Annoying.

Fake_Northerner

This morning we applied for an AIP with Platform. Just received an email from our broker to say it's been declined due to 'lack of credit information'.

This must because we don't have a credit card I'm guessing.. Right? So therefore we don't have a credit score I suppose. Annoying cause I checked my credit report on experian and my score is 997. Don't have any debts, only bills we pay are the usual household ones and mobile.

Knew I should have got a credit card and just paid it off every month. Just feel a bit disheartened by it.

ACG

You have a credit score as you have a bank account, maybe a mobile phone etc?
What has your broker said? Its not a case of Platform or bust. If anything it might even be a blessing in disguise - platform are not known for their amazing service standards.

Fake_Northerner

This is what our broker said - 'I spoke to Platform to find out why and it’s just lack of credit information, in other words because you don’t have any credit you score less on the lenders score card.'

I know it's not the end of the road or anything but you know when it's just frustrating.. Always lived within our means, never borrowing money, etc.

kingstreet

So ask your broker to use a non-scoring lender instead.

Frankly, I would have had alternatives prepared for you before I called you to tell you about the decline...

betmunch

Don't take it personally, move on to the next lender.


Ask you broker who they would recommend that is a bit more sympathetic to people with little credit history.


I'm sure you will fine

ACG

Ive got a client through with a high street lender who literally has a bank account and has only be in the uk 3 years a mortgage before now. He doesnt even have a mobile phone and categorically refuses to take out credit other than a mortgage at 90% LTV.

There are other lenders who only need to find 1 line of credit (ie a bank account or mobile phone) in order for you to pass a credit check with them.

Also as Kingstreet says there are lenders who do not credit score.

Plenty of options out there for you. If we can get people with bad credit a mortgage, im sure you can get one with no real credit. Again im with Kinstreet in that im surprised your broker did not come back with alternatives.

Fake_Northerner

Blimey ACG.. So if someone like that client could get a mortgage I'm sure we can. Just not going to be as easy as we first hoped.

He did say he could have a look at other lenders for us, I replied and then he said 'it does happen quite a bit when you have little or no credit for the lenders to base their decision on. I’m sure we’ll be able to get something sorted, it may just take 24 hours to sort. As soon as I have more info I’ll come back to you. If either of you do want to talk to me I’m contactable on that mobile out of work hours.'

So it's not as if he's doing nothing.

Leon_W

I find Platform hopeless anyway. No great loss as they actively look to not do the business in my view.

sofarbehind

This happened to me, I have a mobile but no credit card or loans. Nationwide didn't want to know. I was accepted by Halifax very quickly straight after thanks to my excellent broker.


Shame the survey was such a dud it's all fallen through.


You'll be fine. Are you applying for a 90% mortgage? My broker thought that was partly why I couldn't get an AIP from Nationwide.

kingstreet

Why are brokers still submitting applications/DIPs to lenders unlikely to accept them?

The whole point of the MMR regime is for brokers to establish if borrowers fit the lender's criteria BEFORE they incur costs or undertake a credit search...

If we get a DIP declined, it is because of something the borrower didn't tell us, for whatever reason...!

ACG

I know some of the underwriters from when I used to work for co-op bank and even I hate using platform!