declined mortgage- when can we reapply? Credit ratings...

[vannah]

Hello all
About 2 years ago, my DH and I applied for mortgage with a well known bank, and although the original search was fine, when we came close to actually closing the deal on our property we suddenly declined the mortgage according to low credit rating, which for some god forsaken reason hadnt shown up on the first search, but came up when we were shopping around for the best mortgage and after many searches our rating became low.

That said, my DH did have some late credit card payments in the past.

We want to apply for a 100k loan now, do you think its likely we'll get a chance?

thanks for any advice

You can but try, we havent had very good credit in the past but applied for a loan thru one of these companies that says "ccj's arent a problem", managed to get what we wanted, slightly higher interest rate then others would have been offered but the re-payments are still within what we had budgetted for.

Also if one company turns you down, try another.

HTH

There are quite a few mortgage brokers who will be able to get you a mortgage but you will probably have to pay them a large fee (£1,000.00 ish - which you will probably be able to add to your mortgage)and you will have a higher mortgage interest rate.

thankyou both

May be worth going to Experian or Equifax to check your current credit rating.
This will also check against all persons living at the addresses you have in the last 6 years. It may show up that people who lived there before or after you have had their 'bad rating' associated with you and you will be able to sort things out.

We got our mortgage via a financial advisor. We didn't pay him a fee, but as we took out insurance he recommended; Life Cover, Income protection, he got a fee (which was openly declared to us) from the providers of those. We went this route because of a bad credit rating and as other poster mention, the fixed rate we got wasn't perhaps the best available, but affordable for us.

can i reccomend you look here and take a look at pc's post as she was in similair situation www.mumsnet.com/Talk/1930/382459