what kind of mortgage rate should i expect?

KL62

Please help ive never been for a mortgage before! I have just got a new copy of my equifax report. My credit rating is 379 which means "fair". I would need to have a score of 400 to have a good credit rating. I have no defaults, ccjs etc no recent searches but it says there is a warning on the electoral roll as ive only been at my address 2 years (previous address was 8 years) and they like you to be at your current address 3 years. Will my point score go up after 3 years? The other major problem is my credit history it says i have had 14 accounts in the last 6 years, nine are settled and four are active. I only have 1 active account (with near nil balance) all the rest i have settled within the last year over the telephone. I have had confirmation from all creditors that the accounts are closed. All the accounts are at nil so why are they not shown as settled on my report? I need to sort this out with Equifax. I have made some bad mistakes in the past therefore over the last 6 years there are lots of late payments mostly from 3 or 4 years ago( none in the last 18 months).I have never had a mortage and am going for one soon with my partner. My partner has had a mortgage for 10 years and has an excellent credit rating. My partner earns £30k and i earn £16k and we have £70000 equity in the house which we want to use against the next house which costs £160000. Therefore do you think we have any chance of getting a mortgage between us of about £90k at a high street rate? Or will my bad past affect our chances and we will have no option but to go with an adverse credit mortgage ( which we just wont do, we would rather stay where we are). I just wondered what you guys thought and if anyone thinks a high street lender would take my "fair" credit rating and my partners ""excellent" credit rating into consideration with our salaries and equity. You may have seen my post before on this but this is an update with a credit report. What do you think our chances are? Or do you ave any alternative solutions?

MortgageMamma

There is a good chance one or two high street lenders would look at this, I can't guarantee it, as i don't know enough about you, but as long as you have no CCJ's or defaults on your file and you have conducted your credit well in the last 12 months it should be ok

luckyfool

Nothing you have said would really give me any cause for concern with a high street mortgage lender, especially given the deposit you are putting down. If anything I would go a bit further than Mortgagemamma and say you shouldn't really have trouble with most high street lenders. A lowish credit score such as you describe it is going to be more of a problem when applying for low rate unsecured debt, on a low loan to value mortgage the lender is taking zero risk in lending to you, only the fussier mortgage lenders will turn down that type of business in my experience.

herbiesjp

All looks fine to me - not being at your address for more than two years should not be an issue as long as you can provide proof of your current address

I think most high street lenders should look at this for you

HTH

Rick62

I think you should be fine, so long as there is nothing worse on your file than old late payments and a poor score, as, apart from the equity you have, the amount you are borrowing is covered by your partners earnings.

MortgageMamma

Be cautious of approaching Nationwide though, In my opinion they are the strictest of all lenders on credit score and late payments.

toonfish

MortgageMamma wrote:

Be cautious of approaching Nationwide though, In my opinion they are the strictest of all lenders on credit score and late payments.

I agree with this, they'll turn you down if you've had a cold in the last 6 months! Halifax can be overly picky too.

KL62

A big thanks to all you guys for all you comments! Il let you know how i get on. I liked the last 2 posts you put a smile on my face!;)

katecheshire

MortgageMamma wrote:

Be cautious of approaching Nationwide though, In my opinion they are the strictest of all lenders on credit score and late payments.

Maybe that would account for why they were so snotty with me when I asked about remortgaging as I had some bank charges due to them refusing to help when OH had to leave his new job when staff were not paid for 5 weeks. Got another job quickly but we were £1000 down for a month. House is worth £160000 - we wanted £56000 for 7 years. Going elsewhere!:mad:

MortgageMamma

Don't take it personally!

shameless-about-money

KL62 wrote:

Please help ive never been for a mortgage before! I have just got a new copy of my equifax report. My credit rating is 379 which means "fair". I would need to have a score of 400 to have a good credit rating. I have no defaults, ccjs etc no recent searches but it says there is a warning on the electoral roll as ive only been at my address 2 years (previous address was 8 years) and they like you to be at your current address 3 years. Will my point score go up after 3 years? The other major problem is my credit history it says i have had 14 accounts in the last 6 years, nine are settled and four are active. I only have 1 active account (with near nil balance) all the rest i have settled within the last year over the telephone. I have had confirmation from all creditors that the accounts are closed. All the accounts are at nil so why are they not shown as settled on my report? I need to sort this out with Equifax. I have made some bad mistakes in the past therefore over the last 6 years there are lots of late payments mostly from 3 or 4 years ago( none in the last 18 months).I have never had a mortage and am going for one soon with my partner. My partner has had a mortgage for 10 years and has an excellent credit rating. My partner earns £30k and i earn £16k and we have £70000 equity in the house which we want to use against the next house which costs £160000. Therefore do you think we have any chance of getting a mortgage between us of about £90k at a high street rate? Or will my bad past affect our chances and we will have no option but to go with an adverse credit mortgage ( which we just wont do, we would rather stay where we are). I just wondered what you guys thought and if anyone thinks a high street lender would take my "fair" credit rating and my partners ""excellent" credit rating into consideration with our salaries and equity. You may have seen my post before on this but this is an update with a credit report. What do you think our chances are? Or do you ave any alternative solutions?

If there is wrong data on your CRF, you should inform the CRA. They will probably tell you that it is your responsibility to contact the former creditor. You should do that anyway but it is also the responsibility of the CRA to make sure the data they hold is accurate. You could demand that the CRA asks the former lender to update their data and if the lender does not respond in 28 days then the CRA should remove the erroneous data.

You should really do this with all three CRA -

Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Tel No 0870 241 6212
https://www.experian.co.uk
(You can order your credit file on the internet or by telephone).

Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Tel No 0870 010 0583
https://www.equifax.co.uk
(you can order your credit file on the internet)

Callcredit plc
Consumer Services Team
P O Box 491
Leeds
LS1 5XX
Tel No 0870 060 1414
https://www.callcredit.plc.uk

You should send the request for your file, enclosing £2.00 and your address(es) for the last six years.



The correct procedure to lenders is laid down by the Information Commissiioner who oversees the Data Protection Act which states that all records held by Agencies must be truthful.

If they refuse to alter your CRF then write to -

Information Commissioner, Wycliffe House, Wilmslow, Cheshire, SK9 5AF
https://www.informationcommissioner.gov.uk