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I am nervously waiting for a mortgage and was agreed 2 in principal but i couldnt take them due to stipulations on the certain properties I was looking at - so now im applying for RBS - the broker did a check on the amount i wanted re my wages and it all looked fine and now we just have to wait to see if they will accept me. The fact that i had two other mortg agreed does this look good in my favour??? i do have a bit of adverse credit due to late payments of loans will this affect me?

 

Will the fact that i bank with the Natwest UK be more in my favour as I have a loan with thm that i have been paying for a year and they are connected with RBS?

 

I have only been in my new job for 5 months so that might work against me?

 

what would be the reasons thy would turn me down? And how different are banks when it comes to this type of thing?

What i dont understand is that whn i have applied for credit cards in the past they always turn me down???

 

Any help would be appreciated! I guess i need to just wait till tomorrow but I keep going over and oveer it and cant stop thinking about it all! I know i have another mortg in place as plan b but its a high interest rate fixed for 2 years and has loads of rules on it, but i guess i would just have to do it, i cant wait any longer to get on the property ladder!

 

HELP!!!!!

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I am nervously waiting for a mortgage and was agreed 2 in principal but i couldnt take them due to stipulations on the certain properties I was looking at - so now im applying for RBS - the broker did a check on the amount i wanted re my wages and it all looked fine and now we just have to wait to see if they will accept me. The fact that i had two other mortg agreed does this look good in my favour??? i do have a bit of adverse credit due to late payments of loans will this affect me?

 

.... What i dont understand is that whn i have applied for credit cards in the past they always turn me down???

 

If you've applied for credit cards in the past and been turned down its generally not a good sign, late payments / arrears on loans is again another factor. They will credit score the application and the declinations / late payments will probably turn up on yourscore.

 

It really depends how significant they are, and what the banks appetite is to lend.

 

Sometimes you can be turned down for a card just due to the fact that you applied to a UK newspaper ad and your in the IOM and they don't offer cards here - but often its just a "declined" that is recorded by the credit reference agency. They don't say why you were declined. Arrears on previous loans are much more likely to put them off though.

 

I wouldn't get too hung up about it at this stage ... particularly if you've had two other offers as nothing obviously put them off. Wait and see whay they say.

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Late payments (up to three) should be OK as long as they have been cleared and there are no arrears in interest payments.

 

You would have been told if they have registered a default against your name.

 

If you have been with an employer for less than a year, they may ask to see proof that you are not on a probation period, and on a substantive contract. Also - that any old credit cards have been payed off, old home loan payed off and cleared etc. Some may want to see proof of deposit.

 

They will ask for proof of most of your old address.

 

Having some debts is OK if you are applying for a home loan, its shows that you have income, can meet regular payments, and others are prepared to lend you money! Im sure all people can remember asking for their first ever loan/credit card, only to be told NO - you've never borrowed any money before, so we dont know how good you are!!

 

The fact that you have had 2 loans agreed in principle before is great, this shows any vendor that you have the funds agreed, (subject to a few conditions, type of property, survey etc etc) and you should make sure what any conditions are before you go house hunting. Saves the heart break!

 

I accidently saw my credit rating a few years ago, A + all over the place, but was still turned down for a loan. They never gave the reason, nor did they really have one. The search was not entered on my record.

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I use CreditExpert.co.uk (affiliated with Experian) to check up on my credit ratings/scores. All companies I am associated with (whether it be banks, mail order catalogues, and even Camelot when I open my online lottery account) enter monthly information on whether I have made my payments on time (or not!) and you can log onto their website and check this information whenever you like. You can also get a free credit score report from Experian.

 

I think it's free for the first 30 days (as a trial) and then you pay £5.99 a month if you want to carry on with your "subscription" to the service.

 

I've found it to be a real insight into what info is recorded about me and from who. £5.99 a month may seem a little steep to some people, probably those who won't use the service very often, but it's a godsend to people who are worried about their credit rating.

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You can also get a "one off" copy of your credit rating by filling in details on line with Experian or Equifax or Callcredit and if you are happy to wait a few days for it to arrive though the post the cost is only £2 (A bit dearer if you get a quicker on line copy). Certainly well worth doing from time to time especially if you are associated with an address where someone else could have a bad credit rating that reflects on you.

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RBS - Aaah I got turned down on me low credit rating. Am even more gutted now that the plan B mortgage my broker had sorted out an agreemnt in principal etc will not invest in studio flats, the same as northern rock agreed me in principal but then wouldnt invest in studios. It really winds me up that for first time buyers who are single it is very difficult to get on the property ladder.

 

I have rallied round my fammo and I have been given £3k which is a 3% deposit, but i need a company that will invest in studios and with someone with a low credit score???/ I also have added prob that i need more than 3.5 times my salary, more like 4 times etc.

 

im at my wits end on what to do? Anyone suggest any other morgage companies? My broker is going to look about for me on Monday, im just gutted as i have made an offer on a lovely bargain of a flat and would be gutted to lose it.

 

Its saddens me as life sometimes seems so hard - you do all the right things, go to Uni, get a decent job, im in no massive debt, no credit cards, have always been hard working and sensible (ish) with my money and Im 30 trying to struggle to get a studio flat FFS?? I get so worked up that if you are single (i have man but we ar not ready to combine our lives so much yet) things are a bit harder in respect of living expenses etc.

 

Any advice or help would be appreciated :(

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Is there anyone you can share the purchase of a more substantial property with? Ity also helps with the annual salary multiplier. Sometimes that is the only way to get on the property ladder. Very tricky though and, as with all good plans, you must have an exit strategy.

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Any advice or help would be appreciated :(

 

Try the Chelsea Building Society.

 

Have a mate down there in Lahndan who had similar problems to what you have described, and after being turned down by some of the big banks, CBS gave him a mortgage.

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If you have a crappy credit rating then it must be for some reason or another...I had the same problem and I wouldnt consider myself to be a credit risk, but it was down to a couple of late credit card payments which knocks the rating a hell of a lot.

 

Get a credit check done as mentioned above, its worth the money if only for the knowledge as to why you are turned down.

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If you are on time paying your debts for the next 6 months, and don't go over ya bank limit and so forth you should get back to a respectable rating. At least then when you go for an appointment you can say here, this is my bank statements for the last 3 months, I pay everythng on time, and please bare in mind that my experian search may produce a lower than expected score due to me being simply forgetful on 2 occasions - due to a DD not being facilitated for example.

 

Your search isnt a do or die, they just bare it in mind. Its far more typical that a CC company will decline you rather than a mortgage. At least your mortgage is secured on your property where as store cards and so forth arent.

 

In the mean time get all your loans/cards and do forth set up on DD/SO so you dont miss them.

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RBS - Aaah I got turned down on me low credit rating. Am even more gutted now that the plan B mortgage my broker had sorted out an agreemnt in principal etc will not invest in studio flats, the same as northern rock agreed me in principal but then wouldnt invest in studios. It really winds me up that for first time buyers who are single it is very difficult to get on the property ladder.

 

Bad luck. Sounds to me like your broker is an arse - why try for an agreement in principle on a studio flat from a loan company that will not lend on a studio flat. Does he not read forms?

 

If you were turned down on a low credit score that's a bit of a b*stard as the declination will go on your credit file which won't exactly add to the situation.

 

Just remember sometimes these things weren't meant to be. They could be doing you a favour in the long run - something better will turn up I'm sure. Don't be put off, and try another mortgage broker.

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Yea im really hacked off cause the broker tried for 2 mortgages that were both approved but didnt think to check if they would invest in studios - so thats 2 mortgage on my credit rating, she tried for 3rd one and it got turned down on low credit - now we are trying for one more - which im not hopeful of and so now my credit rating is gona look a right mess - and I have paid her £100 upfront admin fees, so as soon as i hear the news that this other mortg aint gona happen, im ditchin her big time.

 

I also didnt realise that she charges £400 on completion whereas I have done more research and I have found a bloke who only charges £50 admin fees and no fee on completion - so it looks lie I will have to just ditch the flat i have made offer on (great the estate agent is gona love me and the vendor) and just wait until the new year and try again. Im so fed up cause studio flats is all i can afford and they are few and far between in the areas i want to live in and this one was under £100K and was bargain, whereas others are crap and sometimes in the region of £110K. Im seriously considering gettin out of here and moving up north, where as far as I can see would be a drop in wages, but not massively anymore compared to relative living costs etc.

 

I really feel like im being shafted.

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and I have paid her £100 upfront admin fees, so as soon as i hear the news that this other mortg aint gona happen, im ditchin her big time.

 

I also didnt realise that she charges £400 on completion whereas I have done more research and I have found a bloke who only charges £50 admin fees and no fee on completion

 

I didn't think they could charge upfront arrangement fees or operate client accounts to bank client fees for mortgage business in the Island. Most get a commission off the lender and just charge for admin and postage. I'd be asking questions ......

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Yea they can take fees, i thought that was normal an then someone told me that a good financial adviser dosent take fees they get commission and they just take a small admin fee. At least I know now to be honest, I was too far into the whole process by the time the question of completion fees came up and i was gobsmacked. Its been a bit of a nightmare to be honest, and im just waiting to hear back from one other bank now and if that comes back a no, then im gona leave it for another good couple of months and make sure i shop around for a good mortgage etc!

 

Im just proper gutted that the flat I want is gona go to someone else, it was like the flat i had always dreeamt of - i walked in an straight away just fell in love, so im finding it hard to "get over" it as it were! its not like i have much choice in what i buy as well and this place was cheap and just lovely and for a studio/apartment it had 4 big windows, proper airy and bright and in a conservation area! seperate sleeping area aswell!! GUTTTTTED, proper!

 

will hear back tomorrow about the other last ditch attempt mortgage - but im not holding my breath!

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I am nervously waiting for a mortgage and was agreed 2 in principal but i couldnt take them due to stipulations on the certain properties I was looking at - so now im applying for RBS - the broker did a check on the amount i wanted re my wages and it all looked fine and now we just have to wait to see if they will accept me. The fact that i had two other mortg agreed does this look good in my favour??? i do have a bit of adverse credit due to late payments of loans will this affect me?

 

Will the fact that i bank with the Natwest UK be more in my favour as I have a loan with thm that i have been paying for a year and they are connected with RBS?

 

I have only been in my new job for 5 months so that might work against me?

 

what would be the reasons thy would turn me down? And how different are banks when it comes to this type of thing?

What i dont understand is that whn i have applied for credit cards in the past they always turn me down???

 

Any help would be appreciated! I guess i need to just wait till tomorrow but I keep going over and oveer it and cant stop thinking about it all! I know i have another mortg in place as plan b but its a high interest rate fixed for 2 years and has loads of rules on it, but i guess i would just have to do it, i cant wait any longer to get on the property ladder!

 

HELP!!!!!

 

Dear Tea and buscuits

 

Don't do it... just don't.

 

Never a borrower nor a lender be and don't be taken in by the "must get a property, must get a property"hype... you'll spend the rest of your life paying off a huge debt that has no relation at all to the few bricks you've bought. It is but a trap, a hole in the ground, awaiting only the young and impressionable to fall into.

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