Application and broker concerns

ACG

mortgage1st wrote: »

Well low and behold, broker has come back and we've been declined by Magellan. He can't tell us why they have only told him it's due to conduct on my bank account and credit report! Great help!! He's suggested submitting an application to Vida Homeloans I've told him I'll get back to him. I am in absolute bits, totally gutted!

What is on your bank statements?
- Gambling?
- Going over your overdraft or living in your overdraft?
- Bouncing DDs? (just read this back after posting it - stop laughing at the back)
If none of the above is there anything you can see that might be a problem?

Credit profile based on what you have said should be going through with these lenders.

Thrugelmir

mortgage1st wrote: »

1 unsatisfied CCJ that was issued last October,

What repayment arrangement is in place?

YHM

A side question....where did you come across this broker?

I'd love to know how some brokers have the nerve of charging fees in excess of £1000....

mortgage1st

Well we have a further development, this just gets better!

So, the lender had apparently got the date wrong on one of the adverse. When my broker contacted me I hit the roof and I emailed Magellan. To my surprise they responded and said the decision had been overturned, my broker then contacted me by phone shortly after this email as well to advise it's been overturned. However, it is only now at decision in principle stage so he needs to submit the full application now.

In terms of where it fell down something on my credit report they thought was May this year, when it was May 4 years ago and is also settled.

In the last year my accounts are all in order. I don't gamble, none of my direct debits have bounced, I don't use any overdraft.

The underwriter at Magellan spoke to me today and apologised, she said that now it's been corrected and our broker has submitted the full application (this morning) it should all be fine as we meet their criteria but once the application is in, it'll go to a case manager to review documents and then valuation is done, back to underwriter and then it's all completed providing there aren't any more problems.

So, it's been a few days of crazy emotion but hopefully it's sorted now!

mortgage1st

Thrugelmir wrote: »

What repayment arrangement is in place?

This one is in dispute, original balance was £354 but the CCJ is for over £1000 from Lowell Financial (old Talk-Talk account). I've paid the £354 which was the original balance and it's marked on my report as in a payment plan. I'm still waiting to hear if they'll right the rest off.

mortgage1st

ACG wrote: »

What is on your bank statements?
- Gambling?
- Going over your overdraft or living in your overdraft?
- Bouncing DDs? (just read this back after posting it - stop laughing at the back)
If none of the above is there anything you can see that might be a problem?

Credit profile based on what you have said should be going through with these lenders.

As mentioned above I don't gamble, wouldn't know how to and neither does my partner.

No bounced DD's. I actually only have my work corporate card (they reimburse me then Barclaycard take the DD out of my bank acct), my phone bill, and a direct debit also for my full personal credit card balance but there is nothing owing on that at the moment.

I have a £100 overdraft but I never ever go into it and haven't in over 3 years.

I'm not sure who to blame for this error whether it is the lender or the broker but it's sorted now but I can assure you if this all comes through and we get in then I'll not be in a hurry to do this process again to soon.

Also, as this was all going down hill I contacted 2 other borkers, maybe not specialists in adverse but one was Create Financial in Derby, the other Key Solutions in Somerset and both said upon receipt of my credit report they couldn't help us so that didn't fill me with any confidence at all but the broker I'm dealing with said our circumstances more than meet the criteria and our affordability based on income and loan to debt ratio is also good.

mortgage1st

YHM wrote: »

A side question....where did you come across this broker?

I'd love to know how some brokers have the nerve of charging fees in excess of £1000....

We found them on unbiased website and they came highly recommended for dealing with former adverse credit cases, the reviews on their website are also really good so I'm staggered why my experience has been so poor with them.

Having gone to two other brokers after the issue this week and told they couldn't assist that has knocked me somewhat but I'm not sure my circumstances are there thing anyway so we'll see, I think some brokers are scared to touch applicants with former adverse.