Moving Home & Failed Credit Search!

K1RST1E_2

Hi All,

I'm in shock. My husband and I have a mortgage with Halifax. We have sold our home and are buying the other half of a house we have inherited. We have a 50% deposit (using the equity in the house), have never missed a mortgage payment and will be clearing all of the outstanding debts we have once the rest of the probate is sorted which should be in the next 4 weeks.

We had a mortgage advisor appointment this morning who started the mortgage application process and we have failed the initial credit search. I've obtained a copy of my credit report to send to him as requested. The high level stats of my report are good; £3,000 outstanding debt, no missed payments in the last year, no accounts overdue and 66% of available credit being used but I have 2 unsatisfied defaults from 4 years ago. Stupid me!

I'm assuming this is the reason for the failed credit search. What difference would a satisfied default make to the application, if any at all?

Thanks.

ACG

Leave it to your broker to sort out, this should be easy enough to place.

Your broker has asked you to get your credit report (which is good), a useless broker would have said something like "oh thats strange, lets try...." Your broker appears to be trying to get to the bottom of the problem so he/she can plan around it. They sound quite capable so i would expect them to come back with a lender who will accept it.

If they come back with someone like GE then i would question it as thats a little bit overkill but i would not worry if that is the only issue.

GMS

You say no missed payments in last 12 months. What about before this?

How much are the defaults for and when were they issued? What were they for?

Is the mortgage adviser a bank or independent one?

Thrugelmir

K1RST1E wrote: »

but I have 2 unsatisfied defaults from 4 years ago. Stupid me!

For how much and who do owe?

K1RST1E_2

The last 12 months is a high level overview, it's actually years. The defaults are from 4 years ago. Very is for £899 & Redcats (LaRedoute) which is £250.

The mortgage advisor is at Halifax as that is who we are already with. We thought it would be easier to stay with the same bank we are already with.

ACG

ooooh, i didnt realise you had just gone to your bank.

I take back my comments in that case. It might be possible to get it through but not being a massive halifax user i could'nt say for sure. I was thinking of other lenders to be honest.

K1RST1E_2

If I can't get this sorted, we'll probably just do the mortgage in my husbands name.

GMS

Who inherited the house? Yourself, your husband or both?

K1RST1E_2

GMS wrote: »

Who inherited the house? Yourself, your husband or both?

My husband and his sister. We're buying her out.

amnblog

Were you aware that you had £1,150 of debt unpaid for over 4 years?

K1RST1E_2

amnblog wrote: »

Were you aware that you had £1,150 of debt unpaid for over 4 years?

I was at the time as they've not been pursuing me since due to no signed credit agreement. It was a worry of mine a few weeks back but my husband was convinced that with an immaculate mortgage payment history, already owning 50% of the house outright and having no outstanding debt (in coming weeks), that it would be fine.