mortgage declined 😭

Jason_Bourne_2

*feisty*fairy* wrote: »

Hi all, looking for some advice please. We currently have a Halifax mortgage, have just accepted an offer on our house and had our offer accepted on another. We have just done an application on the phone and its been declined. We have had this mortgage nearly 12 year, never missed a payment etc, no credit cards, loans etc but are in a debt recovery plan that we have been in for a few years and are paying bacK. This was due to credit cards and a loan that we consolidated through the payment plan and have already paid approximately half back and never missed a payment. Im absolutely gutted, this is the house of our dreams, the mortgage we applied for is less than ours at the moment as we have equity in this house to put down as a deposit so we dont understand why they've declined. Is all lost??? Is there another company we can try?? We are distraught, this was going to be a whole new life, new house, area everything. Please can anyone help??? :(:(

You've failed to meet your credit agreements and still haven't satisfied them, that's why you were declined.

Forget the scores on the credit report, it's the content that matters.

somethingcorporate

There will always be another house....

*feisty*fairy*

I dont want another house, we need this move, we are in a house thats too small and we have worked hard to get this, our house is practically sold and we need this!

*feisty*fairy*

So what do you suggest please? I'm beside myself....

*Kat*

*feisty*fairy* wrote: »

I dont want another house, we need this move, we are in a house thats too small and we have worked hard to get this, our house is practically sold and we need this!

Feisty, I know it's hard to hear, I am in a similar position where I'm worried that I will be declined We have to stay positive right now. Don't panic, have you spoken to a broker? You need to see what your credit report says and then let your broker see it.

They'll be able to advise on lenders that will consider your application based on your rating.

*feisty*fairy*

According to equifax we defaulted, but we have this dmp which is paying everything off?

In_For_A_Penny_2

*feisty*fairy* wrote: »

So what do you suggest please? I'm beside myself....

I know it's stressful but I suggest you take a step back. Nothing will get resolved tonight - sleep on it and speak to a broker tomorrow.

*feisty*fairy*

I feel sick...

*Kat*

*feisty*fairy* wrote: »

According to equifax we defaulted, but we have this dmp which is paying everything off?

Just breathe, try and calm down (I know it's very hard, I'm struggling too!) Contact the company who added the default tomorrow morning and see if you can sort it out.

If not, speak to your broker, inform them of the situation and see what they say. *hugs*

KRB2725

There are people on here that know way more than me about everything, but my understanding is that if you have a DMP then you have defaulted on the agreed terms of the initial credit agreement which is why there will possibly be a default(s) on your file.

I hope that you manage to get something sorted with your mortgage.