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Mortgage application credit search- Advice please
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thumpertwinkle
Posts: 69 Forumite
Hi, I was given a DIP a few weeks ago, found a house and submitted full application and it got refused at the credit search stage. I have checked my file and can see they did a credit search at DIP stage, nothing has changed since then so I don't understand why it has failed 3 weeks later!
Is the credit search on full application different to the DIP one?
There is one thing I am concerned about, I did have a search done and ordered a new car in August, the car has not yet been built so I do not have it and I have no 'account' on my file for it but could it be showing to lenders as a credit commitment even though I have not yet got it? I am so angry with myself as I said I wasn't ordering a car until a mortgage was sorted, I want to cancel it now!! A car is far less important!
Need advice on this urgently please.
Is the credit search on full application different to the DIP one?
There is one thing I am concerned about, I did have a search done and ordered a new car in August, the car has not yet been built so I do not have it and I have no 'account' on my file for it but could it be showing to lenders as a credit commitment even though I have not yet got it? I am so angry with myself as I said I wasn't ordering a car until a mortgage was sorted, I want to cancel it now!! A car is far less important!
Need advice on this urgently please.
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Comments
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Possibly. Depends on lender and application route.thumpertwinkle wrote: »Is the credit search on full application different to the DIP one?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Not only can the process change between DIP and Application, but the Lenders credit scoring can change from one date to another.
Speak to your broker if you need urgent advice. If you do not have one - engage one.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I do have an advisor, he is going to speak with the BS and ask why it now failed. Thing is I have not put the car on my info or him about it... I feel silly saying about it now. I just want to cancel the dam thing!!0
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I have checked my file on 'check my file' and there is something from feb/march showing up that has generated a poor score with equifax. I have written to the company concerned as it is genuinely unjust but probably won't be corrected in time! With call credit my score is really good and this is not on their file. The BS searched experia but check my file does not show their info and i used my free trail two years ago with them.0
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In that case you can get the most common piece of advice on here - fess up to your broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Told him about the bad bit on my file. I think I will cancel the car, if I can? I haven't even heard from the dealer since I put the order in or had any paperwork!!0
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