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I need a mortgage - Help!

mds303
mds303 Posts: 28 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hi
So I cleared my DMP in October 2016 (fully settled), phew! I've opened a credit repairing card account, which I pay off EVERY month.
Problem is, we are trying to buy a place of our own and have now twice been declined a mortgage in principle.
We have seen our dream house and I don't know what to do.
Advice/help welcomed

Comments

  • glosoli
    glosoli Posts: 739 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    Are you applying to lenders directly or going through a broker?

    If the former, you should probably print off copies of all three of your reports, and go to a mortgage broker who deals with adverse credit and see what your realistic options are. DMP finishing last year is far too recent to be applying randomly to lenders without guidance.
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Agreed.

    sounds like you are harming your chances with your approach to date
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I escho the above. Despite the DMP being cleared, I am assuming your credit reports are still not fantastic. It could be even worse if you are applying to lenders who had to accept the DMP.

    Too many credit checks is going to affect your credit score further. I would speak to a broker, they will likely be the difference in getting you a mortgage.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mds303
    mds303 Posts: 28 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I'm am going through a broker. We sent her our reports. If this doesn't work out, may have to leave it a year and try again.
  • Caz3121
    Caz3121 Posts: 15,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    what % deposit do you have?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What's the source of the deposit?
  • mds303
    mds303 Posts: 28 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Got a 10% deposit. From house sale, which I needed to do to pay debts off, also we needed a bigger house as new baby came along.
This discussion has been closed.
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