Unusual to ask for Experian Credit Report?

MonstersMum

Hi there, we are at the start of the mortgage application process with Newcastle Building Society and they have contacted us to say that they need us to provide a copy of an Experian Credit Report as their credit check is showing something that they can't account for. Is this normal - I thought their credit checks would have been as detailed as Experian if not using Experian themselves? What can a credit report that we supply show them that they don't already have access to?
We were hoping that as we are already with the Newcastle, it would be a relatively quick and easy process to port our existing mortgage and add to it but so far they have not proved very quick or helpful - the advisor said she couldn't tell us anymore other than we had to provide a credit report. Can anyone help please?

Dave_Ham

It is not unusual, unfortunately any application with Newcastle is fraught with frustration, delays and slow communication.

I would imagine a port would be even more so..

You will need to keep chasing this I would imagine and ensure your Solicitor is protecting the chain appropriately, as cannot imagine this will get resolved quickly.

If there is anything unusual or outside of Newcastle policy in your case, would consider a contingency plan just in case.

Good luck

MonstersMum

Thanks for the reply Dave Ham.

We used the Newcastle last year as recommended by a financial advisor and we did get frustrated with them then. It was a slightly more complicated purchase as the property had been empty for a long time and neede modernising - the vlauation report insisted on having every report imaginable and everytime we sent each report in we seemed to go to the bottom of the queue again. All in it took 5 weeks from application to offer which despite it being a very frustrating 5 weeks, isn't that long in mortgage offer terms.
With regard this mortgage, they treat a port and an extra 'top-up' as a new application so it's going through it's vetting process at the moment. There shouldn't be anything unusual about our application - both have good credit history, we are borrowing well within our lending limit according to the Newcastle Mortgage Advisor when we did the affordability etc. The only thing I can think of is that there was an 10k on a credit card that we used to renovate our existing house which was paid off 2 weeks before our application was submitted. I didn't put it on the app as there was no oustanding credit on that card - I only quoted the 2 cards that we each have 1k on. Could this be a problem?
The chain is small as we are 'swapping' houses. My buyer is downsizing and buying ours and we are upsizing and buying hers - hopefully this means it's relatively straighforward!

Dave_Ham

5 weeks was good indeed...!

Newcastle are a decent lender, just slow and the systems are not always 100% robust.

I would imagine this is the credit card, although nothing to worry about as your reason is legitimate and honest.

Once verified, this item should be ticked off.

Good luck

Experian_company_representative

The report lenders see does not include the name of your other lenders, so maybe they're found something they wish to delve into a bit deeper.

James

MonstersMum

Thanks for the replies. I've just obtained the Experian report that the Newcastle have asked for and it's so out of date. It shows my current address as my previous house (I've now updated this) and it doesn't show any credit outstanding on one of my credit cards or a Tesco loan that I have or the mortgage that I have with the Newcastle currently. How can it be so out of date when my mortgage application relies on it?

Thrugelmir

MonstersMum wrote: »

With regard this mortgage, they treat a port and an extra 'top-up' as a new application so it's going through it's vetting process at the moment.

This applies to all lenders. A common misconception on this forum.

A port is merely the existing terms and conditions i.e. rate of interest on the loan, which are transferred to the new borrowing. The mortgage is actually the legal charge placed on the property to secure the debt.

Thrugelmir

MonstersMum wrote: »

How can it be so out of date when my mortgage application relies on it?

Not all lenders report to Experian.