Mortgage Declined....

amnblog

Message for Dylan and other forum users.

If you have defaults on your file settled or unsettled, do not go applying direct to lender.

If you have defaults and your broker wants to run a dip with Halifax without seeing your credit file, then he or she is an idiot.

If have a profile like Dylan's above, and your broker gets you a dip with Halifax, expecting it to go anywhere, get a new broker.

chanz4

Why not pay the 7k defaulted account?

Jason_Bourne_2

amnblog wrote: »

Message for Dylan and other forum users.

If you have defaults on your file settled or unsettled, do not go applying direct to lender.

If you have defaults and your broker wants to run a dip with Halifax without seeing your credit file, then he or she is an idiot.

If have a profile like Dylan's above, and your broker gets you a dip with Halifax, expecting it to go anywhere, get a new broker.

What about historic settled defaults from 2010/2011 but with a 20-25% deposit? I can go 25%+ but trying to keep some savings.

I'm going through payplan (sorry if I shouldn't name them, will edit if required) brokers as that's who i did my dmp with, they've looked at my files and have a dip with Halifax (my mortgage lender for 6+ years).

They're extremely confident this will go through but I must admit, I have been worried.

amnblog

Jason_Bourne wrote: »

What about historic settled defaults from 2010/2011 but with a 20-25% deposit? I can go 25%+ but trying to keep some savings.

I'm going through payplan (sorry if I shouldn't name them, will edit if required) brokers as that's who i did my dmp with, they've looked at my files and have a dip with Halifax (my mortgage lender for 6+ years).

They're extremely confident this will go through but I must admit, I have been worried.

A DMP?

Are you in the position of having a decision in principle but not having submitted a full application.

piedmontboot

Just a quick question. We've applied for 90% with Santander, so would imagine that the credit scoring is quite tight.


We have been considering a new build under help to buy 1 (equity loan).


if we were to apply for 75% or less under this scheme, is the credit scoring from any lender likely to be less strict? Or would they still look at the application as a 95% mortgage?

Jason_Bourne_2

amnblog wrote: »

A DMP?

Are you in the position of having a decision in principle but not having submitted a full application.

Was in debt management plan for 3 years. Finished this 15 months ago, all debts satisfied then. Most recent default date was June 2011, the rest are all April - June 2010.

Have DIP, full application started on Friday.
They say all defaults etc were declared at DIP stage, and going by their experience with Halifax this will be a successful application.

Dave_Ham

You have no chance of getting a mortgage with Santander, absolutely none

Your credit history does not preclude you from possibly achieving finance, even at 95 percent but unlikely to be highstreet and as I said certainly not santander

piedmontboot

piedmontboot wrote: »

Hi I'm hoping for some advice if possible please.


Myself and partner completed a dip with Santander on 26/03 (in branch) and received an accept decision. After asking on more than one occasion, the advisor assured us that the mortgage was all agreed subject to valuation.


We then went house hunting and had an offer accepted. We completed the full application Saturday just gone, and paid the survey fee. The advisor then said he would transmit the application on Tuesday.


I chased him today for an update, he told me that the mortgage had been declined when trying to submit it....


Property value: 248k
Mortgage amount: 223k


I have 2 defaults as follows so would assume that they are the reason, but unsure why this wasn't identified as an issue at dip?


Default 1 - 03/2010 - £10,600 (vw finance)
Default 2 - 06/2012 - £560 (capital one)
Both were satisfied within 3 months of defaulting


Salaries are £42,950 & £22,000
£40 per month on sofa and laptop finance
£500 credit card balance
No other debts and clear history except the above.


The only thing I can think of is that I had a Natwest card balance of about £1100 (used to pay for wedding stuff) that I declared on the dip in march, but has since been paid off in full.


Advisor at Santander says he is appealing, but I don't hold out much hope.


Can anyone offer advice around what next we can take and whether we're likely to be able to get a mortgage with anyone?


Thanks

Had a call today and its now agreed subject to seeing 3 months bank statements. Quite surprised!

Dave_Ham

I am astonished, but not yet offered.

Please have a contingency plan

amnblog

Dave_Ham wrote: »

I am astonished, but not yet offered.

Sounds as unlikely as the SNP gaining a seat in Surrey!


But then again, when you don't know the case and only have selected information from the OP - perhaps there is more to it.