Feeling deflated

Thefutureisbright

I realised as soon as I hit send 'how ridiculous to even be worried about someone's feeling if I went elsewhere when this is our lives!'

It was a very 'ooookay then' moment as we walked out the door at Halifax.

So I think my plan of action is speak to my broker tomorrow, be quite blunt with the question of 'is this something you can manage?', explain I don't want searched left right and centre and if her honest answer is no, then I guess I have to look elsewhere and start from scratch again.

I think it's been the shock more than anything if being declined again that made me so upset earlier but now I'm thinking a bit clearer, I know what needs to be done. Time is not on our side anymore and the pressure has been turned in by our sellers solicitors as they're probably thinking why the hell is going on and rightly so!

If we need to have a bigger deposit, that's fine, we can do that (at a stretch but doable), I just need someone who can work quickly! Wishful thinking, I know!

ACG

If she can not do it at 10% I would seriously try elsewhere. You can always go back tail between your legs if you can not get it elsewhere but I really do think 10% is achievable.

Thefutureisbright

*UPDATE*


Here we go again...


After conversations with our Broker, she has spoken with the BDM at Kensington and they are confident they can help, so, we've gone in with application number 3 and I'm hoping to God it's a case of 3rd time lucky! It's not the best rates but we're not in a position to be too picky this late on in the game...and we can move away from them in 2 years once we're in a better position on paper.


Our application was submitted yesterday, I've pre-emptied the documents they will require so have those ready to fire over to them as soon as they need them.


To top it off, the solicitors from our purchase have been chasing us today so we've submitted our purchase documents to our solicitors to try and keep the wolves away for a little bit longer.


My work day consists of refreshing my emails every 2 minutes...it's like watching pain dry :eek:

ACG

Kensington will go through your bank statements with a fine tooth comb, hopefully your broker has already done that and listed anything that does not have an obvious label and explained it? That can cause a few days delay.

I am not a fan of Kensington, I always find them slow and pedantic

You really should have tried another broker, 90% would have been achievable and a far quicker and possibly cheaper lender could have been found.

Thefutureisbright

Out of impulse (and something not feeling quite right!), I've taken your advise and have spoken with another broker.


Explained our situation and he has basically told me exactly what you've said, that there should be a high street lender who will take on our case at a much better rate than Kensington and that referring it to Kensington was slightly lazy on our brokers part.


I've now cancelled our application with Kensington (no credit checks had been done as only fully submitted last night) and we're starting from scratch again.


Luckily enough, we have come across a stumbling block with our purchase regarding planning permissions so we've bagged our self a bit more time.

ACG

Great!
I dont like seeing people pay adverse rates unless absolutely necessary. Fingers crossed. Do you know who the lender is yet?

AllyT90

Good Luck TheFutureisBright! sounds like your making some good progress! Hope it all works out for you.
I had an update from a lady in the bank who was trying to find out from the underwriters why they declined my mortgage application.
She basically just confirmed that it was my credit rating, again with no details of any specifics.
but in a round about way more or less confirmed that it was the o2 default and the late payments on an old account which declined the application.
Baffling considering they told me they wouldnt be taken into consideration so basically all theyve done is waste my time and drag my credit rating down even more from their credit search.
Anyway, im dealing through a broker now and hes planning to submit an application to halifax on monday.
Fingers crossed!!

angelpye

When I got my last mortgage I was amazed at the different opinions to my situation even within the same broker firm. I had gone directly to Nationwide as I had my then current much higher joint mortgage with them but they declined due to my credit history (quite a few late payments) and income streams. I went to a broker and she was really positive, I got declined a couple of times and then she had planned holiday leave... she still worked on it whilst away but her colleague was doing some of it and she called me to say I won't get a mortgage, not even likely a sub prime so will have to wait. Anyway, my broker came back and sorted a high street mortgage for me. Still to this day I don't quite know why one felt strongly it could be fixed and the other that it couldn't...glad it was!

Good luck, its a difficult time but hoping it works out for you.

AllyT90

Thanks Angelpye. Hoping the broker is able to sort something for me!
I have heard that Halifax are bit more lenient with the credit scoring so fingers crossed.
I honestly cant believe that a few late payments could stop me getting a mortgage.
It was a genuine mistake as I transferred money to the wrong account for a direct debit phone bill to come out and Bank of Ireland declined the payment, even though I had 2 other accounts with them with more than enough in them to cover a lousy phonebill, and then banged on their own charges for having to decline the payment.

Anyway, Rant over! and I have promised my other half that I will try to be more positive about it, heres to a new week and a new mortgage application :beer:

Blade200

I've just read through this thread and it's quite similar to our situation. My partner had a few missed payments years ago. She's been paying it of every month since and the debt is down to 2000. The broker we seen last night said it was unlikely we would get accepted. The only ones that might are Leeds and Accord.