FTB: Credit Score Issue - Who to chose?

kellaree

Hi everyone,

Looking for a bit of advice with choosing who to apply for our first mortgage with. We've had an AIP with HSBC on a 90% LTV for the maximum of £95k , had an offer accepted on a house(for £84k) and now we're deciding who to apply with...

However, we just checked our credit scores with Experian and mine is 898 but my partners is showing as 697 due to ONE missed payment of £75 on a Barclays loan which he has now settled. The adviser he spoke to insisted it would only be down as one missed payment and they never put down a default for one missed payment.

BUT we've seen on Experian that it's shown as 11 missed payments (as it was 11 months ago). We will be requesting that Barclays confirm in writing that this is in fact only 1 missed payment not 11.

So the question is who do we apply for a mortgage with now? If at all? Do we go with a fixed rate with HSBC with the AIP? We've had a conversation with a broker about a smaller building society with a good variable deal? What to do?

Any advice will be appreciated, this is a very stressful time for us

Thrugelmir

kellaree wrote: »

BUT we've seen on Experian that it's shown as 11 missed payments (as it was 11 months ago). We will be requesting that Barclays confirm in writing that this is in fact only 1 missed payment not 11.

(

Account will show as being arrears for the number of months it remained unpaid. If May's payment is missed for example. Then June's become May's and June's is unpaid, and so on.

ACG

You have late payments and a AIP at 90% with HSBC?! That must be a first.

kellaree

Thrugelmir wrote: »

Account will show as being arrears for the number of months it remained unpaid. If May's payment is missed for example. Then June's become May's and June's is unpaid, and so on.

Well it was the 36th payment on a 36th month loan. So he wasn't one payment behind, it was only the last ever payment he missed. A very silly thing to do but I'm just hoping that £75 doesn't affect us getting a mortgage.

Also i'm assuming the HSBC comment regarding the AIP implies it's unlikely we'd ever get a mortgage with them? We were given the AIP on the spot about 4 weeks ago.

ACG

Im surprised you got the AIP to be honest, who do HSBC use for their credit scoring? Do you have a copy of that credit report? It may not be showing in which case you could be laughing but HSBC are from what i can gather a nightmare unless you are pretty much perfect.

kellaree

ACG wrote: »

Im surprised you got the AIP to be honest, who do HSBC use for their credit scoring? Do you have a copy of that credit report? It may not be showing in which case you could be laughing but HSBC are from what i can gather a nightmare unless you are pretty much perfect.

I'm not sure to be honest, the HSBC check did show up on my Experian account. Is it quite likely that if we got an AIP from them they'd accept us for the mortgage?

Barclays were very helpful when my partner spoke to them and they were satisfied that it was simply one payment and didn't think it would show on his score and to let them know if it did.

kellaree

According to MSE, HSBC use Experian for their credit checks?? Which is who we used this morning so it's definitely showing on there.

ACG

I send a fair bit to woolwich, i THINK (This is something i should know) they ignore it if its a 1 on your credit report - but because the late payment is with Barclays im not sure how they would view it.

To be honest before i submit any cases that have adverse i discuss it with my account manager or an underwriter, i would try to speak to an underwriter at woolwich if i were you, if you speak to a sales person theyre likely to say whatever is needed in order to hit their targets.