Single mortgage application rejected due to husbands credit rating

kae2016

Hi,

I am new to the site, so thank you for taking the time to read my thread.

I was wondering if anybody could offer some advice.

The Situation;

My wife applied for a mortgage in her name through a broker with accord mortgages, due to her credit rating being excellent, mine however has two settle defaults dating back to 2011 which are due to clear next year, i currently have no outstanding debts or loans, So our thinking was it would be easier just to obtain a mortgage in my wife's name as she could easily afford the mortgage just on her salary alone with a 15% deposit.

As i am not on the mortgage application i wasn't aware that i would be credit checked too, and as a result the mortgage had been rejected by the mortgage underwriter, my wife then decided to appeal against the decision and are waiting to hear back, but having done some research my understanding is an appeal rarely goes in favor of the applicant? so fingers crossed on that one.

Questions;

Can anyone please offer any advice regarding our situation, on what our options might be? or if any brokers that might specialise with our type of situation, any recommendations?

Can a single mortgage application be rejected due to a partner who is not even on the mortgage application?

Also are default's taken into account from the date defaulted, or are lenders more interested in the settled date of the default?


Thank you for taking time to read the above

Thrugelmir

kae2016 wrote: »

As i am not on the mortgage application i wasn't aware that i would be credit checked too, and as a result the mortgage had been rejected by the mortgage underwriter,

Two issues. Firstly, part of the deposit is yours so you have a financial interest in the property. Secondly, as you are married, then as far as the lender is concerned you are a financial dependent of your wife's. Which may impact affordability considerations.

As you aren't named on, nor signed the mortgage application then you personally have no right of appeal. As there's no relationship between yourself and the lender.

Joy_mate

experienced and efficient broker is only way.

csgohan4

You need a broker who deals in adverse credit,


mortgages now a days are not just based on being able to afford the mortgage now but affordability taking into account everything as well as stress tests to see if you can afford higher interest rate in the future.

Sunshine53

Get in touch with finance advice centre. We recently got a mortgage offer when we really didn't think it was possible right now due to adverse credit in the past.
They have brokers that specialise in this area.

Dave_Ham

Be very careful here, as your situation should not be too difficult for anyone experienced.

A trusted broker is the only way to go, as the saving on the potential solution should outweigh any broker costs.

Be mindful Accord do tend to be incredibly competitively priced and therefore the solution may be marginally more expensive from there.

Best of luck

kae2016

First of all i would like to say a big thank you to everyone that has commented on my post it has been a great help and very much appreciated.

update on the situation, the initial application was rejected, however my broker has spoken to the senior mortgage underwriter who dealt with the case, and now we have been told that if we do a joint application there is a very good chance of being accepted due to my defaults being issued a while back. So hopefully some good news soon.

Thanks again

Dave_Ham

Not sure that is typical of our experiences with Accord, although wish you the best of luck