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Mortgage refused

mlrmummy
mlrmummy Posts: 7 Forumite
First Post
in Mortgages & endowments
We applied for a mortgage with Santander (we bank with them) we have a deposit of £130,000 and want to borrow £180,000 just been told it was refused as I have used an unauthorized overdraft on a few occasions (small amounts) we have no debt (paid it all off before applying) are we likely to get a mortgage from someone else. Both our credit ratings are good and the repayments are less than our current private rent payments that we never miss.
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    As you've found, your credit ratings are of no use when it comes to applying for credit. It's all about how you manage credit and your circumstances. 

    If your credit history is less than stellar, you might want to consider using a decent broker. Your sizeable deposit will help.
  • mlrmummy
    mlrmummy Posts: 7 Forumite
    First Post
    Deleted_User said:
    As you've found, your credit ratings are of no use when it comes to applying for credit. It's all about how you manage credit and your circumstances. 

    If your credit history is less than stellar, you might want to consider using a decent broker. Your sizeable deposit will help.
    We used a broker for the application with Santander. We are now wondering if we go through them again will it just be reused again.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Where's the deposit coming from? 
  • mlrmummy
    mlrmummy Posts: 7 Forumite
    First Post
    Thrugelmir said:
    Where's the deposit coming from? 
    It was gifted and we have a letter to say it's gifted.
  • ACG
    ACG Posts: 24,851 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There should be other lenders. 
    Some may not even ask for bank statements at that LTV.

    Speak to a broker, I reckon you will be fine. 
    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.
  • mlrmummy
    mlrmummy Posts: 7 Forumite
    First Post
    ACG said:
    There should be other lenders. 
    Some may not even ask for bank statements at that LTV.

    Speak to a broker, I reckon you will be fine. 
    We are with a broker but are unsure wether we will be refused again due to the unauthorized overdraft usage.
  • ACG
    ACG Posts: 24,851 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If that is the only issue, the broker should be able to find a plan B and C at normal rates. 
    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.
  • mlrmummy
    mlrmummy Posts: 7 Forumite
    First Post
    ACG said:
    If that is the only issue, the broker should be able to find a plan B and C at normal rates. 
    That's the only reason we have been given as to the refusal. I will speak to my broker again and see if he can work some magic. Thank you for your help
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mlrmummy said:
    Thrugelmir said:
    Where's the deposit coming from? 
    It was gifted and we have a letter to say it's gifted.
    Far more to the acceptance of a large gifted deposit than just a letter. 
  • SuseOrm
    SuseOrm Posts: 518 Forumite
    Third Anniversary 100 Posts Name Dropper
    mlrmummy said:
    ACG said:
    If that is the only issue, the broker should be able to find a plan B and C at normal rates. 
    That's the only reason we have been given as to the refusal. I will speak to my broker again and see if he can work some magic. Thank you for your help
    How long ago was the unauthorised overdraft usage everything seems to just disappear beyond six months so if it’s any longer than that It won’t be on your statements anymore
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