Application refused due to missed payments

mojo9000

Hi.

I've just had a full mortgage application refused with Yorkshire Building Society due to a number of missed payments. I've tracked these down and the missed payments are:

Mortgage payment in Dec 2018

Credit card payment in May 2019

Credit card payment in Dec 2019 (this is on my partner's side)

We are applying for a mortgage with a 75% LTV so have a sizable deposit. We're both in full time employment and other than this the mortgage application seems straightforward.

I was under the impression that these missed payments would be picked up during the AIP stage. Are there lenders that will check for this at this stage, so we can avoid having to go to a full decision just to be refused?

Also, are there any specific lenders that might be worth looking into? Halifax, Nationwide, and Leeds Building Society look like they might be good options?

Thanks for any help or opinions!

csgohan4

Before applying for a mortgage, always good practice to get your free copies of your credit reports at the CRAs'.  Good brokers always request them. 

Never assume and check them out.
I would consider a broker for your case as you are not as straight forward and they will be able to match you to a lender

haras_n0sirrah

The missed mortgage payment takes you out of straightforward. You need a broker. A broker will look at the credit reports before placing with a lender. If you went to Yorkshire you must have gone direct (the broker version is accord). Get your credit files in front of a professional who can place it with the correct lender based on your profile. Avoid the factory lines like l&c as you need a broker who has time to place it properly. A number of independent brokers post here - our signatures identify us. If you dont have a broker why not read the boards and see who you feel can help and send a pm. We are not allowed to approach forumites but most of us are happy to respond to pm's asking for help.

mojo9000

Thanks for the replies. You're right we didn't use a broker.

I am panicking a bit because as we had our offer accepted ten days ago now, and to make things more complicated my partner is about to give birth (we're past the due date!). So I feel like I need to get a new application in as soon as possible in case we are out of action for a number of days.

I will have a look for a broker on the forum as suggested. Is there usually a waiting list or can they move quickly?

Thanks again.

haras_n0sirrah

It would be quicker to use a broker than trying to get a direct appointment with a bank. I cant speak for others but we would aim for an aip to be done within 24 hours or having all the documents from the client. Usually we can do same day

[Deleted User]

I totally recommend using a broker and especially for your case 
Ive 100% perfect credit and earnings but would always use a broker as they are worth their fee and I just feel they can deal with lenders queries so much easier