Mortgage help good credit score but can't get best mortgage

Lousticks

Hi

I'm wondering if anyone could give us any advice on this issue.

We recently began the search for the best mortgage for our first home.
The amount of credit checks that were done in the process of finding the best offer means we now cant get the best mortgage we found with Nationwide.

The following credit checks have appeared on the credit report
nationwide mortgage application
nationwide current account
nationwide generic check
halifax credit card
halifax current account
hsbc mortgage quote
Lloyds
RBS insurance (part of another building society?)
bank of scotland (part of another building society?)

Halifax and nationwide both offered better deals if we opened an account so we did.
Also the estate agents mortgage broker carried out credit checks.

We we're all ready to go ahead with the Nationwide mortage offer. As the mortgage advisor was setting it up she was quite shocked when it was rejected. This is when we found out that multiple credit checks in a short period of time can result in mortgage promises being rejected.
Now we have no choice but to go with our first offer from Halifax which is not the best by far!

Has anyone else experienced this? It seems rediculous that a good credit score can be damaged by outside sources checking to see if you have good credit.

harvey115

You tried to be the eligible for all and found that you only needed to be for only one. This is one fo the common issues people are seeing when they just try to take all instead of concentrating on the best one available.

You basically did so many things with different lenders that your recent credit checks are far too many, thus causing the systematic decline to avoid any fraud applications. I am not saying you tried to fraud Nationwide but their system prevented the pplication to go through to avoid any potential risk of fraud as far as I can see.

If you are already dealing with a broker then stick with them and apply to a recommended lender through your broker. However if you find a better deal going direct you should tell your broker and see if you can get that deal.

Estate agent brokers are one of the un-professional brokers you can go for. I would suggest you speak to an indeoendent broker, maybe ask your family and friends for a recommendation. Select a good broker and go with them instaed of further destroying your chances of securing a mortgage in the coming months.

Best of luck.

Dave_Ham

I think it is incredible unlikely Natiowide would have refused based upon credit score, based upon too many searches.

I would echo comments re Estate Agents brokers as they are typically the least experienced.

Obtain your current Experian report, check what is there and detail your credit commitments and anything on there that is negative or unknown.

Additionally, would check that you fit their affordability criteria or just get a decent broker who will probably resolve all of this really quickly..

How much are you looking to borrow, with what deposit and what is your income and commitments

If this is at 90% LTV, then you may not have a high enough credit score naturally with Nationwide where Halifax are more flexible...

handytips

Go and see a good broker they will be able to put you on the right track and not the guy at the Estate agents as some of them are very inexperienced and are target driven. Make sure they are whole of market. Then you should be fine, from your post you do seem in need of good professional advice. Be lucky.