Electoral Role - Help!

pd7333

My wife and I sold our flat in June and moved in with her parents in order to save a deposit.

We have managed to save a fair whack, but was recently rejected for a mortgage. Upon checking our credit file neither of us are listed on the Electoral role at her parents address. Her Mother (the homeowner) filled out the new forms back in August.

Upon speaking with the council, they inform us they are aware we are there but the information will not show on our credit file until February next year! This means we are unable to apply for any mortgage until then.

Is there a way I can force this through? The council say the deadline was October 10th. They would of known about us moving weeks before this deadline.

Any help greatly appreciated

Gordon_Hose

Are you 100% sure it is the electoral roll that's the issue?

I'm in the same situation as you, and have been informed that if you can prove your current address and were listed on the electoral roll at your previous address the bank shouldn't reject your application.

pd7333

Don't think you can ever be 100% sure it was solely that.

But both our credit files seem pretty clean (no defaults or late payments etc) and we've never had any issues before.

Speaking to brokers and lenders alike however, 90% of them have said its a lending criteria (of their system) that we be on the electoral role.

The council are refusing to do anything until feb when its updated.

Wanted to know if there is anyone I can speak to in order to force it through

pd7333

SavvySteph04 wrote: »

We're in the same situation.

After renting for a year (and finally saving the enough money for our deposit) I spoke to our financial advisor in August who checked our credit reports which showed that we were not on the electoral roll. We applied straight away and were told that we would be put on the electoral roll on the 1st of October. According to my council, we have both now been put onto the register but it's still not showing on our credit reports. Our financial advisor said that we would need to call the council back, request a confirmation letter from them that we are on the register, contact the relevant credit report agencies and send them through the confirmation letter and fingers crossed they will add it to their records. It seems a bit ridiculous that we have to go through this whole process but needs must!

Our financial advisor said that most mortgage companies will not approve a mortgage if you are not on the electoral. Can you not call your council and request that they send you a confirmation letter?

Thanks for this....this is exactly what I will do today. Unfortunately my council are very unhelpful! But I can insist on this as the minimum I suppose!

pd7333

Just an update - the council have agreed to send out a letter detailing our imminent inclusion on the 2014 register.

I will then approach the credit agencies with this.

Grrrrr!

Gordon_Hose

I have just got off the phone to a Halifax mortgage advisor and he said that provided that when they check back they can see our names have been on the register at our old address, and we can prove we now live where we say we live, it should be a problem at all.

Straight from the horse's mouth. Can't comment for other banks criteria though. I'll let you know what RBS say later.

pd7333

Cheers Gordon.......thats helpful as we looking at RBS and Halifax for the 95% HTB mortgages!

Though I spoke to a Halifax adviser and he informed that the way the 95% mortgage has been marketed its like anyone can walk in and get it. He said in reality, you have to have a impeccable credit score (and he emphasised impeccable)...........

Thats got me worried a bit, our scores aren't bad but like many people, they are from impeccable!

Good luck, do let me know how you got on

Gordon_Hose

Ignore your "scores" given to you by the CRA's, lenders have their own criteria and they don't see these "scores" when looking at your file. Provided you have no missed/late payments, arrangements to pay or defaults and you have a good history of borrowing and paying back on time and don't have too much debt already, I'd say that was pretty impeccable.

Getting a 95% mortgage is going to be harder than getting a 75% mortgage, obviously, so as long as there is nothing negative I wouldn't be worried.

If the lenders are satisfied that you're living at your parents and they can see that you were on the register at your previous address, there should be little to worry about on that score.

Credit Reference Agencies always mark your "score" down for not being on the electoral roll as it *could* be a negative factor, but, like I say, lenders have their own criteria for lending anyway and if they decide it's OK you're not on the ER because you're temporarily back at your parents, then all's well.

Interestingly Halifax currently have the highest HTB 95% rates out there (5.19% plus a £995 arrangement fee). The adviser informed me that they have loads of interest in the HTB 95% mortgages, and because people despise RBS, Natwest etc, it allows them to keep that rate high. In the future if the interest drops in that certain product they'll look into dropping their rates!!

RBS's rate is currently 4.99% and no fee. Going with Halifax meant a monthly repayment difference of approx £40, which is a lot to us! lol

pd7333

We're aware that Halifax is the highest HTB, but we've been customers of theirs for nearly 10 years. We did speak to RBS, but fell short due to myself changing jobs ........they refuse to lend whilst in your probation. Even though my probation is only 3 months (it would be over by time of completion) RBS/Natwest would not even let us apply.

Thats why we favoured Halifax. However, due to the temporary problem we've had with the ER, Im 2 weeks away from completing probation, so may have another look at RBS. As you say, £40 a month is not to be sniffed at! Especially over 2 years!

Interestingly, my father in law has offered a 10k loan to us at £180 pcm. This would give us a 10% deposit. As far as the lender is concerned this is a "gift" and non repayable. The difference in a 95% and a 90% mortgage is roughly.......£180 a month! We may look at going with the 90% instead as of course, in 2 years our LTV would be lower when we come renew.

Im still concerned with my rating however. Despite your assurances that lenders dont look at CRA scores, all 3 CRA's have me as quite low. There was confusion between myself and a current account I held at Alliance and Leicester some 4 years ago where they have marked my file as late payments for a period of 5 months. The account was in dispute (due to charges incurred - a result of them giving ME the wrong sort code) but they refuse to remove anything from my file, Ive applied for notices of correction several times but to no avail!

I hate mortgages, once I get one Im staying put for life!

Gordon_Hose

I wouldn't advocate taking a loan in any form to pay for a deposit. If you do that just hope the bank don't find out!

I've been in my job 10 and a half years, so no worries there lol!

I'm not sure what effect late payments 4 years ago will have, hopefully not too much. They may scupper a 95% mortgage though, unfortunately.