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

ACG

Who was the lender?

1 late payment and declining an application seems pretty harsh.

Is it HSBC or first direct by any chance?

gazfocus

I'd get another mortgage advisor to be honest. Our mortgage broker had details of which lenders would consider applications with defaults and ccj's, etc, and she's phoning round the lenders to explain our circumstances to see if she can get us a mortgage (I have one default from 5.5yrs ago). She's far more helpful than your advisor sounds.

salsa_rara

ACG wrote: »

Who was the lender?

1 late payment and declining an application seems pretty harsh.

Is it HSBC or first direct by any chance?

It was with BM Solutions...

Caleb11

I had a similar issue with 02 and they emailed me saying they would take off the late payments. I checked my equifax an hour later and they were all gone so it doesn't always take long. I spoke direct to the credit file department

salsa_rara

Caleb11 wrote: »

I had a similar issue with 02 and they emailed me saying they would take off the late payments. I checked my equifax an hour later and they were all gone so it doesn't always take long. I spoke direct to the credit file department

I had the same experience about 8 years ago with BG. They took it off within a few days. but you know when they say it's can take up to 28 days you do think the worst...;)

Dave_Ham

I hear your need for speed and any solution now is potentially going to cost you additional money and go belly up...

Credit report removal indicators are hard to rush unfortunately and BM are relatively selective in their criteria.

Are you sure there is nothing else and you have physically checked your Experian and Equifax as one late payment with an otherwise good track record would not stand out as an issue.

Have not read the amounts involved, can you not raise quickly on your residential property (subject to a bundle of variables)

or can you approach "your bank" on the buy to let front as to be honest if their acknowledged error they have an obligation.

Alternatively (and this depends on how good a deal this is) take out a near prime buy to let deal who will accept you with the late payment, but you will not get BM rates.

Food for thought in any case..

salsa_rara

Dave_Ham wrote: »

I hear your need for speed and any solution now is potentially going to cost you additional money and go belly up...

Credit report removal indicators are hard to rush unfortunately and BM are relatively selective in their criteria.

Are you sure there is nothing else and you have physically checked your Experian and Equifax as one late payment with an otherwise good track record would not stand out as an issue.

Have not read the amounts involved, can you not raise quickly on your residential property (subject to a bundle of variables)

or can you approach "your bank" on the buy to let front as to be honest if their acknowledged error they have an obligation.

Alternatively (and this depends on how good a deal this is) take out a near prime buy to let deal who will accept you with the late payment, but you will not get BM rates.

Food for thought in any case..

Tesco's now sending me a letter confirming they are removing the 'late payment' off my credit report which should be sent out today. So hopefully it will be enough for BM...

Dave_Ham

From experience I am not convinced BM will accept this and if it does the decline appeal process is nt straightforward.

Sorry just wanted you to be aware...

Your broker may have different access levels than I have to get things sped up, but I unfortunately doubt it..

ACG

Is it a buy to let property?

BM solutions only do btl dont they?

Good that they are sending you a letter that should hopefully help.

salsa_rara

Dave_Ham wrote: »

From experience I am not convinced BM will accept this and if it does the decline appeal process is nt straightforward.

Sorry just wanted you to be aware...

Your broker may have different access levels than I have to get things sped up, but I unfortunately doubt it..

My FA said it should be sufficient, also, I'm betting on my previous experience and hoping the flag will come off by next week... (Trying to stay positive here... )