortgage declined

crowy68

Thrugelmir wrote: »

Scores have no value and no relevance.

so whats the point in getting a report ?

Fizzy11

Your credit files are the most important thing forget scores & numbers.

This is not the end of the road. Your Broker will be able to understand the printouts & where you go from here. Instead of rushing at 100 miles an hour get your credit files to your broker. Being declined isn't the end but maybe the loan was unaffordable but that only means with that lender.

Fizzy11

Did you declare all the credit cards that you both have regardless of balance? Did you declare the stuff with MBNA? These things are very important to lenders. You must never hide anything as it always comes out.

pookied87

Go on to Santander for intermediaries.
And go on Mortgage lending Criteria and see more in depth.
See if it can answers any of your questions. It also states they do use your credit report, so if one's is excellent I should imagine its something else:) And also as soon you apply for credit jointly you and your partner become financial associations so her score or report financial history can affect you applying for credit etc.

crowy68

Yea I explained everything to him, he just told me to apply for a credit rating. I had an agreement set up with MBNA and continued with those payments till I paid it off in full about 8 years ago.
The broker didnt ask me about credit cards, store cards ect ??

Fizzy11

Did the broker charge you up front? Without knowing about your debt he wouldn't have been able to check the affordability calculator for Santander.

What did the broker tell you to do after the decline decision?

crowy68

No he didnt charge up front. He rang santander and asked if they would tell me why declined, they said no, he told me to get a credit report and get back to him.

It says on santander website if you have ever had one of these dont apply individual voluntary agreement . . is that what I had ??
If so should that not matter after 6 years
Confussed

Fizzy11

I'm not a broker but I've worked in this industry for a long time. He will check your credit file printouts for both of you ( not the score). Then if they show nothing amiss it is down to you at your age having no credit however if you've already had an offer accepted on your house you don't have time to apply for credit cards & all that malarkey. There are small building societies that do credit searches completely different to scoring. The credit search will establish that you are a good credit risk then bingo application in, mortgage offer then new house.

Do not go applying for credit tonight tomorrow or tomorrow night. Get those credit files printed & drop them off with your broker asap.

pookied87

Agree with fizzy! Forget Santander and move on.. your MA will definitely know where to go just follow everything he instructs and your get there..smaller building societies will most probably be the case after one decline..

crowy68

What classes as a smaller one. We are going to see Cheltenham and Gloucester this week ?
I wasn't particularly happy with the advisor, I have a new one to contact, should I see him before we go to the appointment ?
Thanks for all this help