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Mortgage Application and Credit Score
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Janine_W
Posts: 7 Forumite
Hi,
I am about to apply for a mortgage with my partner. I currently have a mortgage on my own with Santander. I am worried about my credit score -its currently 850 -fair with Experian and I am monitoring it. I have a default which has been satisfiedfor 6 years ago on 3rd March 2012. (The default is with Santander and was on my report when they gave me my currnet mortgage, however things are now different and I assume lenders will be more strict.) It says that after 6 years the default will be removed, however when I called Santander to confirm when it will be removed exactly they couldn't tell me. I have booked to see our mortgage advisor on 15th March and I really want the default to be removed by then.
My questions are as follows:
Does anyone know how Santander update credit files -they have said it won't automatcially be deleted on 3rd March. Is there a set day of the month where they run a report and change data?
And
In people's experience will a score of 850 be satisfactory or will lenders automatcially dismiss any application? My partners score is between 850-900 and he doesn't have any defaults.
Thanks all.
I am about to apply for a mortgage with my partner. I currently have a mortgage on my own with Santander. I am worried about my credit score -its currently 850 -fair with Experian and I am monitoring it. I have a default which has been satisfiedfor 6 years ago on 3rd March 2012. (The default is with Santander and was on my report when they gave me my currnet mortgage, however things are now different and I assume lenders will be more strict.) It says that after 6 years the default will be removed, however when I called Santander to confirm when it will be removed exactly they couldn't tell me. I have booked to see our mortgage advisor on 15th March and I really want the default to be removed by then.
My questions are as follows:
Does anyone know how Santander update credit files -they have said it won't automatcially be deleted on 3rd March. Is there a set day of the month where they run a report and change data?
And
In people's experience will a score of 850 be satisfactory or will lenders automatcially dismiss any application? My partners score is between 850-900 and he doesn't have any defaults.
Thanks all.
0
Comments
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Your Experian score is irrelivant, unless you are getting a mortgage from Experian themselves, which you are not.
Just be honest with your Mortgage Broker and I am sure it will all be fineI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Really? I thought credit scoring was everything! Ive been paying so I can check it regularly but I'll save myself £14.99 a month in that case. Of course I'll tell the broker, but would rather be able to say I don't have a default at all...0
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Oh, credit scoring IS everything, but the lenders all have their own systems.
You cant say I have 855 on Experian therefore I can get a mortage from x, y, and z. But its not high enough for a, b, and c.
What matters is that you have no missed payments, a good work and address history, asking for a sensible level of borrowing, etc etc.
Also, be careful about what you say about the default, some lenders will ask if you have EVER had one, others will ask in the last 6 years. Dont be afraid to tell the Broker about it, hes on your side!!!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ah that's brilliant thanks!0
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