Credit shows as excellent but being refused a remortgage due to adverse credit

Iklemiss

Hi

Can anyone help, We are having trouble remortgaging due to adverse credit but we have checked our files and the only black mark i'd 1 missed payment 6 months ago for £30 both our scores on credit expert are over 990 so why are we being refused on these grounds is it possible there seeing something where not?

BoGoF

These 'scores' are a waste of money. A missed payment is a missed payment in the current climate.

Are you sure that's the only reason....what's the LTV etc ?

Thrugelmir

Lenders have their own criteria for credit scoring. In the current market they can choose who they wish to lend to. Even a small late payment suggests a degree of financial ill discipline. Remember you are applying to borrow thousands so lenders are being picky.

dunstonh

The missed payment is the killer here. As mentioned above, the credit score is irrelevant as its not the full picture. Lenders dont go by the score you get. They go by their own lending criteria and they just dont like recent missed payments at the moment. It may seem harsh but it's a return to how it used to be before the credit boom. A missed payment can indicate a lack of funds or lack of financial responsibility or maturity. Not the sort of thing a lender is looking for when they are only really looking for higher quality borrowing.

You should go to a mortgage broker and give them the full information and they may have lenders that will consider it or they may be able to put your case across to underwriters with more pressure than a bank clerk can.

Iklemiss

Thank you, I wouldnt mind but the missed payment was due to a disputed bill. Hopefully a broker will be able to sort us out if not ill just have to wait another 6 months and hope the rates dont rocket.

Going to have a lot of groveling to do to dh he was always the one with bad credit now he has sorted himself out im the one messing things up for us.

With regards to ltv our mortgage is 111k and the house is worth around 150k