Mortgage application/credit help please

Dan-1987

1st post here so hello everyone,I'm in need of some advice,maybe from others who have been in the same situation or those involved in the mortgage application procedure?

I'm in the process of buying my 1st home with my girlfriend (making the full application tomorrow) and have received a mortgage in principle already,we've found the house put an offer in and had it accepted.

Now,I've spent the last few years building my credit up,I have a current account with barclays,barclays loan (3k/18 months left on it)
Also have a credit card elsewhere (no balance) and a barclaycard (1k balance) I've always paid on time and never struggled to obtain credit.

I have had barclays credit manager for the last of years which shows a "good" credit score (600+).ive been at the same address all my life (26 years) and on the electoral role nearly 10 years,also same job past 10 years too

So upon the meeting with the mortgage advisor,from which we got our AIP,I decided to obtain my credit report,I used equifax and found the following:

6 late/missed payments on a abbey current account I used to have,obviously all settled now,this was 4 years ago.very very annoyed at this obviously,even more so in that it was actually a banking mistake ( my account had laid dormant for ages and computer had started generating fee's,they made their apologies and put the account straight then closed it and assured me it wouldn't affect my credit!) but it obviously has

Obviously all my other credit accounts,past and present are on there too,all are correct and show on time payments all the way through

Obviously there's no way to know for sure until we submit the actual application but,has anyone any experience of this sort of thing,and is it likely to hold us back?
I know sometimes the AIP is only a soft footprint search? They gave definately carried one out as it shows on my report

HappyMJ

Write a letter or phone Santander and get them to remove it from your credit report. If it is a genuine mistake then it shouldn't be there.

Do you have a deposit? Having a loan whilst also having savings isn't a good money saving idea. Can you clear the loan before applying for the mortgage?

Dan-1987

Hi,thanks for the reply,yes we have a deposit,it's only 5% but isn't loaned or anything like that,we've saved it between us
(The barclays Loan is solely mine)

tvfreek

Subject to which credit reference agency the information is recorded on. And the agency the lender use the case will be declined.

In fact at 75% it would also be declined - if the above were the same of course.
I would get it corrected before you apply anywhere just in case.

Arina

tvfreek wrote: »

Subject to which credit reference agency the information is recorded on. And the agency the lender use the case will be declined.

In fact at 75% it would also be declined - if the above were the same of course.
I would get it corrected before you apply anywhere just in case.

How can you be 100% certain that it is going to decline..

amnblog

Is the lender Halifax Dan?

If so, these late payments will not be picked up until full application stage.

Take any further steps with help of a mortgage broker.

Dan-1987

Hi,no the lender is a division of natwest,we've now submitted the full application so will have to just wait and see.
They have credit searched us at the application in principal stage as it shows on my file,although as you say I'm sure this will be just a soft search and they'll carry out a full check now we've actually applied?

Thrugelmir

Dan-1987 wrote: »

6 late/missed payments on a abbey current account I used to have,obviously all settled now,this was 4 years ago.very very annoyed at this obviously,even more so in that it was actually a banking mistake ( my account had laid dormant for ages and computer had started generating fee's,they made their apologies and put the account straight then closed it and assured me it wouldn't affect my credit!) but it obviously has

Accounts don't just generate fees. There must have been some activity to trigger them.

Dan-1987

Thanks for the reply

The account had sat dormant for quite some time,the issues arose when I closed the account