Northern rock/searches

continualdiamond

How many credit checks are okay for mortgages? Where 1st time buyers and rang a few companies for quotes, except i discovered when i rang northern rock directly that 3 searches have been done with them so far. So im worried more has been done. How many is damaging and would an accepted mortgage be then changed to be refused?

ie i applied online with yorkshire building society, the 1st part decides yes or no, that came back, yes and i saved what i had done, im now in the 2nd part filling in all the details. At the end of it, they wouldn't change the decision to no would they?

And on the subject of northern rock, for people who are NOT from an European country, don't even apply for a mortage with them unless you have a big deposit. You need 25% deposit or they refuse a mortgage.

Im from Australia and they said anyone outside of Europe they consider a *risk*, even when i explained im not here on a visa, i have a right to stay here as long as i like because my Mum is British, it didn't even matter. I have been here 3 years, but they said it didn't matter how long id been here they required 25% deposit. I find that amazing as i won't be told when to leave this country, its up to me if i do at all.

MortgageMamma

are you saying you have indefinate leave to reside?

Also, who did three credit checks with northern rock, have you instructed numerous brokers or applied online more than once. Its advisable you now get a copy of your credit rating and check it

continualdiamond

Yes i can live/work anywhere in the Uk without restriction, what i have in my passport is a right of abode. Its automatically renewed everytime my Australian passport is. Unfortunately because my Mum is British i can't get a British passport.

Northern rock told me the names of companies, all mortgage advisers who search for you. We were under the impression they were getting 'quotes', not doing applications as such to see if the decision would be approved.

I've registered for the free 30 day experien credit report, but i think i have to pay for the credit rating don't i?

MortgageMamma

continualdiamond wrote:

Yes i can live/work anywhere in the Uk without restriction, what i have in my passport is a right of abode. Its automatically renewed everytime my Australian passport is. Unfortunately because my Mum is British i can't get a British passport.

Northern rock told me the names of companies, all mortgage advisers who search for you. We were under the impression they were getting 'quotes', not doing applications as such to see if the decision would be approved.

I've registered for the free 30 day experien credit report, but i think i have to pay for the credit rating don't i?

its takes a week or so for your experian password to come in the post. Did you sign a terms of business with the advisors who were getting quotes? This would likely have had a credit check clause. or did they advise you verbally you were going to be credit checked? They are supposed to.

Not picking here, trying to help but what was your reason for approaching northern rock directly, if your brokers had already said you could have a NR mortgage?

I think there are definately lenders who will help you, credit score permitting.You would only get a 100% mortgage though if thats what you are after, not a 125% one like what NR offer

continualdiamond

I rang Northern rock directly as a family friend thought they didn't do mortgages for people outside Europe unless you had the 25% deposit and i wanted to check.

Just paid the £4.99 for the credit score, its poor, 716. Im just hoping because we got a mortgage decision as yes, that when i fully complete the application they won't change their minds.

I have no idea why its poor, i have 1 loan, all payments on time, it even says im up to date on the report.

MortgageMamma

716 is not too bad, there are other lenders that will give you a 100% /95%mortgage on that, although they might not lend you as much as NR. I think you should find a broker you can trust, and DIY'ing when you've already had so many credit searches is not good

corrig24

Just as a matter of interest what is a poor/good score in the range of e.g.
Is it something like?
poor <500
Average 500-750 etc.

As I too am planning on getting a morgage latter this year.

MortgageMamma

I don't know off the top of my head, but I think anything over 850 is good. why not get a credit report trial fom experian.co.uk that should tell you

continualdiamond

Yes do the trial, trial is free for 30 days, obtaining your score is only £4.99.

Back to the mortgage, another q, does agreement in principal mean it can change?

MortgageMamma

an agreement in princpal means you have passed the intial credit check (which isnt as in depth as the one they do when you apply) and that, based on the details you have given them so far, and subject to valuation and satisfactory references etc they will lend to you on application. i

t is not a guarantee, sort of a half way check to see i they would accept you, and there's much more to a lenders lending criteria such as type of property, location, if its a right to buy, or joined onto a commerical property etc which can affect a lending decision. this is where the value is in using a broker