mortgage declined twice

loulougaga

hi advice needed please- brief history first
me and oh made bankrupt march 09 repaired credit file since and have really good scores on all credit files 985 plus -applied 95% mortgage and have £5000 deposit for £100,000 property
applied to halifax which agree aip of £166,000 and informed that mortgage approved-yey then infomed 3 days later declined when gone to underwriter.Broker appealed and then informed approved again yey then 3 days later declined again !!!
Any advice please as submitted everything requested?
Halifax was named in Bankrupty initially wonder if this is reason?

lee111s

A 95% mortgage after being bankrupt? Seems a little risky? I'd have expected lenders wanting a bigger deposit than that?

Thrugelmir

loulougaga wrote: »

Halifax was named in Bankrupty initially wonder if this is reason?

Quite possible. As a business the lender can choose who it wishes to conduct business with.

AndyBSG

BR isn't a complete roadblock to mortgages but it does make banks more risk conscious.

A 95% mortgage is seen as high risk in the first place so coupled with a historical BR you're always going to struggle.

Also, no mention of what your join income is so affordability could also be an issue?

A failed mortgage application is now going to make getting a mortgage elsewhere even harder so you may have to resign yourself to putting home owner plans on hold until you can come up with a bigger deposit(minimum 10% but 15% would be safer)

dustywarrior

In an ideal world, given your cirumstances you would want at least a 10% deposit to mitigate the risk to the broker somewhat. It's possible you can still get a mortgage at this point but it's going to be tricky and you need to speak with an independent advisor who knows what they're doing.

Whereabouts in the country are you based?

amnblog

If you left Halifax with an unpaid bill it is hardly surprising they will not consider you again.

Pixie5740

Those credit scores are a waste of money. You don't have a universal credit score. The credit reference agencies don't lend money making any "score" they generate for you pointless.

Lenders don't just use the credit reference agencies they also use their own records. So if you've borrowed money from a bank in the past and failed to repay they will still know about it.

superfast808

I tend agree with these sentiments about credit scores not being something financial companies look at.

My Experian score was a "lowly" 730 when I was accepted by a high street mortgage lender on a 90% LTV.