Mortgage declined after AIP

Bengy17
Bengy17 Posts: 2 Newbie
in Mortgages & endowments
Hi,

Me and my girlfriend recently had our mortgage declined after getting an agreement in principle. It got rejected due to my credit which contains a couple of defaults from over 3 years ago and pay day loans from over 4 years ago, when I had a new job and was struggling with travel (I take full responsibility).

We have been offered another product with Precise, at the cheapest rate of 3.84%. I am concerned with my mortgage advisor as I don't think she has helped the situation in anyway whatsoever.

Wondered if anyone could give any advice?

Thanks

Comments

  • ACG
    ACG Posts: 23,726 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Its borderline high street.
    Assuming the high street lenders have declined you then 3.84% isnt too bad. There might be better out there (but you have not provided any details - ie purchase price/deposit, how much the defaults were for and whether or not they are satisfied).

    Many lenders will decline you outright if they can see a pay day loan so your options are a little limited.

    Who was the high street lender you went to first?
    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.
  • kingstreet
    kingstreet Posts: 38,763 Forumite
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    You got a decline and your broker found Precise who would lend. Which lender declined you, Halifax by any chance?

    3.84%? HTB two year fixed?

    What do you think your broker has done wrong?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Bengy17
    Bengy17 Posts: 2 Newbie
    The house value is £399995, all the defaults are satisfied. Highest was for £1000. Two others for £141. Natwest are the only bank we have checked.

    We just feel there is a lack of effort on her part.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Bengy17 wrote: »
    We just feel there is a lack of effort on her part.

    I am concerned with my mortgage advisor as I don't think she has helped the situation in anyway whatsoever.

    Seems as you aren't happy with the service you've received.

    Then walk away and consult another broker.

    Your call.
  • jaelato1
    jaelato1 Posts: 139 Forumite
    First Anniversary Name Dropper First Post
    Bengy17 wrote: »
    The house value is £399995, all the defaults are satisfied. Highest was for £1000. Two others for £141. Natwest are the only bank we have checked.

    We just feel there is a lack of effort on her part.

    Best look for another broker then

    Sounds like you need a broker that knows his/her stuff and able to place you with the best lender judging by your situation. Is your broker no fee one by any chance?
  • kingstreet
    kingstreet Posts: 38,763 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Bengy17 wrote: »
    The house value is £399995, all the defaults are satisfied. Highest was for £1000. Two others for £141. Natwest are the only bank we have checked.

    We just feel there is a lack of effort on her part.
    All the defaults are satisfied?

    How many defaults, what were the registration dates (NOT settlement dates) and what is the loan to value?

    Why NatWest?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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