Not a full application!!!

Sid2177

On Thursday, we applied for our first mortgage (through Countrywide) with Halifax only to find out yesterday that it was turned down due to a credit score.
Both my wife's and my credit scores are in the excellent marking and we haven't missed any payments on anything over the last however many years.
I've had HP and credit cards which have all been paid off in full so I couldn't see what the problem was.
We went to our local Halifax branch to see if we could find out exactly what it was that had affected it. They couldn't help there and then but have asked for us to go back later this week to look deeper into it. However what the Halifax Mortgage advisor did say was that she "could not access the system as a full application had not been made".
Does anyone know what this means and can I do anything in the meantime to help sort it out?
Thanks.

kingstreet

Until a full application is made, no-one can access the data submitted by the Countrywide employee. You can't submit a full app, if the DIP fails credit score.

You don't necessarily fail the credit score because of adverse credit data. You can fail because you do not score enough points on the lender's scorecard on that day. This can be due to;-

loan to value
length of employment
type/duration of employment
lack of appearance on voter's roll
lack of existing/repaid credit
length of time at addresses
lack of telephone numbers entered.

You can get a "999" credit score from Experian with no job, result, no mortgage!

Sid2177

Thank you

-I have been with same employer Department for Work and Pensions for 7 years and my wife 5 years working for local government.
-Same address for 10 years and always on voter's register.
-Have been paying HP for just over 2 years and credit card for a number of years.

Hopefully it's something the countrywide person left out and we'll have good news next week.

Thanks again.

ValHaller

Sid2177 wrote: »

Both my wife's and my credit scores are in the excellent marking and we haven't missed any payments on anything over the last however many years.

The credit score you pay good money for is useless. What matters is not the Credit Referencing Agency score, it is the lender's own score.

Have you missed payments in the last 6 years?

kingstreet

You've stated all the good bits...

... what's the most important, what's the loan to value?

Sid2177

ValHaller wrote: »

The credit score you pay good money for is useless. What matters is not the Credit Referencing Agency score, it is the lender's own score.

Have you missed payments in the last 6 years?

No none at all.
Like i say hopefully it'll get sorted next week, fingers crossed.

Sid2177

kingstreet wrote: »

You've stated all the good bits...

... what's the most important, what's the loan to value?

We're first time buyers hoping to borrow 125,000 with £7000 deposit.
We're hoping to get a mortgage through the Help-to-buy scheme.

What has confused me was that I at least expected to get an answer that kind of said "we can't lend you that amount but we can lend you this amount", which is what the countrywide person was also surprised about as it was a simple "NO".

kingstreet

I'm not surprised you are saying it's a 95% application (or as good as) as anecdotal evidence suggests that more than 50% of applicants are being rejected.

It is usual to be offered a lower LTV, but if I did not get an alternative lending proposal, I would try to get one myself, by trialling other LTVs manually.

Is it possible you share a name and initial with someone you have resided with, who has adverse credit entries at this, or a previous address?

This is the time to obtain all three versions of your credit file and get the magnifying glass out;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Sid2177

Nope, nobody else.

I suppose all I can do is try raise some more cash or save a bit more over the next couple of months.

At least I've got my health.

Thrugelmir

Sid2177 wrote: »

We're first time buyers hoping to borrow 125,000 with £7000 deposit.
We're hoping to get a mortgage through the Help-to-buy scheme.

How much do you owe currently on HP and credit cards.