First time buyer mortgage declined

[AuldDorris]

Have recently had an offer accepted on a house we want to make our first.

However, the mortgage has been declined after been accepted in principle.

What can we do now? Will any other lender accept us after Santander have left a heavy dent in our credit scores. Or is it now a case of waiting 3, 6, 9 months to re apply??

Any experience based help would be greatly appreciated.

Auld Dorris x

No advice really, but I think you need a mortgage broker. (Apologies if you've used one already!)

We had this. Declined by Halifax, accepted a week later by Santander. A broker is your best bet.

Was the mortgage declined on this particular house? Did they give a reason? It's certainly worth going to a mortgage broker if you didn't before.

Might be worth finding out why you were declinded in the first place? Then work from there.

Maybe get a copy if your credit report. And try again through a broker make sure it is a soft check to start of with.

Yes get a mortgage broker, they will do all the research for you and they know which lenders have certain criteria etc. And can find much better deals. High St banks aren’t always the best places to go. We ended up with a mortgage from a building society I’d never heard of and it was a much better deal than any we had seen on the open market.

Don’t worry, one application won’t have a negative effect on your credit history. Only multiple applications in a short period of time will do that.

As already advised I would go see a broker, as no one on here will really be able to offer you specific advice.

Did Santander tell you why your application was approved after an AIP?

Another one recommending a whole of market broker here. Whereabouts are you?

Was it the property or was it you? Establish the facts and take it from there. If the problem is with your dodgy credit history, then use a broker as they'll know which lender will be ok with your circumstances.

It was due to a payday loan 4 months ago which I actually cleared in full straight away.

Experien report showing excellent score, Noddle (equafix) showing fair/poor.

All very baffaling and stressfull as we don't want to lose the house we've had offer accepted on.

If I go to mortgage broker they will be able to shop around and re-apply for a more suitable lender straight away with no waiting time (months) in between.

Thanks very much for the replies guys.

Hugely appreciated.

A payday loan isn’t great but one isn’t likely to be the sole reason you were rejected.

Try not to worry about your “score” , it’s made up by Experian, no one sees it apart from you and them.

Don’t stress until you’ve spoken to a broker, they should be able to help you.

Hope things work out. These pay day loans should be banned. A mortgage broker should sort you out. good luck.

Definitely go via a broker, mine was worth their weight in gold. They'll know what lenders are most likely to accept you and can tweak terms etc to ensure your mortgage goes through.

And it can be done swiftly too via a broker especially if you are organised with your paperwork.