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Blip in buying process
LukeC1978
Posts: 7 Forumite
Hello I was hoping someone could help us please?
Weve had an offer on a house accepted and we are first time buyers.
We went to see our independent mortgage advisor on Thursday 1st Sept and the process was put in full speed to get the mortgage arranged with Santander.
On the friday we received a phonecall saying it had been declined because of something on my wifes credit check?. We took out a report and mine was excellent but my wifes was sitting at fair with one default from HSBC back in July 2010.
We remember her having problems with her old account from back then as a year or two earlier as she wasnt earning as much as her overdraft was so HSBC handed it over to metropolitan a debt agency. They contacted my wife in 2010 and asked if she could pay the 1k balance in full or over a period of time.
We couldnt at the time so chose to pay it over time.
Now our advisor has said we would need at least 10% deposit to go to the lenders with and even then its not guaranteed and we want to protect our credit from any hardprint checks again. Weve managed to get to 9% but unless i can sell organs cannot get any more.
Weve since been into our bank today (Natwest) and they have booked us in to see the advisor on Thursday and they also claim that they can easily appeal any decision as they can see our financial status and have done since 2012 when we joined them.
Sods law now crops up that the vendors have found a house with no upward chain so theres only us and them in the chain so ots likely to move quickly and im worried we wont have time.
Natwest have told us they can give us just as good a rate as an independent advisor can too??
Does anyone know how long it would take Natwest to appeal the initial decision to get the mortgage approved?
Weve also been told we may have to try a lender called accordia does anyone know how high their interest rates are?
Im also worried about the time scale with the agents and the vendor.
Metropolitan are sending us a letter stating they are satisfied with the way the debt was paid off and that they are satisfied its now closed.
Can anyone offer any help or advice please, were getting really stressed from it.
Weve had an offer on a house accepted and we are first time buyers.
We went to see our independent mortgage advisor on Thursday 1st Sept and the process was put in full speed to get the mortgage arranged with Santander.
On the friday we received a phonecall saying it had been declined because of something on my wifes credit check?. We took out a report and mine was excellent but my wifes was sitting at fair with one default from HSBC back in July 2010.
We remember her having problems with her old account from back then as a year or two earlier as she wasnt earning as much as her overdraft was so HSBC handed it over to metropolitan a debt agency. They contacted my wife in 2010 and asked if she could pay the 1k balance in full or over a period of time.
We couldnt at the time so chose to pay it over time.
Now our advisor has said we would need at least 10% deposit to go to the lenders with and even then its not guaranteed and we want to protect our credit from any hardprint checks again. Weve managed to get to 9% but unless i can sell organs cannot get any more.
Weve since been into our bank today (Natwest) and they have booked us in to see the advisor on Thursday and they also claim that they can easily appeal any decision as they can see our financial status and have done since 2012 when we joined them.
Sods law now crops up that the vendors have found a house with no upward chain so theres only us and them in the chain so ots likely to move quickly and im worried we wont have time.
Natwest have told us they can give us just as good a rate as an independent advisor can too??
Does anyone know how long it would take Natwest to appeal the initial decision to get the mortgage approved?
Weve also been told we may have to try a lender called accordia does anyone know how high their interest rates are?
Im also worried about the time scale with the agents and the vendor.
Metropolitan are sending us a letter stating they are satisfied with the way the debt was paid off and that they are satisfied its now closed.
Can anyone offer any help or advice please, were getting really stressed from it.
0
Comments
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Why would Natwest have to appeal when the mortgage application was with Santander?0
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You're broker should have viewed your credit reports before applying to anyone. I'd bin them.
Natwest may claim they can offer the best deal but they have zero way of knowing this as fact.
If it were me i'd be finding a good independent broker and taking that route. Disclosing all the relevant information obviously.0 -
Are you looking for an AIP from Natwest? If so, this can take minutes.
A full mortgage application will take a little longer but we are currently applying wirth Natwest and most cases are being approved in less than 2 weeks?0 -
Sorry i meant we have an appointment with Natwest to try for a mortgage, they said theyre advisors can then appeal it if they turn it down?.
Our independent advisor is normally good but didnt ask us to do a credit report first. This is now one hardprint on our file.
Not sure what an AIP is bri?
Just waiting on what the advisor says tommorow when she rings us, im just worried itll be a mortgage with accordia but the monthly mortgage payments are massively unnafordable even with a 91% mortgage0 -
0
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Oh yes sorry, yes weve had one in principal. We had one from santander but the problem occured when our advisor went to put it through.0
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The question was are you looking for an AIP from NatWest. It doesn't matter what Santander said in the past as they have now turned you down, forget about them.0
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Update everyone, we had an AIP from natwest so went ahead for the full hard footprint check and got accepted with a lower rate. We put 15k forward on a mortgage of 175 however the details say loan to value is 95%? Is this because the deposit doesnt quite take it to 90% so they round it up?, weve been given their rate of 3.81 fixed for two years 4% variable after.0
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Well done for getting the offer. They may well do their rates in bands, so they've put you in the 90-95% rate band. Is there any way you could come up with another £2500 to see if that would put you on a lower rate?0
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I wouldn't trust Natwest saying they have the best offer. As mentioned before, your mortgage broker should have done more checks. Unless you've already payed them a substantial amount of money, I would suggest going for a new mortgage broker. Even just having a talk with one of them may be able to help you out.
Good luck, hope it all goes well!0
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