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Computer says ‘NO’ - Trouble with credit rating?

Hi all,
I’m applying for my first mortgage on a different property since 1997. I re mortgaged in 2007 on a very nice buy to let rate from C&G, eventually ending up as TSB mortgage, now with 7 years remaining.

Finally, in January of this year I’ve rented that house out and now officially live with my partner somewhere else.

My grandmother died in December and she left her estate to my dad and his 2 brothers who have agreed to sell me the property at a reduced market value purchase price of £140K.

I went to TSB to who suggested a buy to let mortgage in 2 parts.
The first part is releasing £45K in equity against my property as a deposit (£35K deposit + £10K for modernization). The computer said ‘yes’ to this.
This way I keep my existing buy to let repayment on the old great rate, and get the additional amount, interest only, on today’s rate.

We then proceeded to process the mortgage for the 75% remaining.
The computer said ‘No’ due to my credit rating??
I’m genuinely clean on CJD’s late repayment etc, and TSB acknowledged that. They said it was down to the number of credit searches recently done. TSB said they would try and ‘remove’ them, but after doing so the computer still says ‘no’.
At a loss what to do TBS suggested I get a credit report filed (now pending with Experian) and possibly try another lender.

On Tuesday Eve I spent over an hour on the phone with HSBC for the £140K, and received a ‘decision in principle’ passing a ‘soft credit check in doing so.
On March 13th I go in branch with HSBC for the main application which will include a fully credit check. I anticipate the same conclusion if nothing changes.

Assuming ‘too many searches’ are causing me to fall at the final hurdle, what can I do to help myself?
I guess the Experian credit report is will be ready soon… no idea what to do with it though?
Any advice on lenders or this particular mortgage?
Any other advice on this issue?

Thanks!
Rob.

Comments

  • Car1980
    Car1980 Posts: 2,055 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You need to look yourself. Sign up online and you'll be able to look at what searches have come up for yourself instantly.
  • hirobmay
    hirobmay Posts: 37 Forumite
    still waiting for the Experian report to come thru..:cool:
  • Experian_company_representative
    Experian_company_representative Posts: 2,134 Organisation Representative
    Part of the Furniture Combo Breaker
    Hi hirobmay
    hirobmay wrote: »
    still waiting for the Experian report to come thru..:cool:

    Once you've taken a look through your credit report, if you have any questions regarding the information displayed and feel it has been recorded incorrectly (such as amount of searches) then please get in contact with us, we'll be happy to run through the report with you and give you an idea of how it works, we'll also like to make sure that everything is in order for when you apply for your mortgage.

    Regards
    James Jarvis
    Official Company Representative
    I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"

    Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen
  • hirobmay
    hirobmay Posts: 37 Forumite
    OK. Experian have asked me for additional info to 'connect me with my address' I'll post this off Monday. How long will it then take to produce the report?:whistle:
This discussion has been closed.
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