refused mortgage due to credit file

mazzyp

Hi there, wonder if anyone can offer some advise.
My husband & I are trying to buy a house, we only have a 5% deposit but were given a mortgage in principle, had our offer accepted, started to get really excited! Then yesterday Santander refused our mortgage application.

I checked my credit file and my score is fair but I've got some late payments showing on the file. I've not had any defaults or CCJ's and the only credit I now have is a credit card which I clear the full balance every month.

Is it pretty much game over for us? Our financial adviser seems to have disappeared into the abyss and we don't know where we stand. Any advice?

hunt85

Santander HATE anyone with less than perfect credit for a mortgage. Find a new reputable broker and get a new decision in principle done and go from there. Good luck.

MEM62

No, it's not game over. But you will need to dump your mortgage broker and get a decent one on board.

Thrugelmir

mazzyp wrote: »

but I've got some late payments showing on the file.

How many late payments and what dates?

DCFC79

mazzyp wrote: »

Is it pretty much game over for us? Our financial adviser seems to have disappeared into the abyss and we don't know where we stand.

Your Financial Advisor has disappeared, was he an independent one ?

PixelPound

Get a decent mortgage provider - one that is independent, even if they charge a fee. High street ones that are in estate agents are not independent, ones in banks will be linked to the particular bank.

Fireflyaway

Find a whole of market broker and make sure he has all your info. A decent broker would know who is most likely to accept you before you apply. If you can get it manually underwritten that might help. Instead of the computer saying no, a person can look into your history and make an informed decision.

Thrugelmir

Fireflyaway wrote: »

Instead of the computer saying no, a person can look into your history and make an informed decision.

The history may well be the problem. As it fails to meet main stream lenders criteria.

mazzyp

I ran into money troubles around 18 months ago and had a few late payments and annoyingly had one this year for £5 which was paid as soon as I was made aware, but have no other credit now apart from my mastercard.

BaileyMoselle

I applied to Santendar for a mortgage and they rejected the application. And I had been banking with them for over two decades. In retrospect it was a good thing because the property just wasn't right. A couple of years later I got a mortgage through Natwest. I used the real estate's mortgage broker who charged me 250 pounds. The property is perfect. Don't lose heart.

mazzyp

We've got an agreement in principle with Aldermore so now just waiting to see if they'll give us a mortgage which our broker says we'll have a decision in two weeks. I'm willing to pay the higher rates if it gets us through the door but I'm just not hopeful. Guess it just wasn't meant to be