Are trace enquiries visible to mortgage lenders?

Archi_Bald

What is your available credit with other lenders - overdrafts, credit card limits?

jivebunny

Just wanted to update this thread with the outcome, though it all happened a few months ago now.

After multiple phone calls I got the search removed. The debt collection company have direct lines to the credit reference agencies and could get changes made very quickly (they changed mine twice in a day). However this wasn't before I had to inform the seller of the issues I was having due to the delay it was causing. I was able to forward an email I had asked the debt collection agency to write as some sort of proof it was being resolved. They sympathised but said that if a surveyor didn't visit the house within 3 weeks they would offer the house to one of the other bidders (there were several).

It was almost Christmas and I discussed with the broker whether I should re-apply for the mortgage I'd just been refused from now the search was removed. He suggested there wasn't enough time to meet the deadline, the first refusal may have adverse effects on a subsequent application and third refusal may hinder my chances with other lenders.

It felt as though I had one more chance and In the end I took the hit and got a mortgage with Halifax in order to secure the house (the broker said they a more lax with their criteria than Nationwide). I sailed through the mortgage application but am now stuck paying an extra £70 a month for the next 2 years because the interest rate was so poor in comparison.

I never did know for sure if it was the debt collection search but it did appear to be visible to lenders but only those who check equifax (it wasn't on my call credit or Experian account). Incidentally the debt company said Experian is most used by business, followed by Equifax and Call Credit is some way down the lsit.

I completed at the end of Feb and despite the higher costs I'm happy with the decision I made and I love the house.