Chances of getting accepted for mortgage?

Senplist · 17 July 2019 at 9:56PM

Me and my partner have applied for a mortgage through a broker with Santander. House price is 148,000, 5% deposit and first time buyers. In the past our credit hasn't been great. I had a status 4 late payment from O2 which has now been removed as it was placed on my credit report in error. My Experian report is fair and my Equifax is good. No CCJ's IVA's or defaults. My partner hasn't got anything just limited credit history with both fair on Equifax and fair on Experian. She has a 1500 overdraft (old student account) and I have a couple of credit cards at around £1000 and a HP at around £7000. Our combined income is £45000. This is where it gets complicated... I had a utility debt from a student house for an electric bill. This doesn't show on my credit report, however I currently pay this to a company called Lowell with two payments remaining. We've had a lot of AIP's accepted, whilst some have been declined. Currently about go in with the full application with Santander. I advised our broker that I would prefer to go with Aldermore as I don't want to lose the house we've had an offer accepted on, but they seem to think we have a good chnace. My question is what do you think our chances of getting accepted are? Thanks

boo_star · 17 July 2019 at 10:11PM

I don't know but IMO you should let your broker do their job. It's not in their interest to push you towards companies that are going to decline you and with no adverse they're probably right.

I doubt that Aldermore will care that you got knocked back, they do specialise in this kind of thing after all.

Senplist · 17 July 2019 at 10:23PM

Thank you, I would just be gutted find out that the application is declined in two weeks time and then have to start the whole process over again and potentially risk losing the house. But I guess this is the same situation for many people.