FTB Credit Scores & Application

Ashan55

Hello readers.....

Having been rejected for a mortgage in January 2015, I am thinking of re-applying to another lender in the coming month.

I have paid off all my loans, I save between £1200-1500 a month, I have been added to the electrol roll and use my credit card and pay off the balance in full every month.

My equifax score is now 392 (fair) and my experian score is 831 (fair), both were pretty low before.

what is the likely chance that I can now get a mortgage approval?

Any advice would be great, thank you in advance!

Malmo

Ashan55 wrote: »

Having been rejected for a mortgage in January 2015, I am thinking of re-applying to another lender in the coming month.

Sounds like you applied directly to lender? Is this the case? What was the lender's reason for decline?

My equifax score is now 392 (fair) and my experian score is 831 (fair), both were pretty low before.

Credit Reference Agency scores are irrelevant to lenders and you should ignore the numbers - they do not matter. Concentrate on the data itself. Lenders will assess and possibly internally score your creditworthiness based on the data (not the agency scores) and their own criteria and requirements.

what is the likely chance that I can now get a mortgage approval?

You'll need to supply more detail.
LTV% that you need based on your deposit?
Approx. purchase price?
What issues or adverse do your credit reports show?
Age?
Gross salary and other guaranteed income?

Ashan55

Thanks for your reply.

No, we are going through a broker (whole of the market), the reason for decline was late payment in April 2014 and high credit card debt which is now clear.

85% LTV

Issues on my report:
AP a on student overdraft account in 2012 (6 late payments)
November 2013- Late payment for overdraft
Feb 2014- Late payment for overdraft
April 2014- late payment for purchase (which I disputed but to no avail :-( )

amnblog

You have an arrangement to pay on your file?


Where is this broker trying to place your case?

Ashan55

yeah the arrangement to pay ended a long time ago (2012) but it still shows on my report.

He said I would have a good chance 6 months after the rejection (next month), I doubt this will be with any of the mainstream lenders.

Thrugelmir

Ashan55 wrote: »

I have been added to the electrol roll

Just recently. No previous history?

Ashan55

yes recently (January 2015) before that I was on the electoral roll at my previous address.