Broker changed information - Mortgage now declined

dunstonh

buttercupb wrote: »

There were arrears one of which had a red flag prior to the first offer (he was making payment every month but didn't realise it wasn't enough), however with the second check there were two red flags. This shouldn't have happened as the account was brought up to date as soon as he realised and the second red flag is now being removed. This is obviously an issue and our broker said we would only be able to go with a specialist lender hence why I've now considered applying by myself as I'm the main income earner and have a fine credit score.

Thank you for that. Two sets of arrears does work against you more than one set.

It is worth noting that this could well have happened even if you went with the original deal as the lender may have run the check again later in the process.

For you to apply for a mortgage yourself, you husband would have to be removed from being a property owner. Plus, a number of lenders will refuse to lend to you as they will insist on your husband being on it. So, the choice will be restricted.

See what the broker comes up with as it may not be too bad.

buttercupb

Thanks for that. It is indeed frustrating but also cannot be helped now, we're just looking for options and alternatives.

I have a few married friends who have applied for mortgages under one name due to low incomes/credit history etc, which is why I feel it might be the best option. Husband doesn't mind plus we'd be planning on adding him later down the line.

People are not lying when they say buying a house is one of the most stressful things to do!

dunstonh

I have a few married friends who have applied for mortgages under one name due to low incomes/credit history etc, which is why I feel it might be the best option. Husband doesn't mind plus we'd be planning on adding him later down the line.

its certainly possible. Its just that options are reduced and may not be necessary.

buttercupb

It transpires it was in the best interest to apply under my name solely and Natwest have agreed to transfer the valuation and survey results over to the new application. Apparently it's been referred. This is all so stressful!