HELP - Mortgage declined due to credit check due to bank change

Thrugelmir

There's no way you speed up removal from the public record. It takes as long as.

Your only option is find a lender who will overlook the default as it currently stands.

Don't blame your broker either. They have no control over what individuals lenders will or will not accept. As each has their own credit scoring system.

salsa_rara

Thrugelmir wrote: »

There's no way you speed up removal from the public record. It takes as long as.

Your only option is find a lender who will overlook the default as it currently stands.

Don't blame your broker either. They have no control over what individuals lenders will or will not accept. As each has their own credit scoring system.

That what makes me VERY worried.

I don't blame her, just would like a bit more help as to which lender to turn to... Also, don't want many searches on my credit report so I feel stuck. If we wait I might get the current offered mortgage but lose the flat. If we try another lender it will go on the credit report which will make it worse. Is there any lender who is more lenient in these cases? Thanks.

Thrugelmir

salsa_rara wrote: »

That what makes me VERY worried.

I don't blame her, just would like a bit more help as to which lender to turn to...

Lenders can vary their scoring systems at a flick of a switch. Depending on their current approach to the market. There's nothing personal in their decision just business factors.

salsa_rara

Thrugelmir wrote: »

Lenders can vary their scoring systems at a flick of a switch. Depending on their current approach to the market. There's nothing personal in their decision just business factors.

So how could my broker find a suitable lender? Ring each and explain the situation? Sorry just really want to resolve this...

Simon_gloster

salsa_rara wrote: »

So how could my broker find a suitable lender? Ring each and explain the situation? Sorry just really want to resolve this...

Your broker could ring lenders, but the lenders will say 'it looks ok, do n AIP!!!!' No-one will know until you have applied.

salsa_rara

Simon_gloster wrote: »

Your broker could ring lenders, but the lenders will say 'it looks ok, do n AIP!!!!' No-one will know until you have applied.

So I'm stuck with waiting and the risk of losing out...

salsa_rara

Thank you for all your advise.

ACG

Lenders dont say it looks ok just so you do the AIP.
Ive found lenders to be quite good, if they wont pass it they tell you before hand.
2 weeks seems very short to show as a default. Is it definately a default and not a late payment?
If its a default, i dont think any lender would touch you if its within the last 12 months, if its over that then you might get an offer but it would be a higher rate, you dont say how much the default was for so its hard to be more accurate.

Simon_gloster

Not necessarily, you did say you didn't want multiple checks.

I guarantee if you called a bank they would try and force you into an AIP for their figures and not give you the 'concrete' decision you needed.

It seems its the awful out-of-your control waiting game.

salsa_rara

ACG wrote: »

Lenders dont say it looks ok just so you do the AIP.
Ive found lenders to be quite good, if they wont pass it they tell you before hand.
2 weeks seems very short to show as a default. Is it definately a default and not a late payment?
If its a default, i dont think any lender would touch you if its within the last 12 months, if its over that then you might get an offer but it would be a higher rate, you dont say how much the default was for so its hard to be more accurate.

Sorry, it was a late payment which caused the mortgage application to default. I haven't defaulted on any payment ever. The last payment was 2 weeks after the supposed payment date. i.e. payment date is the 1st of the month and I paid on the 14th which is shown on my statement.
Hope it clarifies.