Can't get a mortgage despite good credit

HelpWhereIcan

feisty1 wrote: »

sorry i have just read credit expert, obtain an experian/equifax report...........

creditexpert is experian.

I would agree that affordability would not be the reason for an outright decline - definitely not with Abbey and I have never had it with C&G before.

I once had C&G 'fail' an AIP which was then looked at by the underwriter who told me that affordability was an issue. I had incorrectly input some income so re-input it, resubmitted the AIP and it passed so that correlates with brightbuy.

In this case I do thinkit is a case of overall score which is not just about credit history (or lack of it). I would not agree that the adviser has not done their job properly as it would be reasonable to assume that someone aged 30 who discloses a loan originally for £13000 is not going to fall foul of a lack of credit history.

As for loan not being disclosed and counting against in affordability - the OP has already said it finishes in May this year so it would not normally be taken into account by many lenders when disclosed.

The lack of current credit history will be an issue and you need to address that with your bank (I assume that is who the loan is with). Until recently banks would choose whether to disclose details of their customers' borrowings (my Lloyds TSB loan and card never used to show on my file) but an agreement in 2007 means that they should now all be disclosing everything.

Unfortunately the issue of a low score can be caused by everything from how long you have been in your current job down to your current postcode.

Yours seems to be a very extreme case. It may be an idea to approach your current bankers (Barclays for example have a pre approved mortgage limit for all their customers).

Otherwise, there are things you can do to improve your overall credit score such as taking out a credit card/storecard and paying it off each month (but it stays open as a current credit commitment building a history) but these tend to take time.

Any extra deposit may help - sometimes an underwriter will be able to tell your adviser what level of deposit would turn a decline into a pass.

Just because you have been a low score with the C&G and Abbey does not mean you would be a low score with all. Every lender scores differentl yand I would be surprised if you are unable to sort out anything at all.

There are also lenders who do not credit score (generally smaller local building societies) so a lack of credit history and profiling is less of a problem but you may not like the rate.

Make sure your adviser is talking to the lenders about the reasons for the decline and has lodged an appeal where appropriate. Otherwise, there are other lenders out there for them to try.

feisty1

new edition of war & peace!

HelpWhereIcan

feisty1 wrote: »

new edition of war & peace!

I beg your pardon?

feisty1

now why are you asking me "I beg your pardon?"

HelpWhereIcan

Imagine I am saying this very slowly - what do you mean by your war and peace comment?

Ian_Griffiths_Halifax

An appeal against a C&G AIP will take forever. They are very slow. I think they have a 5 day turnaround.

I think the issue is more to do with the postal address. I'd be very surprised if it's not.

GreyKnight, does your Experian report say you are registered to vote at your current address? Give the lender the address EXACTLY as it appears in the report. It might sound trivial, but it really can make a difference.

Ian_Griffiths_Halifax

I see you are having a spat with feisty1. :rotfl:

You will quickly realise that he/she knows nothing about mortgages, despite claiming to be an adviser.

He/she is the only person on my ignore list.

brightbuy

HelpWhereIcan

Unfortunately the issue of a low score can be caused by everything from how long you have been in your current job down to your current postcode.

Don't forget down to inputting a home telephone number as well!

GreyKnight

Ian_Griffiths_Halifax wrote: »

An appeal against a C&G AIP will take forever. They are very slow. I think they have a 5 day turnaround.

I think the issue is more to do with the postal address. I'd be very surprised if it's not.

GreyKnight, does your Experian report say you are registered to vote at your current address? Give the lender the address EXACTLY as it appears in the report. It might sound trivial, but it really can make a difference.

Yes the credit report says I am on the electoral role at my current address and the address is exactly correct and is how I always give it to any companies. I've been in my job for 7 years too...

I'm interested that Barclays have a pre-approved mortgage limit for all customers, I didn't know that (I do bank with Barclays).

herbiesjp

GreyKnight wrote: »

I'm interested that Barclays have a pre-approved mortgage limit for all customers, I didn't know that (I do bank with Barclays).

That should be job done for you