Remortgage and Credit Checks

louisaj28

I applied for a Nationwide remortgage online last week which all appeared to be going through ok, however, have today received a call to say the application has now been declined.

They say the reason for this is that when they ran the initial credit check, they did not use my middle name. On receipt of my ID, they ran a further credit search using my middle name which has now been declined.

Has anyone come across this before? Surely we all only have one credit record each?

I'm waiting on them coming back to me to explain what the difference was but until then, can anyone help?
Many thanks

Steviek_2

I dont know about the middle name bit but do know that it is quite usual for a Company to run an initial search to give a AIP then a more detailed search before a formal offer and quite often will withdraw the AIP after that. It happened to us a few weeks ago with the Woolwich and Ive read of it on several other messages on here for other people. Cant give you any reason why the 2 searches would not be the same

louisaj28

Ok, thanks Stevie

Will wait and see what they come back with...

Thrugelmir

For an AIP the search would have been soft. So not to leave a footprint anywhere. The full application would be investigated thoroughly.

Steviek_2

Thanks for that Thrugelmir does that mean that because I cant see any searches on my file doesnt mean to say my broker isnt still trying for us?

Thrugelmir

Not at all.

louisaj28

I have checked my credit record and there are 2 searches showing from Nationwide so they have left a 'footprint' with the first one too.

Will they actually explain the reason for the decline?

Everything on my credit file seems to be in order so I really don't know where to go from here...

can anyone recommend any lenders who may be able to help me?

herbiesjp

Is there anything on your credit file at all?

No one could recommend any lenders without knowing more information really.

You could walk down the high street and get declined by everyone, and those recommendations would do more harm than good.

louisaj28

herbiesjp wrote: »

Is there anything on your credit file at all?
.

there is a ccj which settled in April 2008 which related to an overpayment from employment - this shows as satisfied - would this still affect me?

herbiesjp

louisaj28 wrote: »

there is a ccj which settled in April 2008 which related to an overpayment from employment - this shows as satisfied - would this still affect me?

Yes - Nationwide the last lender you want to go to.

Can you explain that scenario? Your employers overpaid you, and then slapped a CCJ against you?

How much was it for?

What are the figures you are looking at - purchase price, deposit, income, any other debts?

louisaj28

herbiesjp wrote: »

Yes - Nationwide the last lender you want to go to.

Can you explain that scenario? Your employers overpaid you, and then slapped a CCJ against you?

How much was it for?

What are the figures you are looking at - purchase price, deposit, income, any other debts?

It was a part time evening job I was doing to earn extra cash at the time, working in a dodgy telemarketing company. We were supposed to be paid bonues when reaching our targets which we did quite often and did not receive any bonuses, it was all very dodgy. When I left them, I received a payment of £479 the next month which I wrongly assumed was backdated bonus pay and also holiday entitlement. They they stated it was made in error and I was not due anything from them. I couldn't afford to pay it back and so they took me to court. I agreed an amount which I then paid each month in settlement.

It is a remortgage I am looking for on my current property, valued (by Nationwide in a 'drive-by' valuation) at £115K. My current mortgage is for £50K and I have a secured loan for £25K, I wanted £10K extra to clear credit cards (£3K) and do some work on the house. The main reason is to consolidate my debts and to bring down my monthly payments. I am currently paying £655 per month to service existing debts:

£225 on mortgage
£355 on loan
£75 on credit cards

My income is £24K, affordability is not an issue.

I was quoted £460 from Nationwide for the £85K mortgage which would leave me around £200 better off each month