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URGENT - Mortgage application - one fair credit rating and one good/excellent

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  • jojo79_2
    jojo79_2 Posts: 12 Forumite
    Thanks Dave

    They have said that they've used them before with people in my situation and they said they're normally OK.

    Believe me, everything is crossed! Hopefully my husband's better rating will count in our favour and the fact we have a decent deposit
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    jojo the easier lenders are the nlikes of Halifax, Santander and Nationwide.Thier direct products are cheaper - so don't be swayed to use a broker unless really needed.

    An honest broker with your interests at heart would point this out of course.
  • jojo79_2
    jojo79_2 Posts: 12 Forumite
    I've just heard that our mortgage in principle has been declined by the Leeds Building Society.

    Apparently there are two late payments on my credit file from December and January this year. Basically this was a loan which I was trying to get settled and the company were very slow in coming back to me with the relevant and accurate information and I was advised to not make any payments during this time as we were trying to settle the account.

    I am now trying to get this lifted from my report and I'm waiting for the company to come back to me. I have also contacted Experian who are contacting the organisation also.
  • droiderm
    droiderm Posts: 778 Forumite
    Seventh Anniversary 500 Posts Combo Breaker
    Who advised you not to make any payments? Was it the lender?
  • jojo79_2
    jojo79_2 Posts: 12 Forumite
    No it was someone external at the CAB
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    jojo79 wrote: »
    I've just heard that our mortgage in principle has been declined by the Leeds Building Society.

    Apparently there are two late payments on my credit file from December and January this year. Basically this was a loan which I was trying to get settled and the company were very slow in coming back to me with the relevant and accurate information and I was advised to not make any payments during this time as we were trying to settle the account.

    I am now trying to get this lifted from my report and I'm waiting for the company to come back to me. I have also contacted Experian who are contacting the organisation also.

    Obviously did not realise the recent nature of these missed payments, which puts everything in a new light.

    What are the circumstances of the loan, as cannot imagine how/why someone would tell you not to repay it on time?

    Leeds are a very fussy lender and unsure they will even re-consider this, although do get your broker to check and appears you have done the right things in terms of credit reports and getting onto them
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • jojo79_2
    jojo79_2 Posts: 12 Forumite
    Basically it was a long drawn out process from October through to January where I lodged a formal complaint against Everyday Loans as they were unable and had never provided me with any statements of account during the time my account was live and they provided me with conflicting information regarding settlement figures etc.

    I even sent them an SAR which they didn't act on in the specified timeframe. We ended up having to keep chasing them for all of the info and for a true settlement figure in accordance with my credit agreement.

    The account was settled in January and I have written confirmation that they were going to amend my credit file. They have amended it to show the settled account but they haven't lifted the two missed payments. At the end of the day, there wouldn't have been any missed payments if they had provided the correct information when it was first requested.

    I think we may have to consider waiting until we have sold our house and can release the equity from it. Our original option was to rent our property out in order to move quickly which is why we only have a 20% deposit. From your experiece, if we wait until we have sold our property and have a deposit of 55-60%, would lenders look at our application more favourably?
  • jojo79_2
    jojo79_2 Posts: 12 Forumite
    I've just found out that the loan company are removing the missed payments from all three credit reference agencies with immediate effect so hopefully this might improve my situation!
  • That's a great result, you may need to give it a couple of weeks to trickle through to your reports plus the search for the last mortgage application will now be showing.

    I'd discuss your options again with your broker, you do not want to waste too many more applications.
    Thinking critically since 1996....
  • Qucik question, we have also just had our mortgage application form turned down. The company i work for has just been placed into special administration. Would this have flagged up? thanks
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