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Help with Credit Checks Please
totallybrassick
Posts: 20 Forumite
Hello, this is my first post and I'm a bit nervous so this might not make total sense but I need to know if there's a difference between a credit check and a full credit check? Basically we need to add a secured loan to our mortgage but hubby ran up (quite) a few defaults on another address when we separated 3 years ago for 6 months (he's back now and promises to be good with the cash). I stayed at the house and kept up the mortgage payments but have struggled to pay my cards and keep a toddler fed. The extra loan will pay off cards and loans and give us extra disposable cash each month.
The bank went through all our details with hubby over the 'phone and then went off to do the credit checks but apparently they came back and said all was fine (!) and have agreed 'in principle'. I am not sure that hubby gave details of his address of when he moved out though and I was/still am convinced it'll go pear shaped. Plenty of equity in the house but we need his salary to be taken as the main one as I only work part time. Apparently we need to complete and return the forms being sent to us. If the underwriters say no then the nice lady on the 'phone said that she would be capable of over-riding them if they refuse it and she thought we we ok! If they've already credit checked hubby and said ok can they now do any other checks and reject us. Any advice would be greatly appreciated. Thank you.
The bank went through all our details with hubby over the 'phone and then went off to do the credit checks but apparently they came back and said all was fine (!) and have agreed 'in principle'. I am not sure that hubby gave details of his address of when he moved out though and I was/still am convinced it'll go pear shaped. Plenty of equity in the house but we need his salary to be taken as the main one as I only work part time. Apparently we need to complete and return the forms being sent to us. If the underwriters say no then the nice lady on the 'phone said that she would be capable of over-riding them if they refuse it and she thought we we ok! If they've already credit checked hubby and said ok can they now do any other checks and reject us. Any advice would be greatly appreciated. Thank you.
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totallybrassick wrote:If the underwriters say no then the nice lady on the 'phone said that she would be capable of over-riding them if they refuse it and she thought we we ok!
What is the point of underwriters if they can be overridden by the person who refers the decision to the underwriter?0
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