AIP declined.

sarmia

We applied for AIP with Post office and was declined. I called this morning and apparently due to credit score. I have looked at mine and mine is excellent so must be my other halves. He hasn’t been very good on the electoral roll and has done a few recent balance transfers but has never missed a payment. Can anyone recommend another mortgage lender who might lend?

GMS

Get copies of your credit reports from Experian, Equifax and Call Credit. £2 statutory ones are fine.


Get them to a broker and see what can be done.


Don't go applying at random as more credit searches will hinder scoring further

kingstreet

The "credit score" you're paying a CRA for is a waste of time and money and it's the score the lender generates from the information you supply which matters.

Speak to a broker as GMS sugggests. Get all three versions of your credit file to ensure there are no issues you don't know about on one or more of them.

sarmia

OK thanks. My partner is sorting his out today. We are looking for a 85ltv with £150k mortgage. Combined income of £55k with monthly outgoings of £750 childcare, maintenance and credit card. Do you think we would be high risk?

kingstreet

Do you have all three of your credit files?

If not, there could be something on one of yours you don't know about.

If a lender looks at the one which has (for example) an error on it it could be you causing the credit score fail.

You should both have all three of your credit files, not just your partner's.

Equifax

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

CallCredit

https://www.noddle.co.uk

Experian

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

sarmia

I only have equifax. I will get the others too.

kingstreet

AIUI Bank Of Ireland uses Experian only, so you are unable to say what the problem is if you don't have both applicants' Experian files.

Getting all three, before submitting an application, should be every borrower's first task.

If you speak to a broker, they will be able to help you work out the best lender to approach for your situation and to obtain the best rate.

sarmia

Noodles is coming up with good. My experian was 548 and excellent. Will see what my partners come up with.

kingstreet

Please ignore the CRA numbers and opinions.

Lenders do not get these. They look at the data on the file, the data you supply and reach their own scores based on their requirements.

ACG

As has been said...ignore the score, its worthless.
That is the score the credit agency has given you, it is not the score the lender has given you they all have their own ways of doing it.

Just go to the back pages and look for the green and red blobs. The more green the better.

sarmia

OK thanks. Thought we would easily get a mortgage and seen a house which is ideal and worried now it will sell. How long does it take for a broker to get a yes? Subject to supply bank statements etc.