Does any central 'mortgage register' exist?

Charlton_King

Is my memory playing tricks on me?

I seem to recall that a centralised 'register' of all mortgages was proposed at one time whereby lenders would share information. Does this exist and if so how does it operate?

It seems to me that it would avoid the need for so much of the palaver involved particularly with remortgaging if lenders could check your 'mortgage history' via such a system.

On the other hand, maybe it would contravene data protection legislation in some way...?

CVID

There must be something, surely? The insurance companies share information on customers so I would have thought that lenders do, too.

homer_j_3

lenders do have ways of checking - I am not going to go into detail about them all but the easiest one to explain is that when they look at your credit file, they will see the lenders details on there...

EdInvestor

The credit reference agencies, eg Experian is one place they will check.

toonfish

there was a system set up called Hunter, but I think very few of the lenders use it

dwight-van-man

Hunter is more for checking anomalies between applications to different lenders to prevent fraud - quite a few use it, they just don't admit to it...

JoeK_3

See the following link http://www.cml.org.uk/cml/home

Repossessions and arrears data is shared between all members.

JoeK

cordial

JoeK wrote: »

See the following link http://www.cml.org.uk/cml/home

Repossessions and arrears data is shared between all members.

JoeK

'Repossessions and arrears' are all very well but it seems to me the OP was asking whether there is any place potential lenders can go to check out your mortgage history generally... i.e. to see what mortgages are registered now or have been in the past against a particular borrower.

HelpWhereIcan

The question has bascially been answered. There are 3 main ways a lender can look at your 'mortgage history':

1. Your credit file - this will tell the lender the amount you owe, the amount you pay each month and how well (or otherwise) you have maintained your payments over the last 12 months. It will also tell the lender if there are any arrangements in place on the mortgage account. All mortgages you have held for the last 6 years should show on your credit file.

2. The 'Hunter system' - is a 'private, subscription only' database where the lenders share information about applications that have been made - whether they proceed to an actual mortgage account or not (you may be surprised at how many applications do not proceed when the lender asks the 'wrong' question). AFAIK it mainly stores information about 'questionable' applications and is used to spot discrepancies in the information provided in an application form. Mainly used to spot fraud/attempted fraud.

3. The CML posessions register - will tell a lender if you have had a property repossessed before.

All 3 above are widely used and go a long way to helping lenders provide 'same day' mortgage offers. The speed with which a mortgage can be underwritten these days does not cease to amaze me and look to get quicker very soon.

The problem with remortgages (or indeed most mortgage transactions) can often tend to be the conveyancing (legal) process which has taken some time to come out of the nineteenth century but is also speeding up.

cordial

Ok so tell me more about this interesting 'credit file', of which I have never previously heard.

Are we talking here about private companies like Experian or is this something else entirely?

I was under the impression that no lender was obliged to share its mortgage information with others.

If it is true that there is some central register where records of ALL mortgages arranged in the UK are held, then why on mortgage application forms is a potential borrower asked to supply details of his/her current arrangements? It would be so much simpler (and more secure) for the lender to consult this register immediately and obtain the facts.

homer_j_3

yes they are on about experian, equifax, call credit. These are credit referencing agencies.

If you get any form of credit, it is quite normal for the institute, whether it be your mortgage co, mobile phone co or credit card co to leave a record of your payment history and to to show that they have looked at your file. The reason why it is so normal is because each of these institutes have a common interest in ensuring that anybody wanting to lend you money is fully aware of what you are like as a customer and your ability to repay. It forms part of a bigger process which will enable any lender to make a decision about you as an individual.

A lender asks you on the application for numerous reasons but the main one is to ensure that what you tell them matches the credit file. They do not rely on the application alone nor the credit file alone - they will look at both and make a decision on that.