Waiting for credit report to update

Louk83 · 25 April 2017 at 8:19PM

Hi everyone
I have recently cleared some outstanding balances on the 27th March and i am looking to buy my 1st home as soon as possible
I have not contacted a broker yet as i am waiting for my credit report to reflect my latest payments.
My question is how long does it take from making payments to the settled / paid status showing? Am i being to eager to think 3 weeks is long time or does this take a month or so ?

I just want broker to have the most up to date information.

Also i am planning on buying a new build and wondered what the average timescale is from putting in an offer to offer accepted and all systems go?

As you can tell i dont have any experience of house buying so apologies if these questions have been asked already

Thanks

sultanabran · 25 April 2017 at 9:37PM

The date of the last update of the accounts on your credit file(s) will give you a clue on roughly when in the month the lenders update the credit agencies.

E.g. if the last updated date for the Dodgy Loans plc account on your credit file was the 28th March. You can expect the update for this month to be around that date. Some lenders can be slow though and can sometimes be a couple of months behind.

Louk83 · 25 April 2017 at 9:50PM

Thank you ill have to check, i am hoping it is this month so i can get the ball rolling
Havent viewed properties as ideally want an agreement in principle first

Lilla_D · 25 April 2017 at 11:47PM

Unless you have had late/missed payments, which would mean that a credit check by a lender during the agreement in principle process would give an answer about your ability to borrow, a broker can check your potential borrowing pretty accurately even while you're waiting for the credit files to update.

In response to your question about timelines, once you make an offer, it's likely that you'll have something agreed within a few days (or not much longer dependent on how the negotiations go).

Once your offer is accepted, then you'll have to supply the broker various documents and it normally takes a few weeks to get a mortgage offer.

Parallel to this, the seller will have to supply numerous documents and endless amount of information about the property to their solicitor, who then passes all of it to your solicitors and so the legal process goes on typically for a few months.

Hope it helps

Waiting for credit report to update

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