mortgages and northern rock

[VR6 Turbo]

Hi all

me and the OH are looking at mortgages.

Now are first option ('accord' or santander). declined us on the basis that we don't have enough credit history.

were now being offered a with northern rock, OH is a bit worried about this. as I understand it there safer than are first choice. being government owned and all, am I wrong.

Also is there anything we can do to improve are credit score.

I have had loans and overdrafts never missed payments.

the OH has had overdrafts and credit cards years ago.

we have a very reasonable desposit. just over 40k. and we have a 177k offer accepted on a house.

Any advise greatly recived. I am an idiot when it comes to these things

thanks VR

[voicey]

Are you worried about the bank not being there to receive your repayments? Even if your lender goes bust, someone will collect what's due.

[scotal]

VR6 Turbo said:

Now are first option ('accord' or santander). declined us on the basis that we don't have enough credit history.

Do you mean Accord are owned by Santander, because quite simply they aren't. Accord are an intermediary only lender, so what has the broker said?

VR6 Turbo said:

were now being offered a with northern rock, OH is a bit worried about this. as I understand it there safer than are first choice. being government owned and all, am I wrong.

They should now be as safe as houses if you'll forgive the pun, but they still credit score everyone, so you'll need to look at why you failed the first score before you do the second.

VR6 Turbo said:

Also is there anything we can do to improve are credit score.

I have had loans and overdrafts never missed payments.

the OH has had overdrafts and credit cards years ago.

Have you got copies of both your experian and equifax reports to find out what is listed about you?
If not, do so. If the broker hasnt suggested this to you, why not?

VR6 Turbo said:

we have a very reasonable desposit. just over 40k. and we have a 177k offer accepted on a house.

So a 77% LTv or less. Do you have lots of outstanding credit? Any adverse credit?
Are you stretching your joint incomes to buy the house?

And no offence, but when you use "are", you meant "our". Pedantic maybe, but it made your post difficult to understand.

[VR6 Turbo]

cheers for the advise.

I am not the best at getting my word's right, have trouble with the three there's too.

we aren't stretching ourself's at all really, OH 28k plus commission me 21k plus Commission

all that was said about the other mortgage was that, we had no adverse rating but not enough positive rating.

northern rock has accepted us. got another meeting with the broker/FA, later

outstanding 8k loan will be paid off before, the FA know's this

VR

Edited by VR6 Turbo on Wednesday 26th October 15:10

[Chris_]

I have just gone through this when sorting out my new mortgage. One of the two most competitive deals that I was offered was from Northern Rock. I was a bit sceptical at first, but the reality is fine. The "old" Northern Rock with its poor loan book and bad debts, has been ring-fenced and placed in a totally separate entity. The "new" Northern Rock has nothing to do with those historic deals, and has the benefit for being state owned and guaranteed. My broker rates them very highly.