Mortgage Advice Bureau
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tashytashytashy
Posts: 4 Newbie
Hi,
Me and my boyfriend have recently been declined for a mortgage with Santander due to a ccj on his report. We have seeked advice from the mortgage advice bureau of what our next options could be? The ccj was satisfied 9 months ago. We will probably be looking at a much higher interest with fees from MAB also.
Santander have advised to take the mortgage in my name but offering a less amount. Boyfriend not sure about this as the money he will be paying in towards mortgage, if we should split up nothing will be to his name? Or to wait until the new year to appeal the decision again.....
As a first time buyer and new to all of this , not sure the right path to go down.....
advice please?
Me and my boyfriend have recently been declined for a mortgage with Santander due to a ccj on his report. We have seeked advice from the mortgage advice bureau of what our next options could be? The ccj was satisfied 9 months ago. We will probably be looking at a much higher interest with fees from MAB also.
Santander have advised to take the mortgage in my name but offering a less amount. Boyfriend not sure about this as the money he will be paying in towards mortgage, if we should split up nothing will be to his name? Or to wait until the new year to appeal the decision again.....
As a first time buyer and new to all of this , not sure the right path to go down.....
advice please?
0
Comments
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tashytashytashy wrote: »Or to wait until the new year to appeal the decision again.....
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Speak to a broker. As the credit history of your partner over the past 6 years is a critical factor. There's little point in appealing a decision either. As you won't over turn lending policy if you don't meet the criteria.0 -
tashytashytashy wrote: »Hi,
Me and my boyfriend have recently been declined for a mortgage with Santander due to a ccj on his report. We have seeked advice from the mortgage advice bureau of what our next options could be? The ccj was satisfied 9 months ago. We will probably be looking at a much higher interest with fees from MAB also.
...
As a first time buyer and new to all of this , not sure the right path to go down.....
advice please?
You could look at getting a 2-year-fixed with a lender,
and then remortgaging in 2 year's time to a cheaper rate.
Make sure that you're not sucked in by the headline %age rate,
a good broker will source based on your total amount to pay over the 2-year period.
One settled CCJ from 9 months ago isn't that bad, I've seen far far worse.
How much was the CCJ for?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.0 -
It's not MAB giving you higher interest rates, it's the lenders who can accept your boyfriend's credit history. MAB are brokers, who match clients to suitable lenders, like any other broker. If you don't like/trust the broker you are with, which is why you're seeking advice here, then just look for another one.
On a separate note, Thrugelmir is right, you can't appeal a decline decision if you don't meet credit history criteria. Sometimes brokers can get an exception, but it is an upfront agreement via the broker's contact at the lender, not an afterthought. If you wait long enough for your partner's credit history to be acceptable for Santander, then it won't be an appeal, but a brand new application.
Don't fall into the trap of applying for the cheapest deal or via your bank. If you want to get a mortgage with a bad credit history, you're best placed to do it via a broker (MAB or otherwise), especially if you are FTBs and have little knowledge about the process and potential pitfalls.I am a Mortgage BrokerYou 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.0 -
Thank you for the replies.
The ccj was £459.0
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