Bank refused mortgage in principle. Now what?

[Maria53]

This was done via an automation on the bank's website tonight. I have a large deposit and would only need to borrow about £50,000.

I was refused a mortgage in principle, quite shocked. I checked my credit score, which is fair and a few points off good. Apparently my negative points were - wait for it - not having a mortgage!! - and not having a lot money in my credit account (I have quite a large sum in my account so I cant imagine what they mean).

After speaking to a mortgage advisor they thought I'd be offered one quite easily from the bank. Now what?

Don't worry OP, you're in good company. Which once had an item on credit scoring and, given answers to standard questions, never borrowed money, no prospect of buying, no steady income etc etc prince Philip wouldn't get a credit card

@Maria53 what did you DSis' broker say today?

An independant broker is the best to find you a mortgage.
It's their job and they want your money. You can guarantee they'll find one.
My ds1 has never failed yet, he says if he does it's no supper.

The things you have said are big red flags for mortgage companies at the moment. They are being extra careful.

1 electoral roll being incorrect is a big issue.
2 rent payment missed so recently is a big issue

1. U have no past experience in proving you can pay back credit.

The good news is all are easy to fix.

Get yourself a cred card and pay it in full each month to prove you can pay a debt. Sort the electoral roll and wait a while making sure you don't miss any payments.

Good luck.

Try London & Country, they are independent mortgage brokers & they don't charge. Recommended by money saving expert too.

L&C recommend too. They are independent and should be able to search lots of lenders you don’t even have to proceed via them they basically put through my details and gave me some possible lenders who would suit. I went direct to one of the lenders in the end.

£50k is very low for a mortgage and sometimes a bank's minimum lending amount. As above, try the L&C website for a comparison.