Pep talk needed

andrea1968_2

Just had a call from financial advisor who said aip has been referred but for us not to worry - ok for him to say.....

The application was with Accord/Yorkshire BS we've got a 25% deposit on a purchase price of £93500 fixed for 2yrs.
He'd suggested that we take it out over 25yrs (I'm 44 other half 38) and set up a direct debit to over pay a set amount each month.

Could it be the ages- I'm empoyed by NHS so could work to 70 but would have hopefully paid it off before that with the overpayments, although I apreciate that wouldn't show on the application.

Other half has perfect credit history, I've had a lot of debt in the past but credit report showed all '0's and everything paid off and closed in 2010.

Are we likely to get better news in the next few days but if not how long do we leave it before applying with another lender.

At wits end and its only the beginning......:eek: thanks in advance.

droiderm

Have you got any missed payments or defaults? If so when and for how much ?
What's your salaries ?

holly_hobby

It can be referred for all sorts of reasons, and doesn't necessarily mean its bad .... I doubt its anything on late payments, defaulted debts or access to too much credit, as AIPs only rely on a public domain search and data, such as voters roll, CCJs and Bankruptcy Orders (which is why they don't leave a search record with CRAs, and why a full CRA search is later completed on submission of a full application).

As oppossed to DIPs that are conducted from outset on a full credit ref and payment profile search.

Try not to worry to much (easier said than done I know !), and see what the next day or so brings....

Hope this helps

Holly

dimbo61

We have a mortgage with YBS and they wanted us to sign a form to say we knew that the mortgage term went past normal (65) retirement age.
I also work for NHS and we just reduced the term so it finished before I turned 65.
This was 7 years ago

andrea1968_2

Thanks for your replies. My sleepless night was rewarded with an AIP this afternoon but still don't want to allow myself to get too carried away.

To go back to Holly's point about credit searches, will my credit files not have been looked into yet - as I said in my previous post everything was paid on time, no defaults or missed payments it's just that I had a lot of credit spread over 5 or 6 cards, but all were paid in full and closed a couple of years ago.

Is this likely to come back to haunt us futher down the line?

holly_hobby

The historical access to credit (if clean as you say) shouldn't have any adverse affect on any future payment profile search.

With regards to credit record searches, if Accord say their AIP doesn't leave a footprint with the CRAs (and TBH I've no dealings with YBS as Accord so don't know if this is the case), then no a full credit profile search hasn't yet been conducted (which will occur on submission of a full application).

Hope this helps

Holly

andrea1968_2

Thanks Holly. Think I'm going to worry about every thing at every single stage.