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Mortgage DIP refused - how long to re-apply after paying off cards
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Because a business I invested in a few years ago wiped out all my savings and it's taken a while to get on top of things plus the fact I wasn't planning on buying anywhere until this opportunity presented itself. Hence my original question about how long it takes for scores to increase as I've just re-paid a substantial amount of card debt and have my deposit.Thrugelmir wrote: »Bottom line is that your deposit appears to be borrowed. If I were earning the income you state you are. Why the lack of savings?0 -
Just an update to my original thread...
In the end I went through a broker that I found on this site: haras_nosirrah and have now got a mortgage offer through halifax despite them declining my direct application and 2 previous brokers being unable to help.
I now understand how valuable the right broker can be!
Despite paying off most of my card balance, I'm yet to see an improvement after 30 days, but will update this thread again once anything changes.0 -
SussexTom79 wrote: »Despite paying off most of my card balance, I'm yet to see an improvement after 30 days, but will update this thread again once anything changes.
An improvement in what? I thought you now had a mortgage offer?0 -
Still fretting about "credit scores" by the sound of things.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Deleted_User wrote: »An improvement in what? I thought you now had a mortgage offer?
He certainly has a mortgage offer. I have a copy of it.
If anything this shows that the credit score is meaningless - it is all in what is showing in credit profile (missed payments, late payments and defaults) and knowing the best way to present information to a lender.
Very glad we were able to sort it out for you Tom - onward to exchange.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
do you work with people with defaults?
I have one default now over 5 years old, and 1 late payment (which im disputing).0 -
we work with anyone who wants our advice. I am not allowed to approach anyone on the boards due to the mse code of conduct but am happy to respond to pm's asking for helpI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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