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Mortgage Disaster
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aa1517
2 Posts
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1
13/01/2021 - 10:02 am

Hi,

Unsure if this is the right place, but have just had a mortgage declined and now in desperate need of help.

Highlights are £50k deposit from sale of current home and looking to borrow a further £150k

Been declined by own bank as a couple of old defaults.

Unsure where to turn, are we looking at losing the property or paying stupidly high rates

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101 Posts
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13/01/2021 - 10:11 am

Hi, thanks for getting in contact.

It would most certainly come down to the finer details however based on the deposit you have I would expect there to be a solution.

Based on the information you’ve provided I would be surprised if rates were unreasonably high and whilst getting the mortgage is important, first and foremost it’s got to be affordable.

If you’re able to get a copy of your credit file from a main agency such as Experian, Equifax or Check my file we would gladly assess this in more detail for you.

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aa1517
2 Posts
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13/01/2021 - 10:13 am

That does make me feel a bit better, but obviously a stressful time.

I have got an Experian report and it scores 746 and has 3 defaulted accounts from 2016 and 1 from 2017

Still think sounds ok?

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101 Posts
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13/01/2021 - 10:13 am

The score itself will not be a deciding factor in whether you are approved or not so try not to stress about that.

Based on the dates provided I do believe there will be a solution for you though which is great news!

If you’re able to save the Experian report as a PDF and email it to myself at [email protected] I would happily assess your options and come back to you before close of business today.

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