When is it worth appealing a mortgage decision?

Raffi2020

Thanks for your input Kiwistrawb. Yeah, I have a sinking feeling we will be told the same, not to even bother appealing. Am I taking it you got your mortgage with Natwest months after the decline? Or did you try for it straight after?

[Deleted User]

You really need to pay this debt off if you can. Surely that will make your application be seen in a better light either now or in the future as the debts will show settled and become older over time. Not paying them off makes them always current. 

Raffi2020

Densol said:

You really need to pay this debt off if you can. Surely that will make your application be seen in a better light either now or in the future as the debts will show settled and become older over time. Not paying them off makes them always current. 

You’re absolutely right! I will definitely be paying them off. I made the naive mistake of presuming the lenders would see these things on a credit report at AIP stage and had read of people being successful with older defaults or ongoing debts that are being repaid. But that’s not the case and I think lenders are inundated at the moment anyway, so there’s little leeway. 

bell2020

We have an application on going with Vida and we are on an active DMP with Stepchange. There are lenders that will consider you!

Raffi2020

bell2020 said:

We have an application on going with Vida and we are on an active DMP with Stepchange. There are lenders that will consider you!

Thanks! Hopefully there will be some options if, as I suspect, Halifax now looks very unlikely. I wish you the best of luck with your application!

bell2020

Thank you, you too!

Kiwistrawb1990

Raffi2020 said:

Thanks for your input Kiwistrawb. Yeah, I have a sinking feeling we will be told the same, not to even bother appealing. Am I taking it you got your mortgage with Natwest months after the decline? Or did you try for it straight after?

We applied the same day as the decline and got the offer 10 days later. We knew the appeal would fail. 

Raffi2020

Kiwistrawb1990 said:

Raffi2020 said:

Thanks for your input Kiwistrawb. Yeah, I have a sinking feeling we will be told the same, not to even bother appealing. Am I taking it you got your mortgage with Natwest months after the decline? Or did you try for it straight after?

We applied the same day as the decline and got the offer 10 days later. We knew the appeal would fail. 

Congratulations on getting your mortgage with another lender! I have a feeling we won't get far at all with an appeal either, but guess we'll find out tomorrow what our broker thinks.

It's confusing because you read so many differing stories - some people getting a mortgage with multiple unsatisfied defaults and active DMP (even, sometimes, on the high street) and others who are declined for a £150 default from 5 years ago. But I guess the mortgage market is volatile like that!

Raffi2020

Well, we can't appeal our application (I expected as much). My partner is now looking into going alone with the mortgage (I think it's a good idea - they have pretty impeccable credit history and can make affordability by themselves) and, after going through their details with another lender (one they bank with) it seems doable, and they're going to put a full application in shortly. 

I did have a quick question I was hoping something could help with. We're associated financially on our credit reports now because we originally applied for a mortgage together (we don't actually share any accounts though). Could this be an issue? Not sure there's much we could do about it anyway but I just wondered if anybody has any experience - don't want to be a thorn in the side of the application and them getting the house!

Gem_M90

Raffi2020 said:

Well, we can't appeal our application (I expected as much). My partner is now looking into going alone with the mortgage (I think it's a good idea - they have pretty impeccable credit history and can make affordability by themselves) and, after going through their details with another lender (one they bank with) it seems doable, and they're going to put a full application in shortly. 

I did have a quick question I was hoping something could help with. We're associated financially on our credit reports now because we originally applied for a mortgage together (we don't actually share any accounts though). Could this be an issue? Not sure there's much we could do about it anyway but I just wondered if anybody has any experience - don't want to be a thorn in the side of the application and them getting the house!

I've gone for our mortgage on my own due to defaults in my partner's credit history. We rent together and were tied through some utility bills etc however it hasn't been an issue as we aren't married. You don't mention if you're married or not.. I think it complicates it slightly if you are but can still be done. Just make sure you have a good broker.