Barclays mortgage referred....

Beccilou

Hi all,

We applied for a joint mortgage through Barclays and out LTV is 40% and we have £160k deposit to put down from the sale of our house.
My partners credit score is excellant (987 on experian) but it has been referred as i have a deferred payment on my account. I rang Experian and this was due to my Next account going 2 months into arrears for a payment of £29, this has now been settled but is showing on my credit score.
I am worried sick that we are going to get declined even though there's alot in our favour. We have filled out the mortgage paperwork and sent off payslips and bank statements etc and they have taken the payment for the survey of the new place.
Any thoughts as i cannot rest easy at the moment.

ACG

What number did it show on your credit report?

Off memory i think if its a 2 or more you fall outside their standard criteria. Ive never had to do a mortgage on such a low LTV with woolwich so not sure how likely it would be to get accepted but certainly on 80% plus theyre a nightmare.

monty-doggy

With that sort of equity and only one credit query is very very unlikely they will refuse you. I wouldn't worry. It will prob be subject to survey now.

kingstreet

Beccilou wrote: »

Hi all,

We applied for a joint mortgage through Barclays and out LTV is 40% and we have £160k deposit to put down from the sale of our house.
My partners credit score is excellant (987 on experian) but it has been referred as i have a deferred payment on my account. I rang Experian and this was due to my Next account going 2 months into arrears for a payment of £29, this has now been settled but is showing on my credit score.
I am worried sick that we are going to get declined even though there's alot in our favour. We have filled out the mortgage paperwork and sent off payslips and bank statements etc and they have taken the payment for the survey of the new place.
Any thoughts as i cannot rest easy at the moment.

Why Barclays?

Ignore CRA credit scores, they mean nothing. What is visible on your other credit files?

What do you mean by a "deferred payment?" Late, missed? In my experience, they read "0," "1," "2" etc?

Direct or broker?

Beccilou

I didn't ask what number was showing on the credit report when i spoke to Experian.
The house we are purchasing is £265k and we are selling this one for £215k and my partner currently has £54k left on his existing mortgage.
I have done nothing but worry since they said that it has been referred as i will be gutted if we get declined over this.
Thats what we cannot understand in a way that te LTV is only 40% and we have £160k deposit - do we stand a chance?

Beccilou

It is direct with Barclays - we went to them as i bank with them, no other reason really.
It was a late payment - i missed my Next directory account payment one month so it rolled over to the next month and i received a letter telling me my account was 2 months is arrears for the sum of £28.96 so i called and paid the amount instantly when i received this letter - complete mistake on my part - got the statement - put it away and forgot about it.
I don't know about the numbers you are referring to, sorry.

kingstreet

If you look at the credit account section of your Experian credit file, each item starts with "C" and has a number. The account then lists the conduct of the holder by showing a line of "0s" if the account has been paid on time.

If, for example, it went two months in arrears two months ago but was then brought up to date, it would read "0, 0, 2, 1, 0."

What does it say?

Have you obtained the other versions of you credit file, from Call Credit and Equifax?

starbarboy

kingstreet wrote: »

If you look at the credit account section of your Experian credit file, each item starts with "C" and has a number. The account then lists the conduct of the holder by showing a line of "0s" if the account has been paid on time.

If, for example, it went two months in arrears two months ago but was then brought up to date, it would read "0, 0, 2, 1, 0."

What does it say?

Have you obtained the other versions of you credit file, from Call Credit and Equifax?

From what I understand the OP does not have a hard copy of her credit report - she just spoke to Experian on the phone.

Stephen

Beccilou

No i haven't obtained other credit reports as Barclays said thats the one the mainly use when we went through the application on the phone.
I would just find it morally wrong that they have taken £615 for the survey to then decline it??
Everyone keeps telling me not to worry but i cannot help it

Beccilou

starbarboy wrote: »

From what I understand the OP does not have a hard copy of her credit report - she just spoke to Experian on the phone.

Stephen

Stephen, this is correct.

Beccilou

Any further thoughts?