The nervous wait to exchange....

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Ace Modder said:
well after the gift of a free hamper I have received a £500 payment in my bank after contacing my bank and them telling me whihc bank issued it I worked it it was my mortgage provider, and that they are giving first time buyers a nice £500 cashback.

I wasn't even aware of this, so happy days!
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Its on quite a few nationwide products

have you registered for online yet? I did and went in friday to find the statement updates daily so you can tell exactly how much you owe at any one time
 
Why put up a house on 10 different sites asking offers over £X. Then when someone puts a bid in over £X be told that the seller will accept £X+10K? Why not put it up for a fixed price of £X+10K in the first place?

Is this some sort of negotiation tactic. I've basically went in with my highest offer as it was offers over £X so I offered over it by a few £K hoping they would accept. I know they rejected a lower offer last week but the agent said they then increased said offer (but I think they are lying otherwise why would the seller even mention the lower amount in the first place if they had been offered higher?).

I feel like I've just had my time wasted if they are advertising as offers over £X then actually want a completely different price altogether.

Estate agents are as bad as second hand car salesman by the looks of it.
 
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Has anyone had a mortgage declined due to bad credit history?

I was looking at buying last year but I was declined due to bad credit, so I've been saving some more and I'm hoping to buy my first house this year.

The houses I had been looking at were around the £100k mark and I wanted to borrow £90k but was refused. Originally I was looking at houses between £150-£200k but massively over estimated what I could afford so ended up having to drop my expectations drastically.

I'm 26 and single so will be doing it on my own, my salary has decreased slightly since last year but is still roughly 2.9k per month.

If I get refused this time, what are my options? I've thought about the help to buy scheme but I wanted to do it on my own, it may not be possible though.

I was silly with money from the age of 18-21, huge overdrafts and missed payments meant it kept building up and up.

I'm against renting as I think it's just money wasted, I want to get onto the property ladder asap as houses are only getting more expensive!
 
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when my ex left we had bad credit and i struggled to get the mortgage into my sole name, here are a few points that helped me get a mortgage into my sole name.

Equifax and experian credit reports (make sure your current address is correct as the reports come back incorrect otherwise) close any store cards or credit options you have for random things like next argos that kind of thing, i didnt use mine but the were down as open and available credit, cut back on overdraft allowances, and credit card limits, again i wasnt using them but i had it available, so i knocked 10k off what i had available to me.

consolidate any debt onto one loan ( i went as far to take the loan with the bank i wanted the mortgage with) this means you are unlikely to get a mortgage for another 6 months if you do this but it made me look more attractive to the bank as i showed i payed it every month.

Next i needed a 15% deposit, 10% you cant argue with they will flat decline, with 15% to 20% i was able to go back to the underwriters with my financial planning spreadsheet and 6months of receipts any pay slips showing that i could easily afford it. was a pain but got there in the end. This was just my personal experience might not be for everyone.

Sold my house and purchased in november. Cash buyer of mine, im moving to vacant im now 9-10 weeks in and no dates in site =(
 
If you have bad credit history then you will also be able to see it.
You need your reports from equifax etc

Firstly fix any errors, they do make them, normally just contacting them with details will resolve the issue. Occasionally you will need to go to the company who caused the issue in the first place, which is far more painful.

Whats your position in regards to outstanding finance and loans etc. Some evidence that you are a responsible borrower is better than none, but equally evidence you are a bad borrower is worse than no history at all.

If you are not currently using a credit card then get one, some specialise in helping to build your credit history, reality that means they will lend to you when most others wouldn't but with a much higher APR. Just use it a bit, setup a 100% repayment DD and build some history with it. You don't need to spend a fortune, just make sure you use it monthly and clear it completely.

Ensure that you are correct on the electoral roll, again credit history will show this up.
Check to make sure you have no associations listed, if you have then you are tied in their records and if the other person is bad you by association can get issues with credit.

Do NOT apply for credit to frequently. The worst thing you can do if you are turned down is reapply somewhere else, it raises the suspicion of you being desperate.

Could be worth signing up for Noddle if you need a credit card, whilst not guaranteed they have a prediction thing that gives you a guide what things you are likely to match lenders criteria on, so you avoid applying for things that are likely to turn you down.

As always whenever a case isn't straightforwards an IFA/mortgage advisor assisting in selecting mortgages, or even just giving you a reality check is the best bet. To start you off going into an estate agents, faking interest in a house and saying you need to discuss options with a mortgage advisor will have them desperate to get you in front of the one that gives them a kickback. Quickly gets you to the point of being able to get a view if you are or aren't likely to be able to proceed.

Saying all the above, the simplest way to stand the highest chance of getting a mortgage is a lower LTV (loan to value) ratio. So save, flog stuff you don't use any more, maybe work a few more hours to help bring in income etc
 
I've used experian who say my credit score is 850 out of 895 so it's 'good'. I've been debt free for 4 years and do have regular debits coming out, car insurance, motorbike insurance, phone bill and none of these have ever been missed.

I've also done a credit check with noddle who say my score is 1/5 so very poor, I've spoken with them and have cleared everything up, no outstanding money to anyone.

I don't have a credit card, overdraft or loans as I don't need them anymore, apart from my insurance and phone bill I have no other out goings apart from things like food and clothes, so I've always got plenty of money in the bank.
 
Clov!s said:
I've used experian who say my credit score is 850 out of 895 so it's 'good'. I've been debt free for 4 years and do have regular debits coming out, car insurance, motorbike insurance, phone bill and none of these have ever been missed.

I've also done a credit check with noddle who say my score is 1/5 so very poor, I've spoken with them and have cleared everything up, no outstanding money to anyone.

I don't have a credit card, overdraft or loans as I don't need them anymore, apart from my insurance and phone bill I have no other out goings apart from things like food and clothes, so I've always got plenty of money in the bank.
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This isn't how it works I am afraid.
Its a credit history, clue is in the name ;)

Its odd that you are getting such a different score between those two, noodle much be showing something to be that low...? But if experian say that high then it would tend to indicate there isn't a fundamental issue

Current accounts are almost invisible to these guys, so money in the bank with DDs etc they wont see. A credit card will show each month, if its overdue or paid etc.

Are you certain that you were turned down for poor credit history?
Did you apply to one bank/building society or more than one? Was it via a broker etc?
Its possible you just didn't match the lending criteria or something similar.
When we moved this year I was approved by Nationwide but reapplied for a higher amount as I was debating keeping some funds back for something else, I got knocked back on the second application even though it was well well under what their website said I could apply for, its a bit of a black art dealing with these guys.
 
It was with my bank, Santander, they were the only one I tried, after I was declined I was annoyed at myself so didn't follow up with anyone else and it's why I've pushed it back until this year.

Noddle show all my debts as satisfied as does experian, they stay on your file for a number of years though so that may be the problem.

I'll look into getting a credit card, I should be able to get one with a limit of £100-£200, best way is to keep using it and paying it off in full every month?
 
Clov!s said:
It was with my bank, Santander, they were the only one I tried, after I was declined I was annoyed at myself so didn't follow up with anyone else and it's why I've pushed it back until this year.

Noddle show all my debts as satisfied as does experian, they stay on your file for a number of years though so that may be the problem.

I'll look into getting a credit card, I should be able to get one with a limit of £100-£200, best way is to keep using it and paying it off in full every month?
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Probably you just failed the lending criteria then, if your sure you want to buy then go to a broker. I assume you didn't get any CCJs in the past (6 years)

The credit card helps as it shows something, something is better than nothing.
You don't have to spend a lot, just use it. Even if you just use it for petrol. Just as I say, setup a 100% DD repayment so there is no hope of missing a payment.

It sound like if you are after a sensible amount for your income you should find a lender. They have more and more cash available, so as long as your finances can stand the stress test you should be good (assuming a decent deposit)
 
Clov!s said:
It was with my bank, Santander, they were the only one I tried, after I was declined I was annoyed at myself so didn't follow up with anyone else and it's why I've pushed it back until this year.

Noddle show all my debts as satisfied as does experian, they stay on your file for a number of years though so that may be the problem.

I'll look into getting a credit card, I should be able to get one with a limit of £100-£200, best way is to keep using it and paying it off in full every month?
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Your situation sounds very similar to mine as when I was 18 - 22 I racked up a far amount of debt, however by the age of 25 I had managed to clear all this and be accepted for a mortgage with my then GF now wife.

Fast forward 4 years and we go for a bigger house, no problems with the mortgage but just in the space of 4 years I can't believe how much harder it was to get a mortgage, I thought it was bad previously but now they literally drill down into everything.

Good luck to you buying on your own, I would imagine the house prices you are looking at now should allow you to pass the affordability calculators with the wage you are on.

For you info, not done an Experian report in ages however a quick check on Noddle and I have 4/5 and a score of 617.
 
Good on you Clov!s for getting it sorted, I agree that getting a credit card and just using it for small amounts each month and paying it off in full each month will help with your credit rating.
 
Thank you all for your replies, I guess the next step is to find a credit card which helps boost your credit.

I know this may seem like a stupid question but does the amount used on a credit card have different effects on your credit history?

For example if I only used £50 a month and paid it off in full, would it affect me as much as using £100 a month and paying it off in full? Would there be any noticeable difference between the two?
 
noddle is crap for a real compare, they gave me a rating of 1 out of 5 and always have done for 2 years.

Experian / Creditexpert.co.uk I paid £14.99 a month to view my credit and they rated me as 960 out of 999. This was the same time as noddle rated me 1 of 5.

All my records were the same on both sites, nothing different and nothing missing from either.

Noddle is a bit crap imo for a real idea of what your credit history/score will be.

I 100% suggest trying the creditexpert option, i think they do 1 month free trial too.

P.S. one thing to note is just after you have your mortgage completion your credit rating will crash. Mine did and its now 537 out of 999 just cos I've just taken out a loan for £133k :) It will improve each month though, plus I have no need for any credit services in forseeable future anyway, so I'm not that bothered. I was dead anal before my mortgage application though, to the point of checking it every 2-3 days to ensure nothing crazy happened.
 
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Noddle can be hit and miss, and is very high level (for the free account - I'm currently rated 4/5 but this is a bit meaningless).
I signed up to Experian recently using the free trial (and don't forget to go through Top Cashback!) and I have a score of 914 which isn't too bad. It's not higher simply because we're only 3 months into mortgage and other utilities contracts, and electoral role hasn't been updated yet.
 
Is the mortgage advisor worth it these days? We have just gone under offer on our apartment, we owe someone 20% to someone for the help to buy scheme. Our mortgage runs out on the 31th March so can't complete till then.

We have been quoted £349 for the women to sort it all out for us getting a new mortgage etc. Are they worth it?

I just find it all stressful, and would rather let someone else worry about it.

We have been quoted £1.9k from solitors to sort out selling and buying, is this reasonable? Sorry, new to all this.
 
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