declined

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

wildt

Which company declined you? Lots of companies allow some adverse so maybe he could try another one for you?

lynzpower

Your Broker should be able to tell you whats wrong with your credit score.

Have you got your credit rating and score from experian.

Do that, you can do that today.

"and something else' meaning what? Are you self employed?

What is your salary and what is the value of the debt.

Which lender were you with originally?

Have you gone back to them to remortgage only

where did you find this broker are they whole of market ( they dont sound it??)


If you have a big amount of debt you ar epaying off at the end of the month, how are you doing so? With a loan? Or by borrowing elsewhere? Or bonus etc, please explain it will help us help you

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??

lynzpower

Ok

Can you wait?

Only the thing is once you have paid off 13k and you have closed the cards/laons down this will show up on your credit rating as settled and improve things.

2) dont bring the debt onto the mortgage! there is no point in doing that oyu wont save anything, in fact it will cost you an out and out fortune, keep it unsecured.

I recommend then, you pay off the 13k on your highest APR debts this week. This will leave you somewhere in the region of 12.

in a few motnhs, all these debts you have paid will be settled.

Dont consolidate the extra onto the mortgage. Lenders are concerned houses are overvalued enough as they are and values are falling. lenders are not as confident as they were that tacking on another 12 grand to the vlaue of the house is a good idea as 'thats what people will pay in say 12ms' as they used to.

I suggest you go over to the DFW board and work on paying off the other 13k.

Without souning too critical, now is really not the time to taKE ON A huge fdebt, if you are simply not able to manage the debt you have.

Lots of lenders are reducing what they are lending full stop due to credit squeeze, repos up etc.

Thereofre I suggest you pull out of the sale, sort out paying your debts ofgf, saving as much of a deposit as you can and carry on renting. Lets face it its WAAAAAAAAAAAAAAAAAY chepaer to rent than buy, and allows plenty of saving to be done in the meanwhile.

Waiting now will save you more money than you can conceptualise, please dont panic - this IS a good thing read more on here and youll understand exactly why x

TBeckett100

try abbey, i had no problems. maybe your credit profile was too good for BMShites.

Also mortgage brokers do not get told what is wrong with an applicant, data protection and all that,.

moomin_white

the 'credit crunch' probably, money lenders are being more careful with their money

Trollfever

i do have a big amount of debt

Credit Cruuuuuuunch!

brit1234

Yeap loads of people are being turned down by lenders at the moment due to the credit crunch. Why buy now prices are coming down?