Arrangement to pay affecting mortgage application

Tessa2004

Hi everyone,

I do apologise as this is the first time on here (even though I have read lots of good and useful information on here before) and this might seem like a very obviously stupid question.

Firstly, my partner and I are just in the process of buying the house we live in off her parents. We have been to a mortgage advisor and have been looking at mortgages. Now in 2008 I entered into a Debt Management Scheme to clear my debts (in hindsight I should have just kept paying loans off). I was naive and did not fully understand the inpact this would have....or rather it was not explained fully by the provider. After a year I cleared off the DMS and continued to pay off all my debt.

Now all the defaults are off my credit report apart from a lloyds loan (who I also bank with) which has 1 late payment and an arrangement to pay on the report (Nov2008). I paid that loan off 2 months later (Jan2009), but as I understand that will affect my credit score until Jan/Feb 2015, is this right.

Then main question I have is that we were rejected with a soft search mortgage company and therefore have not tried the High Street lenders, so how long should I wait to apply for a mortgage. My electoral roll has only just been put onto this address, would this greatly effect my chances?

That is the only 2 things on my report from Equifax and I am rated as Good, with a 'score of 463', even though I know this does not mean much.

Any help would be appreciated

Mortgage_Mark_2

The 'soft search' wasn't with Halifax was it? If so, they're part of the Lloyds Banking Group....might make a difference.

ACG

There will be lenders who will look at this now but it may not be the easiest.

Tessa2004

Mortgage_Mark wrote: »

The 'soft search' wasn't with Halifax was it? If so, they're part of the Lloyds Banking Group....might make a difference.

No it was with a company called Accord, but thanks for the heads up

kingstreet

Tessa2004 wrote: »

No it was with a company called Accord, but thanks for the heads up

Yorkshire Building Society Group doing a soft search?

Really?

Thrugelmir

What debts do you have remaining to pay?

Have you been registered on the electoral roll over the past 6 years?

Senior_Paper_Monitor

Yup - Accord are soft footprint at AIP/DIP stage (from thir current guide) ........

Provide as much information as possible: it all contributes to the credit score and could make the difference between a quick
“Accept” - or waiting for a referral.
We identity check your clients online.
We check your client’s credit record online - we only leave a soft foot print at Lending Decision (no record of the search is left
until you proceed to full application).
We aim to check and reply to referrals within 4 hours.
An Accept decision is subject to:
• A satisfactory valuation of the property to be mortgaged.
• The information provided remaining unchanged.
• The information provided during the full mortgage application meeting our criteria.

Tessa2004

I have no debts (except my student loan)
only just on electoral roll 2 months but have history at all previous addresses

amnblog

Accord are a baffling choice of lender for me.

Has your broker seen your credit files?

Tessa2004

Yes, and as I say, I just find it difficult when nobody actually tells you why you get reject. I don't understand why it has to be a guessing game into why I have been rejected. It must be the arrangement to pay on my lloyds account as I cannot see anything else.

amnblog

Are you saying the broker saw the credit file but still gave the case to accord