Mortgage rejected

Bex888

Hello

My husband and I currently have a mortgage with Halifax which we have had for 3 years and never missed a payment.

Back in August we decided we wanted to buy a newbuild so we went to Halifax and they gave us a mortgage promise. We were waiting for the newbuild to be released so we did not apply fully for the mortgage.

Fast forward to November and the newbuild was released. This time we went to a mortgage broker to get better rates. We got an agreement in principle from platform but because the mortgage offer only lasted 6 months and our move in date is August we could not proceed. We then applied with skipton at the start of December and we have been rejected.

We had around £10,000 on a credit card and we were late paying in November by around 3 weeks. Our mortgage broker has looked around and said that he does not think anyone will lend to us because the late payment is so new!

Can anyone give me advice on how long we will need to wait before we will be approved for a new mortgage? Do you think I should try Halifax again? I don't want to keep applying for mortgages because that will show on our credit rating.

We have cleared the £10k debt on our credit card with a family loan which we will pay back with the money from the sale of our house.

Any advice will be really helpful. I am sick with worry about this. It is looking like we will lose our dream house but I am also concerned we won't get a mortgage at all!

Thanks

amnblog

Why were you late making a payment of around £300 whilst in the middle of a mortgage application?

What can be done now depends a great deal on how much you are looking to borrow and how much deposit you have.

What is your current broker doing now?

Bex888

It was late because we both thought the other person had paid it.

We want to borrow £177,000 and have a deposit of £40,000.

He basically said no one would lend to us and we should try again in around six months times. He didn't offer any other advice which is why I am on here.

amnblog

I suspect he is wrong. You need a new Broker.

ACG

If that is the only issue, I agree with amn, there should be other lenders. Skipton are a funny one, I quite like them but occasionally they can get a bit tied up with the smaller details. Not that I am belittling a late payment on the month you make an application but it is not major in the grand scheme of things.

Thrugelmir

Lenders may wonder how £10k of debt suddenly vanished.

amnblog

Thrugelmir wrote: »

Lenders may wonder how £10k of debt suddenly vanished.

I suspect not. People clear debt all the time. Often family helps.

Bex888

Thank you for the advice. I think I will go back to Halifax and see if they will lend to us.

if they do not lend to us how long should we wait before applying again?

amnblog

Do not go back to Halifax. You need a new Broker.

kingstreet

We had a client who did this recently.

We got all three credit files, found out the card was not visible on one and used a lender which sourced data from that CRA alone.

We had earlier done a DIP with Halifax which later declined when altered due to the late payment being present.

If you want to avoid more speculative credit searches, use the route mentioned above with a decent broker.

csgohan4

kingstreet wrote: »

We had a client who did this recently.

We got all three credit files, found out the card was not visible on one and used a lender which sourced data from that CRA alone.

We had earlier done a DIP with Halifax which later declined when altered due to the late payment being present.

If you want to avoid more speculative credit searches, use the route mentioned above with a decent broker.

Why do Lenders not use all three CRA's for completion?