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First Mortgage Credit Search

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Hi everyone,

I have recently begun the process of getting my first foot on the property ladder. I have been speaking to a mortgage broker that specializes in first time buyers.

When they did the initial searches they gave me some quotes in the region I was expecting and I am very happy with the quotes and estimations I have been given. The broker has now begun the official credit check, this will be the deciding factor that will decide whether I can actually move or not.

Before I started the whole procedure I signed up to Credit Expert and had a look at my file. I appear to have a reasonable score of 940/1000 and am located in the "Good" section. I have never been in debt, and beside a few late payments for my phone and car finance I have never been in real debt. Because of these reasons I continued with the process.

The main reason I am so concerned is that last year, during a bad stage in my financial life, I tried to extend my bank overdraft,get a small 1k loan & also tried to get a bank credit card. Every time I tried I was denied credit! I have always put this down to the fact that since I was at university I haven't had the best relationship with my bank. I have been fined a few times and every month I live into my £500 overdraft.

I must say at this point that although you may be wondering how I can afford a mortgage, I am now fine with my bank, in positive balance and have plenty of money saved for my deposit. I also have a fairly paid and secure job.

My question is, do you think that these denied credit requests have just been because I was not the most mature with my bank & money at that time? Do you think this will be irrelevant to mortgage lenders?

I really am terrified about what the results may bring on Wednesday! The whole home buying experience has been great, but the worry of this stage is unbearable!

Many thanks in advance!:D

Comments

  • hcb42
    hcb42 Posts: 5,962 Forumite
    don't panic. Wait and see what they tell you...! We have all had blips from time to time
  • dpr666
    dpr666 Posts: 43 Forumite
    hcb42 wrote: »
    don't panic. Wait and see what they tell you...! We have all had blips from time to time

    Thanks! I'm just so desperate for everything to go without a hitch.:o
  • Hi there I would be really intersted in how you get on as I am in similar scenario and I am thinking about applying for a first time mortgage as well.. I also joined credit expert just before Christmas and it gave me a good score but it seems to good to be true..although I may be giving myself a hard time and worrying for nothing.
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