Mortgage Arrears

SallyCinnamon80

Good afternoon

My wife and I are looking to move house next year however we've encounterd a small problem.

I took out a Mortgage in my name with the Nationwide in 2007 however upon checking my credit file last month it would appear I've been 2 months in arrears since May 2008. I've never once received any correspondence from Nationwide to inform me of these arrears and only found out when checking my credit file. Every other payment had been made since.

I contacted Nationwide who informed me they had the wrong address for me (????) however this was rectified in January 2012 and they will amend my credit report accordingly given it was their mistake however after this date they aren't accountable for me not receiving their arrears notices (I seemed to receive every other piece of mail though!).

The arrears have now been paid off and my wife and I received a decision in principle from the Halifax however I'm unsure if I'd be successful in gaining an approval when a proper credit check is carried out. My wife has an excellent credit history however I'm worried it be a problem - apart from 2 car finance agreements we have no other debt and have a 10% deposit for the price we're looking to pay.

Any advice would be greatly appreciated.

Steve

amnblog

You don't and won't know until you go to full application. A pass depends on many things, not just this issue.

SallyCinnamon80

Thank you for the reply, I am aware that's the case however I'm concerned this situation will result in an automatic decline.

Having read other posts I'm aware the DIP from Halifax doesn't guarantee an acceptance at full application but I thought that 2 years in address would have shown up in their soft check of my credit file resulting in no DIP.

S

kingstreet

On which CRA does Nationwide lodge its mortgage account conduct?

Experian

On which CRA does Halifax carry out its DIPs?

Equifax.

Surely, the question here, is will Nationwide lend to you? It usually has better products than Halifax, certainly for its existing borrowers and knowing Nationwide will lend to you will give you a much greater degree of certainty that your future plans are likely to be successful.

In these circumstances, the last place I'd go for a DIP is Halifax. Do you feel any more comfortable than you did before you did it?

SallyCinnamon80

Thank you for the reply. I wasn't aware they used different CRA's. Funnily enough, I don't feel anymore comfortable than I did before which is slightly frustrating however I was surprised it was successful.

Excuse my ignorance but I assumed all CRA's would hold the same information on me especially - 2 years of 2 months mortgage arrears.

S

kingstreet

Nope. Lenders choose which CRA(s) they give information to and take information from.

It's possible to have different information on all three of your credit files. That's why practically every post on here about adverse credit, you'll see me recommending they obtain all three credit files to see if there's any one which is better than the others.

SallyCinnamon80

That's exactly what I'll do then, I'll just need to keep my fingers crossed that when it comes to a full application next year I'll be accepted despite this arrears issue.

S