Mortgage Advice

sophieambrose_1

Hi,

I am hoping for some help. Myself and my partner are first time buyers and we are after a bit of help with regards to our mortgage.

We applied for a mortgage with NatWest as they were the only lenders who would lend to us at this time due to my partner’s 0 hour contract. However this was declined to us as my partner had missed 2 payments back in 2017 on this credit card and due to myself being financially associated to someone else via a car finance agreement. This individual is currently going through an IVA. 

The issues with my partner missing the payments has now been resolved with NatWest.

However we are still experiencing issues with my financial association. I have a perfect credit history, I have never missed any payments, I have no money on any credit cards, the only finance I have in my name is the car finance. I pay the full value of the car finance each month and the other individual who is going through an IVA was only put on the finance as a guarantor at the time, however when the dealership done the finance for me they actually put the individual down as a joint applicant. On things like Experian, Equifax and ClearScore my credit scores is perfect. 

My car finance still has 3 years left and the value of the car is less than the value of the outstanding finance.

I was hoping someone could offer some advise on how we can get passed this issue please.

Much appreciated thank you.

dunstonh

 On things like Experian, Equifax and ClearScore my credit scores is perfect. 

Scores are irrelevant.  That is just internal marketing.  Lenders analyse the raw data and make their own opinions.

I was hoping someone could offer some advise on how we can get passed this issue please.

Considering your issues, I assume you have gone to a mortgage broker (the usual thing to do on complicated cases).   What have they said about it?

K_S

sophieambrose_1 said:

Hi,

I am hoping for some help. Myself and my partner are first time buyers and we are after a bit of help with regards to our mortgage.

We applied for a mortgage with NatWest as they were the only lenders who would lend to us at this time due to my partner’s 0 hour contract. However this was declined to us as my partner had missed 2 payments back in 2017 on this credit card and due to myself being financially associated to someone else via a car finance agreement. This individual is currently going through an IVA. 

The issues with my partner missing the payments has now been resolved with NatWest.

However we are still experiencing issues with my financial association. I have a perfect credit history, I have never missed any payments, I have no money on any credit cards, the only finance I have in my name is the car finance. I pay the full value of the car finance each month and the other individual who is going through an IVA was only put on the finance as a guarantor at the time, however when the dealership done the finance for me they actually put the individual down as a joint applicant. On things like Experian, Equifax and ClearScore my credit scores is perfect. 

My car finance still has 3 years left and the value of the car is less than the value of the outstanding finance.

I was hoping someone could offer some advise on how we can get passed this issue please.

Much appreciated thank you.

@sophieambrose_1 Quick thoughts -

- There are other lenders besides NatWest who will consider ZHCs if you have at least 12 months track record with the same employer. If it's 18 or 24 months, then the pool gets wider.

- I presume you have looked at any options available to refinance the loan, either in your sole name or you and your partner's names? Once that is done, the impact of the financial association lesses. And you can then also apply to the credit agencies to remove the association.

- Have you tried any other lenders or a broker? Unless you are only looking at chart-topping rates and/or high-LTVs, I would be surprised if what you have mentioned makes your case impossible to place.