Bizarre CCJ Error

PAOLO360

Myself and my wife are looking to remortgage our property, We applied with our current mortgage provider (Nationwide) Got turned down for a poor credit score... Checked our scores, Both came in the Good to Excellent bracket.
Applied with Natwest (The worlds most helpful bank... NOT) Turned us down due to not passing their Criteria.

So we decided to go with a Broker and he found a Mortgage with the Woolwich... All has been going swimmingly so far. Until the Credit Checks... My wife checks came back fine. Although my report shows no CCJ, Woolwich claim there is one in my name at a house in Nottingham where my sister lives... I have never lived at that property. I cant understand that it doesnt even appear on my credit reports with Experian or Equifax. I have also sent a Letter to N Hunter System people to obtain a report on my name.

So we have been turned down twice so far and potentially a third time. I even called Experian who Woolwich did the checks with and they confirmed I had NO CCJ's on my account.

Any help would be appreiciated.

PAOLO360

Also just to add further... Our current mortgage is £40,000 and requested an extra £40,000 to consolidate existing credit cards. Our affordability check were fine at £220,000. So Experian are adamant that I have no CCJ'S which is correct.

Thrugelmir

PAOLO360 wrote: »

and requested an extra £40,000 to consolidate existing credit cards.

This the reason that lenders are declining your busness. There's no commercial benefit to a lender in consolidating debt.

You may need to consider alternative strategies.

patman99

If you tell them it is to fund a house extension, then they will probably fall over themselves to provide you with a mortgage.

PAOLO360

Our broker informed us the additional borrowing wasnt a problem due the Low LTV and Affordibility. He had this checked with the underwriters.

Thrugelmir

PAOLO360 wrote: »

Our broker informed us the additional borrowing wasnt a problem due the Low LTV and Affordibility. He had this checked with the underwriters.

Your LTV and affordability is irrelevant. If I was a lender. I make more money out of you by leaving the debt as it is. If you default I can apply for a charging order against your property to secure the debt.

Lenders don't need to lend in the current market. They can cherry pick who they wish to lend to. Withdrawing equity from rising property prices to fund lifestyle is no longer the game in town. Credit availability is contracting and will continue to contract for some time.

PAOLO360

Would rather have some advice to the CCJ issue... Then a lifestyle issue. As the Lifestyle is not a issue. This is a culmination of debts over a 20 year period.

BoGoF

Personally I have never heard of any credit reference agency giving information out over the phone but I stand corrected if that is the case. Have you actually seen a copy of your credit report to see if there is anything untoward?

For 2 lenders to turn you down suggests there may be something lurking. Having said that, the £40K credit card may be more of an issue than you seem to believe. To amass that level of debt suggests you cannot fund your outgoings through income alone. It may not be what you want to hear but that is the way a lender looks at it. Also what is to stop you running up another £40k debt once you have that available on your cards again.

PAOLO360

Well we wouldnt be totalling that amount of debt up, The consolidation is to pay and close the CC Accounts.

Experian confirmed this via the phone and on email. I was informed by our Broker before even supplied an application to Woolwich, that the 40k was not a problem. Due to Low LTV and Affordabilty.

PAOLO360

Yes i have a copy of my report with Experian and Equifax. Whilst also requesting a copy of a report N HUNTER system.

somethingcorporate

PAOLO360 wrote: »

Well we wouldnt be totalling that amount of debt up, The consolidation is to pay and close the CC Accounts.

Experian confirmed this via the phone and on email. I was informed by our Broker before even supplied an application to Woolwich, that the 40k was not a problem. Due to Low LTV and Affordabilty.

Your affordability is probably heavily impacted by your huge CC debt. There is no guarantee that you would consolidate and hence could find you doubling your mortgage risk and still having huge credit card debts.

Can you outline some figures? Salary etc?