FTB - Mortgage application just been declined!

jo6526_2

zarf2007 wrote: »

ah ok, makes sense, in scotland the process is different.

but as i said, go for it, the searches will eventually drop off if you are declined, you have nothing to lose.

Youre right. It does mean bigger monthly payment (£130 more than we anticipated) and mortgage broker fee of £500 but I suppose at end of the day we want this house.

Now just the dreaded wait once the application goes in which now wont happen until monday.

kingstreet

On which version of his credit file(s) does the default appear?

How much was it? What were the registration and satisfaction dates?

Any missed or late payments in the last two years?

jo6526_2

kingstreet wrote: »

On which version of his credit file(s) does the default appear?

How much was it? What were the registration and satisfaction dates?

Any missed or late payments in the last two years?

Thank you for replying.

From my knowledge it is on Equifax and Experian (that’s the only ones we’ve checked)

The default was registered in 2010, part settled and deemed ‘satisfied’ In 2013.

No missed or late payments in the last 2 years.

kingstreet

Your broker should be checking all three CRA files to see if there is a potential advantage in using a lender which sources data from only one CRA and that does not show the default.

Registration in 2010 would be enough to satisfy a few lenders, but some will be put-off by the part settlement only taking place in 2013.

ACG

Georgiecoh - I think you are looking at the wrong lender...Could be wrong though but I dont think they do 90% LTV.

But on the face of it I think you fit criteria with the lender I have in mind and so would be pretty confident it would go through.

jo6526_2

Thank you kingstreet.

Will look into this. I think that's the issue partial settlement agreed by the lender but only in 2013.

I think we'll go down the route of 5.99% lender see if they accept our application.

jo6526_2

ACG wrote: »

Georgiecoh - I think you are looking at the wrong lender...Could be wrong though but I dont think they do 90% LTV.

But on the face of it I think you fit criteria with the lender I have in mind and so would be pretty confident it would go through.

Are you able to say who that lender is? That accepted 10% deposits?

Dave_Ham

Unless you have increased your deposit to 15% (85%LTV) then this is definitely the wrong lender.

The one offering 5.99% should be ok on the face of it, although they will scrutinise the application (more than the credit file) like Woolwich did.

The default you have was always outside of Woolwich policy, as you would additionally needed to have satisfied it in full.

I still fancy there could be a better solution than the goto lender you have been quoted here, although much will be in the detail. The default is a high value default, even if in the 3- 6 year category

Georgiecoh

ACG wrote: »

Georgiecoh - I think you are looking at the wrong lender...Could be wrong though but I dont think they do 90% LTV.

But on the face of it I think you fit criteria with the lender I have in mind and so would be pretty confident it would go through.

Very true - they only do 85% sorry

ACG

Dont worry, thats why we brokers have jobs

Sadly I cant name lenders but your broker sounds like they have the knowledge to get you a mortgage. Whether its the cheapest available is another matter, it seems me and Dave have similar views on this.