We've been advised to wait two weeks to apply for a mortgage again....

[Mouthfulofquiz]

Our mortgage application has been declined for our dream home because I went £7.29 over my £250 overdraft limit at the end of August, and £150 over at the end of July... I know it's really bad to have done that and it was purely oversight and had never happened before it since. I am beyond furious with myself, absolutely gutted. I know I can't change the past but I've been in tears since yesterday.

Also should add that the mortgage and bills don't come out of that account - it's just my little pot of personal money. So the advisor has asked us to return on the 1st of nov when the larger mistake will no longer be in my 3 months worth of statements. He seems to think the £7.29 will not be an issue.

So, I'm asking you wise folk if you have been in this position and should I be letting estate agents and solicitors know this has happened?
Am I being given totally false hope here?

We haven't even been to see the solicitors for the initial ID check etc yet so the ball hasnt started rolling....Potentially we could just be looking at a 2 week delay but we are in a very small chain and I don't want to hold things up. Help :-(

Yes, we had to get a missed mobile phone payment taken of Dh's credit report or we couldn't have had this house.

It took about a month to do it & re-apply and get an offer. We'd paid the builders £500 retention.

Use this time to get all your documents together, get copies of your credit scores off both credit expert & equifax. If you join them via topcashback.co.uk you can get some cashback on them too. Any black marks/delinquent accounts get in touch with the CEO of the company involved and write a nice email politely requesting it be removed due to it holding up a mortgage application. I had to do that with O2, I emailed on the Monday and it was off his report on Thursday.

Get the conveyancer primed and ready to get on it as soon as you get an offer.

Thanks - great advice. Have just done equifax and that looks good - nothing mentioned on there at all, will check the other too. Have been on the phone to the bank to try and get an appointment with them to straighten things out ASAP.
Good to hear that I don't have to completely lose hope.
I hope that the underwriters have told the advisor all
Of the reasons why it was declined - I would hate to go back with this all rectified to find it has been declined for something else....
Nightmare.

The mortgage advisor will have been here before though and it's in his financial interest to get you that mortgage.

Yes, I'm hoping that he finds a way to ensure the application is viewed favourably. I'm just trying to stop obsessing about it now which is easier said that done. Nothing can be achieved on weekends can it?
Credit expert and equifax all look good although all the info is slightly confusing to me. I've scored well on both so fingers crossed it is all down to this hiccup with my account rather than anything more sinister.

Right, so get it all printed out and get driving licenses, birth certificates etc ready and then in November your ready to go.

The conveyancer needs to see them so you may as well sign them up and get it all in order their end than to suddenly realise they need something the mortgage advisor still has.

The weekend we got rejected it was like someone had died in this house.

Tell me about it. I need to get a grip big time.

Fluffy- I'm in similar situation. Can you tell me roughly what the wording was in your email to 02 to get it removed as I've not had much luck with them. Cheers.

Mouthful- if it wasn't your main bank acc, why did you need to provide a statement at all?

I emailed the CEO, I said how happy we had been with the service, no problems there etc, account paid dd every month etc but that at the end of the contract there had been an extra amount to pay that we had queried and that the complaints dept had said they were looking into it but sent us to recovery hence black mark etc and it was stopping us buying our first home.

Worryingly the complaints dept had no records of any of the calls dh made at the time.

It was because my wages get paid into it - but actually that is a very good point.... I've verified wages by giving a payslip already.

Fluffy- do you have that email address?

Mouthful- If you have other statements showing you had money in other accounts I would have thought that would suffice?

All of the other accounts are with the bank we applied for the mortgage with so its all there for them to see! :-)

Eurgh, they're being really annoying aren't they? Other option is to try a different lender? I think a declined DIP only takes 5 points off your credit score (which is out of 999), so if you needed to progress quickly, that might help?

Thanks Wiggy - I think that that may be our only option. I'm just so time conscious - don't want to hold everything up when everyone is so desperate to get moved and there is such a tiny chain.
But from reading around it seems that it's not totally unheard of for mortgages to take a few weeks to sort out so I hope no one will be too pissed off!

Yeh, there's normally a few lumps and bumps along the way. The whole process usually takes (in my experience) 6-7 weeks but from listening to friends and family, it's more like 12 weeks average. To be honest, I wouldn't even inform vendor that you're trying to sort mortgage still as searches can take 4 weeks at least just make sure you start those so you have those started so when mortgage is sorted you're good to go (and if chain falls apart or whatever, you've only lost a couple of hundred quid on the searches).

www.thisismoney.co.uk/money/bills/article-1724511/How-to-complain-to-the-chief-executive.html

That's his address, oddly I can't find my sent email to them.

Are you using an IFA ? When we purchased this house I had an "arrangement" black mark on my credit file from 5 years previously. This was due to ExH leaving me high and dry and me needing to make an arrangement with Barclaycard to pay of outstanding debt on a credit card. Despite me paying it off in full 10 months later (after the sale of property) the black mark remains.
DH and I explained this to our IFA who rang the under writers at Santander who told her to do a paper application and he would approve it, rather than a online one which would be automatically rejected without human intervention (bit of a "computer says no" senario).
Your IFA should know how to deal with this, it shouldn't be a problem.

Thanks everyone. Sorry I haven't been back to the thread for a few days. We found an independent mortgage advisor who I sat down with and spilled the whole story. Long and short of it is that she doesn't seem too worried even though I kept telling her how panicked I was about it and have told her every detail of what is causing my 'black mark'. She got approval in principle on Monday and the valuation is happening tomorrow. I am in no way counting my chickens and I'm still extremely worried but it was much nicer to sit and talk to someone who understands the whole market. She has also found a lower rate... So fingers crossed for the sake of my mental health!!!

It is always using an IFA even if they make a charge.

worth using

I realise now - I don't think i would do this type of thing again without one. I feel that the small fee that is being charged is far and away worth it.

We had a mortgage declined because DH had a criminal record (spent, and a minor offence) which was 9 years and 11 months old. We reapplied a month later and were accepted - it was then over the 10 years limit. We ended up with a better rate too.

I am glad you got the ball rolling, I hope it's not too stressful from now on.

Our IFA is fab, we have used her for 12 mortgages now. They know the loopholes and how to get round them and usually they have access to better rates than those on the high street.
Good luck with the move.

When we bought our apartment 6 years ago I had a terrible credit rating, none of the usual high street lenders would give us a mortgage, so we had to settle for Advantage who specialise in lending to those with a not so good credit rating at a slightly higher interest rate.

Fast forward two years, Morgan Stanley who own Advantage are getting rid of all their mortgage customers due to the whole financial palava. They offer us £20K to move our mortgage to another provider with no termination fees. By then of course my credit rating had also vastly improved.

Winner