help

atchoo_2

i need to self cert as i am leaving way beyond my means.
i want to consolidate outstanding debt
i keep getting turned down due to credit scoring even though i have no arrears or adverse
does anyone have any ideas please

herbiesjp

Have you got a copy of your credit file from Experian or Equifax?

Do they show up anything that you are not aware of?

You say you keep getting turned down - how many lenders have you applied to?

Stop running the credit searches now, as it may be harming your credit score.

You proably should be talking your case through a mortgage adviser, and letting them asks the lenders the questions that will get your mortgage agreed before carrying out credit searches.

atchoo_2

yes i have a copy. nothing comes up adverse or arrears.
i know the searches have ruined my credit score so now i get turned down at the first hurdle without someonr looking at my file.
are their any lenders that manually underwrite??

AndrewSmith

Also remember that self cert does not change the amount you earn, nor does it mean guaranteed acceptance by a lender.

Even on a self cert mortgage you will still be subject to credit checks and in most cases credit scoring. All self cert does is allows you to include income that you cannot prove, ie newly self employed, paid in cash, employed but on commission only etc.

You need to begin by listing all your income and outgoings. Then list all your current outstanding debts and monthly payments, along with how long these have to run. This should include your current mortgage, and your house value.

After seeing all this, I am sure that suitably experience people on here would be more than happy to point you in the right direction.

Hope this helps

Andy

atchoo_2

the issue is credit scoring. how do i get passed the fact i have alot of recent searches for secured and unsecured loans and credit cards that i tried to apply for but got turned down not due to adverse but due to the fact i have a low basic income and they dont take into consideration other income. so foolishly i kept applying until someone said i was failing due to income. now i am failing due to do many searches.

atchoo_2

Are there mortgage companies that can self cert and manually underwrite so they can look passed a credit scoring to see i have no adverse or arrears all apaid credit just alot of searches??

AndrewSmith

OK, thanks for that.

Pop the figures on a post here and lets see what they look like.

There are some mortgage companies out there that underwrite in more traditional ways however without seeing the numbers it's impossible to say if it would be prudent for you to approach them.

Thanks

Andy

atchoo_2

mort min pm £414 -balance £93,000 24 years
loan £243- £16,500 to consolidate (on credit file shows as 22,000 as includes interest)
cc £20- 4750
cc £5- 2700
cc £70 - 4000
cc £30- 1000
cc £63 - 2200

anthing else you need?

herbiesjp

What is the propety value?

What is your income?

atchoo_2

between £115 and £125,000

i am on a basic of £15,000 but get income that most companies wont consider
as its rent/ cash in hand thats why i have to self cert