AIP to Offer downfall due to adverse credit score

Jaywood89

So I’ve just reviewed my credit report (Equifax)

Full application to Natwest went in December. Due to me being off sick in December and the fact I work a Work Life Balance rota (reduced my hours to part time till my daughter is of school age) they requested an employment and financial reference.

I work for the government so they might aswell of asked for a kidney!! Anyhoo! Long story short I spent 2 weeks screaming down the phone to our central HR company who finally sent the reference off Friday (3 weeks!).

Back to my point...I just want someone to let me know how screwed I am with this application.
Overview:
Used a broker (adverse credit broker due to reasons I will list)
Got an AIP through Natwest for £119k 29%ltv.
Surveys fine
No debt to pay off
Earn £29k per year
Pay £355 per month in childcare and that’s it.
No ccjs or defaults

My credit file shows 26! Late payments on the last 3 years 19 of which were in 2015 due to working a 0 hour contract job for a boss who liked to drop you off the rota at a whim if I ‘annoyed’ her that week. Changed jobs December 2015.
I had 8 in 2016 when on maternity leave. Tried to keep my head above water and non more than 1 month late but late all the same.
I had 1 in 2017! Which is so frustrating as it was purely a mistake where I cancelled the wrong direct debit! I got a letter from the creditor and Called and payed it off immediately but it was still recorded on my file.

Natwest have done 4 searches in my file already (not sure why?)

I’m sat here pulling my hair out over the waiting!!. So in people’s expert opinion or just general opinion. Am I a lost cause.??

ACG

Assuming the reference stacks up, it should be fine.

Jaywood89

Just updating.....
So the underwriters got back to the broker today and apparently they need more info as it appears my tax credit letter has my predicted income next year as £3900. Which is what I was on last tax year when on maternity

I called tax credit even tho I have already had a mid year check with them and informed them I was back at work. They said that I should of updated my income online although I don!!!8217;t HAVE to, as it can also be done when u renew for the next tax year (which is what I thought). Apparently there is actual income and predicted income, which I did not know. So I asked does that affect my claim and she said most likely but cant tell me by how much and I will have to wait up to 4 weeks to find out!! I can!!!8217;t imagine it!!!8217;s by more than £200 per month as that!!!8217;s what it was before maternity and with less childcare costs.

So god knows where this leaves things now as I doubt they will agree the mortgage without knowing my final income and even then they might not think it!!!8217;s affordable

The broker said he will see what he can do but don!!!8217;t know what that will achieve really, the sellers won!!!8217;t wait another month before we move further it!!!8217;s already been 3 months.

Starting to regret ever attempting to buy a house.

System

good luck jaywood89 keep me updated how u get on. I'm waiting till April for 2 defaults to drop off before I start the mortgage process. already started the right to acquire though so will he playing catchup a bit.

I have only been reading into it upto now and I'm stressed to the max and considering not bothering as they want the ins and outs of a cat's behind!!!

if you don't mind me asking. what income have you got/ are they taking into account? is it just your wage or tax credits too??? I'm earning 20k wage and 10k tax credits... don't know if they are counted or not though. keep us updated how u get on x

Jaywood89

my wage is 10.5K on part time and the rest tax credits.

Jaywood89

update (If anyone would like to share in my stress)

got the tax credit letter throung, ive been over paid by £500 this year which will mean i get no working tax till april. which isnt much of a bother for me as i have enough savings to get by till then.

worried natwest wont like this fact though. but checked my payments for next year and they will actually increase by £200 per month. this is with my up to date income for 17/18 so really stumped what to expect now.

brokers have sent the amended letter. personally the brokers seem not confident they have emailed me to say itwill be looked at today or tomorrow and i will get an answer 'either way' .which to me i wouldnt be expecting a NO when valuation has been done and i have already obtained an DIP for my client. but hey ho. i wont be able to appeal it as i literally have cleared all my debt and have reduced all my outgoings to the minimum for them so not much more i can do now.

luckily the sellers purchase has fell through so they have started a new app on a new porporty and wont be ready till end of march at the earliest so gives us some breathing room

fingers crossed :S

ACG

If you have something that says it will start in April I would expect them to use it. There is a good possibility it will be April before you complete anyway.

Jaywood89

Another update (mostly just doing them now to vent)

I’ve had a sneaky look on the mortgage tracker online when I got in from work and it appears the documents have been reviewed by the underwriter.... now there is a note in BOLD writing saying please call us on ****** to discuss your clients application

I don’t think this is a good sign! Lender hasn’t called me yet which is another worrying sign as it was added over an hour ago.

I honestly think I’m truly over trying to purchase a house.

DCFC79

Jaywood89 wrote: »

Another update (mostly just doing them now to vent)

I’ve had a sneaky look on the mortgage tracker online when I got in from work and it appears the documents have been reviewed by the underwriter.... now there is a note in BOLD writing saying please call us on ****** to discuss your clients application

I don’t think this is a good sign! Lender hasn’t called me yet which is another worrying sign as it was added over an hour ago.

I honestly think I’m truly over trying to purchase a house.

Did you phone them ?
Remember credit scores arent seen by anyone else but you, lender see your history.

Jaywood89

No i didn’t ring as I don’t want to undermine the broker.

NatWest have already done hard searches in my score and I was upfront about my history. So if it down to credit score I’ll be annoyed! Because they could of saved me a month of running and around if they were always going to say no

[Deleted User]

Jaywood89 wrote: »

So if it down to credit score I’ll be annoyed!

If it's down to credit score, you won't have applied for a mortgage in the UK.