Rejected Mortgage

Ben1001

Me and my partner were rejected a mortgage from TSB but we weren't given a reason why.
We both have enough savings, the property in question is in our price range but we were still rejected.

After doing an Experien credit check my credit score is 906 and my partner's was 880 which are fairly respectable, I think but experien give me two negative flags, 1) not being on the electoral roll (which we are) and 2) "You have no settled non-mail order credit accounts."

Can anyone tell me what this means?

Also, can a Student Loan have much of a impact on the mortgage being declined? I have a few grand left to pay but it's been automatically coming out of my payslip for the last few years that I have not given it much thought,

Thank you

amnblog

Was this a low deposit application?

If so, you most likely simply did not meet the lenders credit score.

Consult a Mortgage Broker.

Ben1001

my deposit was 17, 800 and the property's value is 154,995

csgohan4

what's the debt, your income level, credit history with CCJ's, defaults e.t.c, too little info given


you need to consult a broker as amnblog mentions to get a clearer picture for you




Any reason you chose TSB? did you bank with them?

Ben1001

No CCJ's,
no defaults,
joint income of £43,000,
only debts are a remaning credit card bill which is now well under 50 pounds, the credit card is also with TSB, who I bank with.

I have a Student loan of just under 7k

heston2014

Go with a broker, a reject doesn't mean other lenders won't lend to you but too many direct applications now will leave foot prints on your credit file.
A good broker can assess your current situation and possible discrepancies on your credit file and determine which lender to place you with.

Good luck and don't get disheartened, just hold off on any further applications without speaking to a broker first (whole of markets broker)!