Experian report holding up mortgage application

meer53

Dave_Ham wrote: »

This is incorrect.

You can apply today and confirm that the lending will be repaid pre completion, which is will be as obviously paid already.

Only Santander will not accept this and whilst many of the lenders may decline on the perceived level of unsecured debt, there are some which will not decline.

All the best

Fair enough, but the lender the OP is with won't accept it so surely it's best to wait for the CRA's to update ?

Dave_Ham

It was either Santander, or a really inexperieced advisor who has keyed it incorrectly.

Ordinarily if the OP can wait then yes, it will open up a few more lenders; although cannot imagine the Estate Agents (or vendor in their terms) will wait too long for fresh application on that property given their advisor would have told them the first application has been declined...

Chamone_2

The one we tried to apply for was with Nationwide.

Am going to wait until the end of the week to say if Experian's record has changed at all before approaching another lender.

My other quandry is whether I try to contact our vendors (NOT connected to the same agent as our advisor) to explain the situation. We haven't heard from them up until now as the offer was only accepted last Monday. The offer we made was very close to the asking price so I can't imagine it'd be in their interest to put the property up again. Also I don't want to spook them in thinking that there might be heavy delays....just concerned about keeping them up to date with where we are.

I guess worst case scenario it might be a couple of weeks before Experian have cleared everything and are up to date....or best case scenario we have a mortgage approved on Saturday.

Dave_Ham

Nationwide are not showing much love to clients with higher than average unsecured debts, but they do have attractive rates with a 10% deposit. This is assuming the broker keyed it correctly.

Still, fingers crossed for Friday/Saturday...

Thrugelmir

Chamone wrote: »

I'm sure that 30 years ago I'd be sat across the table from a bank manager who would be patting me on the back at this stage. Instead I feel like I'm at the mercy of a system that is so automated that it doesn't allow room for rational human thought.

Back then you would never of ever run up £30k of unsecured debt.
You would have had to have produced a budget plan showing you could afford the mortgage.

Times are now different. People haven't changed though still as impatient .

rubyberrie

Hi Chamone

I am in the same situation as you, I need to remortgage my house due to divorce and Abbey (part of Santander!) said once I cleared a joint loan, which I did back on the 7th Feb, they would arrange an Agreement in Principle. Not realising how long these things take to clear, I informed my mortgage broker almost immediately who in turn advised Abbey, but of course, the loan was still showing on my credit report, consequently I have been refused so you have my sincere sympathies, soooo frustrating. Hope you get yours sorted out soon.

I am trying to if I can view my credit report online straight away. I recently paid £2, but it took 7 days for Experian to send the passcode. I really need to see my credit report online straight away to see if the loan has now come off, does anyone know who does this please and how much does it cost?

appreciate any help, thanks

fuelman_2

I know Equifax gives you access immediately on line when you pay your £2 statutory report cos we did it a couple days ago.

rubyberrie

Thanks Fuelman, that's great news :j I will give them a try

fuelman_2

Good luck, hope you get the info you need

rubyberrie

Hi again Fuelman

I just went through the process, but it told me it was £9.95 and I can cancel within a month if I no longer want it... thats okay just in case I have to check a few times until my loan is cleared off.

However, when I got to the final stage, I have a message that I have to ring them, did you have to do this? ... they closed at 8pm so I have to wait until tomorrow now