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  • FIRST POST
    • Jaywood89
    • By Jaywood89 28th Jan 18, 4:00 PM
    • 160Posts
    • 72Thanks
    Jaywood89
    AIP to Offer downfall due to adverse credit score
    • #1
    • 28th Jan 18, 4:00 PM
    AIP to Offer downfall due to adverse credit score 28th Jan 18 at 4:00 PM
    So Iíve just reviewed my credit report (Equifax)

    Full application to Natwest went in December. Due to me being off sick in December and the fact I work a Work Life Balance rota (reduced my hours to part time till my daughter is of school age) they requested an employment and financial reference.

    I work for the government so they might aswell of asked for a kidney!! Anyhoo! Long story short I spent 2 weeks screaming down the phone to our central HR company who finally sent the reference off Friday (3 weeks!).

    Back to my point...I just want someone to let me know how screwed I am with this application.
    Overview:
    Used a broker (adverse credit broker due to reasons I will list)
    Got an AIP through Natwest for £119k 29%ltv.
    Surveys fine
    No debt to pay off
    Earn £29k per year
    Pay £355 per month in childcare and thatís it.
    No ccjs or defaults

    My credit file shows 26! Late payments on the last 3 years 19 of which were in 2015 due to working a 0 hour contract job for a boss who liked to drop you off the rota at a whim if I Ďannoyedí her that week. Changed jobs December 2015.
    I had 8 in 2016 when on maternity leave. Tried to keep my head above water and non more than 1 month late but late all the same.
    I had 1 in 2017! Which is so frustrating as it was purely a mistake where I cancelled the wrong direct debit! I got a letter from the creditor and Called and payed it off immediately but it was still recorded on my file.

    Natwest have done 4 searches in my file already (not sure why?)

    Iím sat here pulling my hair out over the waiting!!. So in peopleís expert opinion or just general opinion. Am I a lost cause.??
Page 1
    • ACG
    • By ACG 28th Jan 18, 4:02 PM
    • 17,023 Posts
    • 8,914 Thanks
    ACG
    • #2
    • 28th Jan 18, 4:02 PM
    • #2
    • 28th Jan 18, 4:02 PM
    Assuming the reference stacks up, it should 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.
    • Jaywood89
    • By Jaywood89 5th Feb 18, 7:49 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    • #3
    • 5th Feb 18, 7:49 PM
    • #3
    • 5th Feb 18, 7:49 PM
    Just updating.....
    So the underwriters got back to the broker today and apparently they need more info as it appears my tax credit letter has my predicted income next year as £3900. Which is what I was on last tax year when on maternity

    I called tax credit even tho I have already had a mid year check with them and informed them I was back at work. They said that I should of updated my income online although I don!!!8217;t HAVE to, as it can also be done when u renew for the next tax year (which is what I thought). Apparently there is actual income and predicted income, which I did not know. So I asked does that affect my claim and she said most likely but cant tell me by how much and I will have to wait up to 4 weeks to find out!! I can!!!8217;t imagine it!!!8217;s by more than £200 per month as that!!!8217;s what it was before maternity and with less childcare costs.

    So god knows where this leaves things now as I doubt they will agree the mortgage without knowing my final income and even then they might not think it!!!8217;s affordable

    The broker said he will see what he can do but don!!!8217;t know what that will achieve really, the sellers won!!!8217;t wait another month before we move further it!!!8217;s already been 3 months.

    Starting to regret ever attempting to buy a house.
    • tessiesmummy
    • By tessiesmummy 5th Feb 18, 11:27 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    • #4
    • 5th Feb 18, 11:27 PM
    • #4
    • 5th Feb 18, 11:27 PM
    good luck jaywood89 keep me updated how u get on. I'm waiting till April for 2 defaults to drop off before I start the mortgage process. already started the right to acquire though so will he playing catchup a bit.

    I have only been reading into it upto now and I'm stressed to the max and considering not bothering as they want the ins and outs of a cat's behind!!!

    if you don't mind me asking. what income have you got/ are they taking into account? is it just your wage or tax credits too??? I'm earning 20k wage and 10k tax credits... don't know if they are counted or not though. keep us updated how u get on x
    • Jaywood89
    • By Jaywood89 14th Feb 18, 2:15 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    • #5
    • 14th Feb 18, 2:15 PM
    • #5
    • 14th Feb 18, 2:15 PM
    my wage is 10.5K on part time and the rest tax credits.
    • Jaywood89
    • By Jaywood89 14th Feb 18, 2:23 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    • #6
    • 14th Feb 18, 2:23 PM
    • #6
    • 14th Feb 18, 2:23 PM
    update (If anyone would like to share in my stress)

    got the tax credit letter throung, ive been over paid by £500 this year which will mean i get no working tax till april. which isnt much of a bother for me as i have enough savings to get by till then.

    worried natwest wont like this fact though. but checked my payments for next year and they will actually increase by £200 per month. this is with my up to date income for 17/18 so really stumped what to expect now.

    brokers have sent the amended letter. personally the brokers seem not confident they have emailed me to say itwill be looked at today or tomorrow and i will get an answer 'either way' .which to me i wouldnt be expecting a NO when valuation has been done and i have already obtained an DIP for my client. but hey ho. i wont be able to appeal it as i literally have cleared all my debt and have reduced all my outgoings to the minimum for them so not much more i can do now.

    luckily the sellers purchase has fell through so they have started a new app on a new porporty and wont be ready till end of march at the earliest so gives us some breathing room

    fingers crossed :S
    • ACG
    • By ACG 14th Feb 18, 2:36 PM
    • 17,023 Posts
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    ACG
    • #7
    • 14th Feb 18, 2:36 PM
    • #7
    • 14th Feb 18, 2:36 PM
    If you have something that says it will start in April I would expect them to use it. There is a good possibility it will be April before you complete anyway.
    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.
    • Jaywood89
    • By Jaywood89 14th Feb 18, 4:51 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    • #8
    • 14th Feb 18, 4:51 PM
    • #8
    • 14th Feb 18, 4:51 PM
    Another update (mostly just doing them now to vent)

    Iíve had a sneaky look on the mortgage tracker online when I got in from work and it appears the documents have been reviewed by the underwriter.... now there is a note in BOLD writing saying please call us on ****** to discuss your clients application

    I donít think this is a good sign! Lender hasnít called me yet which is another worrying sign as it was added over an hour ago.

    I honestly think Iím truly over trying to purchase a house.
    • DCFC79
    • By DCFC79 14th Feb 18, 11:19 PM
    • 31,895 Posts
    • 20,083 Thanks
    DCFC79
    • #9
    • 14th Feb 18, 11:19 PM
    • #9
    • 14th Feb 18, 11:19 PM
    Another update (mostly just doing them now to vent)

    Iíve had a sneaky look on the mortgage tracker online when I got in from work and it appears the documents have been reviewed by the underwriter.... now there is a note in BOLD writing saying please call us on ****** to discuss your clients application

    I donít think this is a good sign! Lender hasnít called me yet which is another worrying sign as it was added over an hour ago.

    I honestly think Iím truly over trying to purchase a house.
    Originally posted by Jaywood89
    Did you phone them ?
    Remember credit scores arent seen by anyone else but you, lender see your history.
    Last edited by DCFC79; 15-02-2018 at 8:48 PM.
    • Jaywood89
    • By Jaywood89 15th Feb 18, 7:15 AM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    No i didnít ring as I donít want to undermine the broker.

    NatWest have already done hard searches in my score and I was upfront about my history. So if it down to credit score Iíll be annoyed! Because they could of saved me a month of running and around if they were always going to say no
    • zx81
    • By zx81 15th Feb 18, 9:35 AM
    • 17,216 Posts
    • 18,295 Thanks
    zx81
    So if it down to credit score Iíll be annoyed!
    Originally posted by Jaywood89
    If it's down to credit score, you won't have applied for a mortgage in the UK.
    • ashe
    • By ashe 15th Feb 18, 9:56 AM
    • 530 Posts
    • 367 Thanks
    ashe
    No i didnít ring as I donít want to undermine the broker.

    NatWest have already done hard searches in my score and I was upfront about my history. So if it down to credit score Iíll be annoyed! Because they could of saved me a month of running and around if they were always going to say no
    Originally posted by Jaywood89
    Have you phoned your broker to ask them to phone them? Would seem to be the logical step.
    • Jaywood89
    • By Jaywood89 15th Feb 18, 12:32 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    im just going to wait and trust they are dealing with it for now. all this happened late in the afternoon yestuerday. i imagine they will get back to me soon enough. would rather not go chasing bad news.

    like i said mainly updating my post as a way of venting the stress of it all without constantly harrassing my broker.
    • Jaywood89
    • By Jaywood89 15th Feb 18, 12:33 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    If it's down to credit score, you won't have applied for a mortgage in the UK.
    Originally posted by zx81
    bit confused what you mean?
    • ashe
    • By ashe 15th Feb 18, 12:40 PM
    • 530 Posts
    • 367 Thanks
    ashe
    bit confused what you mean?
    Originally posted by Jaywood89
    What he means is that credit scores are not used in the UK. Credit scores are only meaningful to you and me as we see them in reports, but lenders use their own criteria and will look at a credit reports findings, rather than saying 'this ones <500, lets decline'

    Their systems may interpret the report and give a score for the lender, but that's nothing to do with what you see.
    • Jaywood89
    • By Jaywood89 15th Feb 18, 12:53 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    What he means is that credit scores are not used in the UK. Credit scores are only meaningful to you and me as we see them in reports, but lenders use their own criteria and will look at a credit reports findings, rather than saying 'this ones <500, lets decline'

    Their systems may interpret the report and give a score for the lender, but that's nothing to do with what you see.
    Originally posted by ashe

    thank you for clearing up that for me. i worded that wrong i think. i was aware the score is useless what i eamtn to say was if its based on my credit file as a whole id be annoyed as i would of thought that would of been the first box they needed to tick. so coming back this late in the game and saying your credit conduct isnt goof enough would be abit annoying but id be mostly annoyed with my broker as i wouldnt expect him to match me with a lender that may see this as a deciding factor.

    but im a novice at all of this so i dont pretend to understand the finer details of it all. just so stressful!!
    • Supersy
    • By Supersy 15th Feb 18, 1:16 PM
    • 60 Posts
    • 16 Thanks
    Supersy
    From the way i have seen on my Equifax report (Had Natwest offer last week), is in total 3 hard searches from Natwest Intermediary solutions and a couple of soft searches too all before offer, I would of though if your issue was your credit file you would of been declined pretty much straight away.
    • ashe
    • By ashe 15th Feb 18, 2:14 PM
    • 530 Posts
    • 367 Thanks
    ashe
    I'd chase your mortgage broker - its what they are there fore. It could just be to request additional info.
    • Jaywood89
    • By Jaywood89 15th Feb 18, 6:06 PM
    • 160 Posts
    • 72 Thanks
    Jaywood89
    So I heard back.....

    The lender will only lend 87k of the 119k needed.

    I just donít know what to Say or do now. Feel like this has all been a waste of my time and money. And itís dragged on for 2 months to get to fall at the last hurdle.

    Even if I sold one of my cars I could only push the amount to £97k which is still not going to cut it.

    Canít really direct the annoyance at anything or anyone really just really disappointed in the outcome !!!9785;!!!65039; Thanks for reading my posts and offering advice guys!
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