what lenders can really see on my credit report?

Patbcn

Hi guys,

I was wondering something...

my partner passed some of my details to a broker for a joint application for a mortgage.

Together we couldn't get it as he is self-employed and missed some mortgage payments in the last 12 months (he has paid them but late).

The broker without consulting me apply for a mortgage just on my name with Halifax and that got accepted.

When he came back to me to ask me for my payslips and other details i realised my oh forgot to tell him about the big balance credit card i just got few months ago (to consolidate debst from other cc) and that is a total of £5600.

So I am wondering... A) can the lenders see how many credit cards/ loans you have and B)can they actually see how much is your balance (i.e. if you owe £6K or £200).

Also looking at my credit report I also have £130 from a washing machine that i decided to pay in installments and £300 from a DFS sofa we bought 3 years ago.

I just want to know what they see as I don't want to get rejected at a later stage.

Anyway, I will be paying all the debts off from the sale of our current house so I will be debt free when i get the new mortgage.

thanks

Dave_Ham

Halifax are flexible as I said previously, although this is only a soft footprint and they may have inputted that you will clear all debts and therefore they will disregard the balances.

Halifax can see exactly what credit you have, balance, limit, monthly payment and behaviour on paying.

They may have taken their lead from what your advisor keyed and therefore may disregard them.

Good luck

Patbcn

Dave_Ham wrote: »

They may have taken their lead from what your advisor keyed and therefore may disregard them.

Good luck

Hi Dave,
thank you very much for your quick answer.

I don't fully understand that sentence that i have quoted above. (remember im spanish), are you telling me that it is better to tell all the details to the broker or leave it as it is?

He called me this morning and said the offer from Halifax was 'very consistent'.

This is all new for me I am very confused :-S

thanks

star4876

when i applied for my mortgage the broker asked me if i had any debt, i told him about a £1,500 loan and £320 on a credit card.

he asked me if i would be clearing those balances within the next 2 months, I said yes, and he disregarded them.

Dave is saying if your advisor has told the lender you have no debt, then they may just work from that info.

Dave_Ham

Sorry just seen the question - and spot on that is exactly what I saying.

Further to that though, if you cannot clear off this credit in your name it could be an issue further down the line.

This broker needs to know if he has claimed that you will clear this debt, if you have the means to do this.

Say you are buying for £200k and have a £50k deposit and earn £30k a year. Halifax will accept this.

In the same example say you have a credit card with a balance and the minimum you pay is £300 a month.

Halifax may then only lend you £120k, but your adviser tells them you are clearing this credit card before completion and now they will lend £150k again.

If they then make this is a condition of the mortgage offer (and they do) then you will not be able to complete on the mortgage without paying it off.

The numbers are made up, but hopefully you take my point..