Declined - why - HELP

mkfruitcake

i have just come back from my mortgage broker and have been declined for a mortgage i can not belive it, apprantly declined due to credit score and something else?!

i have no ccj or defults good salary etc
i do have a big amount of debt - but this is being paid off by the end of the month, i do not no what to do!
i have put in an offer for a house and everything


why would they decline me????? they even took on people with ccj and defaults, i have credit my credit file and it all seems ok?

HELP

lynnexxxo

First thing to do is get a hold of your credit file. Experian do a free credit report (if you sign up so you have to cancel it within a month to get it free). Also if you go through quidco they will give you £6.50 cashback.

bathgatebuyer

Was this just a rejection from one lender? Or did the broker try a number of different lenders?

herbiesjp

Have you had any missed payments on anything?

Are you buying alone or with a partner?

What is the scenario - purchase price, deposit, incomes?

mkfruitcake

Hi

I did do a credit search with equifax, and it came back as "good".

the Decline came from BM solutions stating declined due to credit score and not meeting lending criteria.
(even tho all it showed on there lending and worked out fine on the calaulators)
i am first time buying with a my partner
my total debt is 25k but all but 13 is being paid off with money i have come into.
the mortgage was to include the 13k also...
they are a full broker and this was the best one to meet our needs.
i dont understand??


missed payments wise a couple one month late in 02 and one in 05

patchwork_cat

HI
Is the 13k on credit cards? Also you are a first time buyer and the mortage is to include the 13 K. Are you therefore paying a reasonable size share of purchase price yourself?

herbiesjp

herbiesjp wrote: »

What is the scenario - purchase price, deposit?

Any idea ?

mkfruitcake

purchase price 144
debt 13

total mortgage 136800
deposit 7200
debt 13000
the top two are being made up of unsceured loan with the mortgage, (like the together one from n rock)
total 157000

herbiesjp

ok - so you are looking to consolidate the debt into the mortgage and therefore look for a mortgage of over 100%

I'm guessing you are aware of the implications of turning unsecured debt into secured and the potential to pay back more in interest over a longer period of time.

These mortgage have got really tight credit scores, especially in the current climate and you will not have too many more options open to you - although there may be a couple

What has your broker said that s/he will do for you?

mkfruitcake

they said they would ring the company as the debts are not paid they feel this has not been picked up by the system.
i dont no i just dont understand what the problem is, am upset really as i thought it wouldnt be a problem, and the broker didnt seem to think so either, deep down i know he wont be able to turn it around, as it declined not referred. im b0ll0xed

herbiesjp

It would decline, as if he has not put the debts are being cleared, it will treat them as being outstanding and therefore you will fail the score and be outside of criteria - it could be as simple as that

Failing that, there are a couple of other lenders that could help