Turned down at BM Solutions & Mortgage Works!! Help please

danielonline87

Hi people.


I was approved for a mortgage with BM Solutions 4 weeks ago. All was ok and I passed both decision in principle and then the full application. I was waiting on a value on my house (paid off) to raise funds on the new house. I did not hear anything so I contacted them for a update, I was then told sorry we have just declined your application. I was like errr why and they said we found adverse credit on your file. Now to put you in the picture yes I did have bad credit however now I don't. My credit file is completely clear since December 2014 and nothing bad shows now. I was never bankrupt however signed a trust deed in Scotland over 6 years ago. Upon asking them they informed me to check Experian to which I have and nothing is on it!! My score is 942 out of 999.


When they declined me I tried the mortgage works and guess what the same thing happened 2 days after I got a decision in principle.


Where are they getting this information from? I have nothing on my files and its bugging me because I have worked very hard to get my life sorted. I have agreed to buy a house as well and I cant complete the sale at present!!


Help please.

Thrugelmir

Did you declare the Trust Deed on your mortgage application form?

Westminster

You only mention experian - do you have callcredit and equifax too?

If you do - then is there any reason why you think you might be on the radar of these people: http://www.nhunter.co.uk

ACG

A trust deed is a form of insolvency and is similar to bankruptcy (thats my limited understanding as I dont really do mortgages north of the border).

Ignore your credit score, it really is worthless.

You have bad credit - that is without doubt.
You need a broker to have any realistic hope of getting this through.

Forget trying to get this through on your own, its not going to happen. I suspect a lot of inexperienced brokers will have some difficulty with this also.

danielonline87

No it was not mentioned as it was not asked.

My other files are clear as well.

I now need a mortgage which is smaller for a different house due to buy to let out the question. I want a residential based on a borrowed amount of 50000 (house price 76000 with deposit of 26000)

Who should I turn to? Surly someone would take me on residential?

Thanks.

Westminster

See post #4

GMS

Do you own a residential property currently?

danielonline87

Yes I do. It has been paid outright and I plan to lease it out as financially I am better off due to the rental market being great where I live.

Mortgage_Mark_2

BM Solutions and TMW are introducer-only lenders - what did your broker say about these applications with the previous insolvency issue?

ACG

TMW you can apply directly, I think you can with BM also but I could be wrong with that.

danielonline87

I don't know what he wrote on the application. Can anyone advise on a suitable company to lend me a small residential considering past money issues.

Any suggestions would be very helpful to me.