Mortgage/credit score advice - please help?

bratz_2

We currently have our mortgage with the Halifax and are considering moving house and had an appointment with a mortgage advisor yesterday. We have around £60k equity in our present home and would be putting most of that down as a deposit. After doing the usual application process we were informed that we had failed the credit score, which had come out at 432. :eek: Halifax use Equifax.

Today I obtained my credit score and credit report from Equifax and my score was 725!!!!! I telephone the Halifax and was advised to approach their credit appeals department regarding this.

Any ideas???? Personally I feel they just don't want to lend us the money.

Thanks.

Angela

herbiesjp

HI Angela

DOnt know what figures you are looking at, however depending on your overall scenario, if Halifax do not want your business there are plenty of lenders out there that do.

Was it their own internal score that they quoted you?

Are you currently tied into Halifax? Do you have any penalties to leave them?


Best bet is have a chat with a whole of market adviser to see what good deals they can find for you

bratz_2

Thanks for your reply. Mortgage advisor told me they use the Equifax credit scoring system but I'm not so sure. However, on further checking of my credit file it seems that when we borrowed on the equity in our property a couple of years ago the Halifax didn't inform the credit reference agency that the original mortgage account was settled so its still showing a current balance. Our original borrowing was 65,000 we borrowed another 20,000 and although we now owe 85,000 our credit file with both Equifax and Callcredit shows total mortgage borrowing to be 151,000!!!!! I have written to Halifax asking them to rectify this.

We are tied in with Halifax until Nov 2008 unfortunately and would need to pay a penatly of around £2000. I know its a lot of money but wondering if it would be best to cut our losses and run?

Hopefully once they have rectified this discrepancy we will be able to borrow the money we need. Proof though that it's worth spending the money to obtain your credit file.

herbiesjp

bratz wrote: »

Thanks for your reply. Mortgage advisor told me they use the Equifax credit scoring system but I'm not so sure. However, on further checking of my credit file it seems that when we borrowed on the equity in our property a couple of years ago the Halifax didn't inform the credit reference agency that the original mortgage account was settled so its still showing a current balance. Our original borrowing was 65,000 we borrowed another 20,000 and although we now owe 85,000 our credit file with both Equifax and Callcredit shows total mortgage borrowing to be 151,000!!!!! I have written to Halifax asking them to rectify this.

We are tied in with Halifax until Nov 2008 unfortunately and would need to pay a penatly of around £2000. I know its a lot of money but wondering if it would be best to cut our losses and run?

Hopefully once they have rectified this discrepancy we will be able to borrow the money we need. Proof though that it's worth spending the money to obtain your credit file.

Spot on - there can be mistakes on credit files which can make the difference getting a mortgage and not. You could always place a notice of correction on your file as well.

Indeed, staying with them would prevent payment of the penalty, so find out what they say, and then let us know