Mortgage declined help

foley020808

Hi everyone

Firstly, thanks for taking the time to read my post.

I applied for a shared equity mortgage on Friday. Broker looked through my credit file, no late payments, nothing surprising.

She applied to NatWest first and it was declined due to ‘adverse credit’ checked all credit files and everything is fine apart from I have a financial link to my ex husband on my equifax credit file. We never had any joint credit, I presume this has came from a search for a joint mortgage. Equifax have agreed to remove this link in 4 working days. I have heard through the grapevine that his home is about to be repossessed and financially in a very bad way.

I can only presume that their search has included my financial associations.

Anyway, skipton has came back as a referral and my broker thinks that they are running on 4 days before they even look at applications but she said don’t hold out any hope as they are incredibly difficult to get a mortgage with.

My question is, how long do I need to leave it before I reapply? I realise I now have 2 hard searches.

Also, can I speak to NatWest and ask for more direct reasons why it was declined? Can I appeal if it’s due to my ex husband?

Thanks for reading guys

Thrugelmir

foley020808 wrote: »

I can only presume that their search has included my financial associations.

By default yes they will.

Equifax have agreed to remove this link in 4 working days.

Not that long to wait.

Have you checked your Experian report?

foley020808

Yeah I’ve checked all 4 reports and they’re all fine apart from that financial association link on my equifax. ☹️

Thanks for your response. Just don’t know how long to wait before I reapply.

kingstreet

Shared equity? Which scheme? HTB or LIFT or different?

foley020808

Lift scheme

ACG

I love that your broker tried Skipton with the line "dont hold out any hope"...why try them?

Do you have any historic adverse with Natwest/RBS/mint?
Natwest will usually tell you why you have been declined, they have reason codes which can help you to narrow down the problem. I think Skipton is either a yes/no.

Personally, 90% of the time we get a DIP which is referred, it then gets accepted. But obviously your broker knows more than we do. Skipton are busy, so it will just be a case of waiting by the sounds of it.

foley020808

I honestly don’t know why she tried them. By the sounds of things it sounds like she’s just done a blanket application with applicable lenders.

Yes there reason was ‘adverse credit’ with NatWest. No, no history with any of these banks. The only negative history I have is over 10 years ago with Halifax (2 missed mortgage payments). These aren’t on my credit file.

I think I will call NatWest tomorrow and ask for the reason myself and see what they say.

Thrugelmir

foley020808 wrote: »

I think I will call NatWest tomorrow and ask for the reason myself and see what they say.

Highly likely it's the computer that's said no. Front line operatives won't be privy to internal commercial lending criteria.

starM

Hi,

What was the result of your Skipton application?,

Thanks