Just About to Apply, UNTIL!!!!!

michael1983l

I checked my credit file and found the A&L had put an incorrect 2 months in arrears onto my account lowering my score by 350 points. The mortgage lender told me as it was so recent they would definatly reject me. We have bid for the house and have to prove in the next day or so that we can afford it. The A&L have requested it to be removed but it is taking its time.

If I lose the house because of this do I have grounds for legal action against the A&L or maybe even experian?

samay007

if you have settled your account and does not have any outstanding balance. then send a letter to A&L and Experian explaining about this. attached some proof like receipt or bank statement about the payment. normally experian will check with A&L before removing from the list.

michael1983l

samay007 wrote: »

if you have settled your account and does not have any outstanding balance. then send a letter to A&L and Experian explaining about this. attached some proof like receipt or bank statement about the payment. normally experian will check with A&L before removing from the list.

A&L have requested it to be removed today, unfortunatly that won't happen until tomorrow now. I have to prove today that I can get a mortgage in principle to secure the property we have bid on as somebody else bid too.

If I lose this house because of the A&L incompetence can I sue them?

opinions4u

michael1983l wrote: »

If I lose this house because of the A&L incompetence can I sue them?

Possibly, but what would you gain? What financial loss would you have made? Letter of complaint, ask for £100 in compensation etc etc and don't get stressed out with expensive court cases.

This is not the market to get in to a bidding war anyway. There are more than enough "dream homes" on the market where you can get 10% knocked off the asking price because there are no other buyers interested.

dunstonh

All A&L have to do is issue a letter to to the new lender saying you have never been in arrears and it was an error on their part.

A decision in principle shouldnt be an issue on that basis with any independent/whole of market broker if they know the facts.

michael1983l

opinions4u wrote: »

Possibly, but what would you gain? What financial loss would you have made? Letter of complaint, ask for £100 in compensation etc etc and don't get stressed out with expensive court cases.

This is not the market to get in to a bidding war anyway. There are more than enough "dream homes" on the market where you can get 10% knocked off the asking price because there are no other buyers interested.

I take it you didn't see the news yesterday, 20% increase in mortgage approvals, and the most ammount af sales since march last year. The estate agents association reporting record numbers of inquiries.

I did say the other day the market had hit its troff but I got laughed at.

michael1983l

dunstonh wrote: »

All A&L have to do is issue a letter to to the new lender saying you have never been in arrears and it was an error on their part.

A decision in principle shouldnt be an issue on that basis with any independent/whole of market broker if they know the facts.

That takes 20 days to do according to the Co-op with who we are approaching for a mortgage, in which time the house will be long gone.

silvercar

decisions in principal can be issued by brokers in a matter of minutes provided they have a computer and printer available.

Whether they are worth the paper they are printed on is a different matter.

opinions4u

michael1983l wrote: »

I take it you didn't see the news yesterday, 20% increase in mortgage approvals, and the most ammount af sales since march last year. The estate agents association reporting record numbers of inquiries.

That would be this story.

It includes a key sentence:

"However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double."

In other words, an increase of 20% on a very low number is a slightly higher very low number.

I did say the other day the market had hit its troff but I got laughed at.

The sentence above suggest otherwise.

Perhaps the decline is slowing. We're certainly not seeing "normal" market conditions where the number of buyers and sellers is optimal.

robin_banks

Decisions in principle mean nothing, the phrase contained is subject to application and credit checks.

There's no point in them.

michael1983l

opinions4u wrote: »

That would be this story.

It includes a key sentence:

"However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double."

In other words, an increase of 20% on a very low number is a slightly higher very low number.



The sentence above suggest otherwise.

Perhaps the decline is slowing. We're certainly not seeing "normal" market conditions where the number of buyers and sellers is optimal.

But the market we are aiming at, the lower end is booming. I don't expect you to understand that if you are not currently looking for one of these properties. But everytime we find one by the time we are ready to bid it has already sold. What more of an indication can I get.