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Mortgage declined due to partner

2

Comments

  • kazzymac_2
    kazzymac_2 Posts: 123 Forumite
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    edited 8 April 2015 at 10:39AM
    Pixie - no we have no joint accounts currently open.
    We had a joint account for about a year in 2011 but this was closed well before the bankruptcy.
    2025: 52 wk envelope challenge #8
  • kingstreet
    kingstreet Posts: 39,350 Forumite
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    Have you had any financial associations with him removed from your credit files using the disassociation process?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kazzymac_2
    kazzymac_2 Posts: 123 Forumite
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    edited 8 April 2015 at 11:32AM
    I obtained my credit score from Experian yesterday - 999/999
    There are 5 financial associations with him that do relate to the joint account in 2010 - I should remove these but this will be too late for this application.


    The broker has come back to me and they are going to try Natwest - fingers crossed!
    2025: 52 wk envelope challenge #8
  • Malmo
    Malmo Posts: 710 Forumite
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    edited 8 April 2015 at 11:52AM
    There are 5 financial associations with him that do relate to the joint account in 2010 - I should remove these but this will be too late for this application.

    I think herein lies part of the reason for the decline. Your partner's adverse credit history will directly impact your application due to the association, which can be seen by lenders, irrespective of the joint account's status.

    Also, the Experian score is irrelevant as it is only visible to you and Experian, not lenders. Lenders use their own criteria to score you and you do not have a universal credit score in the UK.
  • kazzymac_2
    kazzymac_2 Posts: 123 Forumite
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    I agree - this is a lesson learned and I am kicking myself for not realising this sooner. So will download the form today and arrange for this to be removed.
    2025: 52 wk envelope challenge #8
  • kingstreet
    kingstreet Posts: 39,350 Forumite
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    You'll need to do it with all three CRAs.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kazzymac_2
    kazzymac_2 Posts: 123 Forumite
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    Just completed the Experian form. I am assuming one of the other CRA's are Equifax - who is the other one please?


    I have heard from the broker that the AIP for Natwest has been approved but they are not including the £15k as a gifted deposit meaning that the LTV value has increased.
    2025: 52 wk envelope challenge #8
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    kazzymac wrote: »

    I have heard from the broker that the AIP for Natwest has been approved but they are not including the £15k as a gifted deposit meaning that the LTV value has increased.

    Has the gifted deposit been ignored by the broker?
  • kingstreet
    kingstreet Posts: 39,350 Forumite
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    kazzymac wrote: »
    Just completed the Experian form. I am assuming one of the other CRA's are Equifax - who is the other one please?
    Call Credit.

    If the broker has done an AIP with NatWest using the lender's website, it's just a soft-search and not as reliable as one done using MTE which is a full search.

    TBH the nuts and bolts of this case are more to do with it being underwritten than the initial submission process.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kazzymac_2
    kazzymac_2 Posts: 123 Forumite
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    Thrugelmir wrote: »
    Has the gifted deposit been ignored by the broker?

    Yes this has been ignored. So instead of a £40k deposit I am only putting in £18k (money held in my bank account).
    2025: 52 wk envelope challenge #8
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