how long back to mortgage lenders look on a credit file?

Grimbal

right ok, so am I right in thinking that if we apply via a mortgage broker to NBS, that we stand a better chance that the application is taken on its merits by a real person rather than a computer & thus should stand a better chance of acceptance?

Thanks so much for your help -it's been really very useful !

Mobility151990

Sort of. I mean either way you apply, broker or direct, the computer still spits out the answer first. The only difference is, if the broker decides to (or if you push him) he can appeal the decision via his BDM (someone who NBS appoints to look after a set area and liase with brokers) and quite a few times it works. What happens is the BDM appeals on behalf of the broker on behalf of you so it gets sent to a special underwriter to fully credit the application and decide properly how good it is.
........Whereas with an existing account etc its sort of like having a BDM, but we refer for you first without a BDM pushing on the brokers behalf...

Grimbal

ok, so given that we aren't an existing customer, I suppose the only hope we have is to go via mortgage broker. We're still going to HSBC to talk to a real person to try to push for someone to look at our case on an individual basis - don't think it could hurt (?) - but other than that, we'll have to rely on a good broker pushing for us.

Mobility151990

Yes, ring HSBC and say surely as an existing customer they'll at least refer it?! I would have expected that much. Finally, be very open with your broker, make sure you completely and are utterly honest regarding your credit history, l can't stress this enough, if we find things you don't declare to your broker then he has egg on his face and it's because you haven't be honest. If you are honest, he applies for you, it gets declined, then he'll fight for you. It can't hurt to ask your broker if he's prepared to ask for a BDM referral for you too because of how viable you think this case is, again be upfront

FraudBuster

It may be worth spending £10 to do a SAR request to National Hunter to ensure that no nasties are lurking:

http://www.nhunter.co.uk/data.html

Grimbal

Hi Mobility, yes I agree, we will be completely open about everything -I've even taken a screen shot of the equifax files in case they should be needed by her. I've got an exemplary credit record, and have been with HSBC for about 20 years, so they really should agree to take a look I'd hope. Hubby has been with them just over 2 years, and has had a goodish credit file for 3 years. Fingers crossed!!

Grimbal

FraudBuster wrote: »

It may be worth spending £10 to do a SAR request to National Hunter to ensure that no nasties are lurking:

http://www.nhunter.co.uk/data.html

thanks for that. Would it give any more information than experian/equifax gives do you think?

blueberrypie

Mobility151990 wrote: »

I work for NBS as a mortgage advisor O:)

Then you should probably read the forum rules about posting as a mortgage advisor. You can find them at http://www.moneysavingexpert.com/site/forum-faqs - click on "I've been told I need to read a code of conduct. Why?" (just over half-way down that page) and then "Mortgage Advisor Code of Conduct".

Jonbvn

Grimbal wrote: »

We're still going to HSBC to talk to a real person to try to push for someone to look at our case on an individual basis - don't think it could hurt (?) - but other than that, we'll have to rely on a good broker pushing for us.

I really do think you are wasting your time with HSBC (or First Direct). They have borrowers beating a path to their door at the moment, and are well known for very conservative lending practices.

Grimbal

Hmmm, I am tending to agree with you there - especially as the Mortgage advisor himself said so when I talked to him!

Bit of an update: I did pop along to HSBC to try and find out what's going on, but the mortgage advisor was none the wiser. He did promise to try and find out why a declined decision in principle happened though. One thing he did say was that the message didn't necessarily mean that the decline to give a decision in principle wasn't a decline to proceed with the mortgage application. Even though the last sentence said " Come back in a couple of months if your situation has changed" !!

So, our situation is as follows:

1. my credit history excellent, DHs patchy pre-2007. All of his loans now paid off.
2. We could try HSBC, but a declined mortgage application would look bad on our credit file when it came to apply elsewhere via our mortgage advisor
3. The rate that the mortgage advisor is quoting is 0.44% higher than that of the headline HSBC rate. If we go for the 5 year fixed, the general variable rate is likely to excede the higher mortgage advisors rate anyway at some point during this term.

So, what would you do - try the risky but cheaper option first knowing that a decline would possible impact the less risky but slightly more expensive option?

Liz