struggling to get mortgage

[lexii]

me and hubby have accepted an offer on our house and have an offer accepted on another, we didn't think we would have a problme getting a new mortgage as we have never defaulted on anything in the past (although had a couple of late payments on credit cards a couple of months ago but now up to date)

our financial adviser has told us we have been turned down by Nationwide (our current provider) due to too many credit committments and Halifax aswell so he is going to Alliance and leicester next, I have asked him what happens then if we are turned down by them? he said its difficult as too many applications will damage our credit score further

I don't understand why we are being turned down when I know of a frend of mine who managed to get accepted for a £190k mortgage (self cert) with NO income (she's on benefits) and we are both in good jobs and earn approx £70k pa between us

I'm now really upset and worried we won't get a mortgage and I really need to move to be nearer my parents as my mum is dying of cancer

does anyone know if we will get a mortgage or should we just forget it?

[Tau]

Would be worth getting copies of your credit reports from the Credit reference agencies. You never know what they might throw up.

[lexii]

I have just accessed my credit reports and there are no mistakes on it, it just shows the recent late payments thats all that looks like is against me and because of this my score is 543 which is rated very poor!!!! I can't believe it!!! how can my score be damaged that much by a couple of late payments? and how can I improve it and how long will it take?

[Under Siege]

Lexii,

you have a Private message

[lexii]

I'm beginning to think it would be worth continuing with the house sale for now and renting for a while, we could halve our monthly mortgage payments by doing this and save the other half for purchasing a property again, does anyone think this is a good idea?

[payingonlyencouragesthem]

Originally Posted by lexii

I'm beginning to think it would be worth continuing with the house sale for now and renting for a while, we could halve our monthly mortgage payments by doing this and save the other half for purchasing a property again, does anyone think this is a good idea?

Yes it probably is since house prices are declining. Your credit score doesn't make sense - have you checked to see if there is a CCJ in the public records box, or a CIFAS note on it? You could only have a score that low if there was a serious problem. It might also be something on your o/h's credit report that's causing this.

[lexii]

there is nothing in the public records box, I don't know what the cifas note is tho?

[lexii]

I do have a lot of credit committments tho, maybe that is why my score is so low?

[Keeksta1976]

Subscribing

[Nixxx]

This is my first post and i would just like to add that i checked my credit score in April last year and it was 506. The only negative thing i had was 2 late payments for next a few months before. I think it was that low because i was near the maximum on all my credit cards (i have 3 ) and on my overdrafts. So it does not necessarily mean you have a default.

[Conniff]

Scores can go by neighborhoods as well, so have a look at this and see what is what:

checkmyfile - Credit reference, Credit file, Credit score, Rating

[lexii]

Originally Posted by Conniff

Scores can go by neighborhoods as well, so have a look at this and see what is what:

checkmyfile - Credit reference, Credit file, Credit score, Rating

wll according to that is should be 853!!! but its 530?????

[sequenci]

Originally Posted by Conniff

Scores can go by neighborhoods as well

I thought 'Ring Fencing' was against the law?

[HSBCrusher]

Originally Posted by Under Siege

Lexii,

you have a Private message

giving or requesting advice privately via PM is against forum rules.
If there is any advice, please would you be so kind to post it in the thread.

thank you

Crusher

[jansus]

I agree the credit rating is a hard subject to understand. My neice has a rating of 800 plus - but was turned down just for a contract on her phone. She has never had a loan or credit with catalogue etc - so this goes against her - but in turn she has also never defaulted.

Also mine went down by 200 points because of "late payments " which were in fact charges by A&L but has now been restored.They can go up as quickly as they go down.

If you are in fact going to clear some of your committments by moving and are tryig to get yourself in a better financial position then a BS should take this into account

The other thing is that because of the banks own bad financial position with insufficiently secured bad lending abroad it is becoming a general trend that large morgtgages are going to be harder and harder to obtain.

Have you actually tried talking to your current BS yourself face to face (rather than through a broker) if you have not defaulted they should consider you? - or doing a search yourself on the internet for a mortgage?


Dont rush into this as if you get offered a mortgage and are just relieved to get the loan it may not be the best deal - and you should always consider a loan of this size carefully. And in that respect if you have an offer on your house and are willing to rent you are right it might be worth considering this and give yourself some breatihng space at a time when you need it most.

Hope it works out ok for you.

jan