Failed credit check for remortgage but have excellent credit rating

angle

Hi,

I'm hoping that someone can explain this to me.

I'm trying to remortgage with my current mortgage provider (actually it's a TOMP), but I've failed the credit checks.

I have an account with experian and noddle, which both rate me as excellent. Just before making the application I signed up to checkmyfile.com, which again rates me as excellent.

How can my mortgage provider say that I'm a credit risk?
They seem happy to allow me to continue with my existing mortgage!

Thanks.

Malmo

Consumer credit ratings generated by the agencies mean nothing and are not indicative of how a lender evaluates you. If you are subscribing to their monthly paid services, I would recommend cancelling ASAP.

Which lender is it? Have you checked your statutory report from Equifax? Perhaps the lender searches Equifax and not Experian or Callcredit?

Are you on the electoral roll?
Do you have any financial associations from joint credit accounts with someone who may have something on their credit history that the lender doesn't like?
Do you have any existing credit commitments and if so, how much and what percentage of your income?
What is your available unsecured credit on cards etc?
Any late or missed payments?

csgohan4

it's not the numbers but rather the history and substance of the file that matters. Loans, CCJ's, defaults e.t.c matter more than a green rating.

angle

Thanks for the replies.

It's the Halifax and the mortgage adviser told me that they use Experian.

Yes I'm on the Electoral role.
My reports don't show any financial associations, however the mortgage is still in mine and my Ex's name. I'm remortgaging to remove him.
I don't have any late or missed payments and very few other credit commitments, which are always paid in full if used.

I've never had a CCJ or defaulted on any account.

I'm just struggling to understand why I can carry on with my existing mortgage, but they won't let me remortgage. I merely want my ex off the mortgage.

csgohan4

Maybe it's your ex that is pulling you down in terms of their credit history

angle

That's the only thing that I can think of really (he's terrible with money and has used pay day lenders in the past).

But surely if I'm trying to change it to my name then the checks should be in my name only?

csgohan4

angle wrote: »

That's the only thing that I can think of really (he's terrible with money and has used pay day lenders in the past).

But surely if I'm trying to change it to my name then the checks should be in my name only?

Probably try and use a mortgage broker and see if they can shed some light if your provider can't give you any answers.


Pay day lenders are a big no no to lenders

angle

That's my plan. I'm just waiting to hear back about my appeal to the underwriters before I do anything else. I just wondered if anyone here could shed some light on it as it's not making sense to me.

He used pay day lenders at a different address. That's why I signed up to Experian, to see if searches were done against my name/address.

csgohan4

angle wrote: »

That's my plan. I'm just waiting to hear back about my appeal to the underwriters before I do anything else. I just wondered if anyone here could shed some light on it as it's not making sense to me.

He used pay day lenders at a different address. That's why I signed up to Experian, to see if searches were done against my name/address.

Have you check with all of the credit agencies, call credit (Noodle full), Experian, Equifax? He may have used your details fraudulently, it's unlikely but it's not uncommon either.

Dodds84_2

So are you trying to remortgage as a sole applicant instead of joint? If so you could have failed on affordability? Stupid I know coz you're probably paying more now than if got a good new deal but its like when your a credit risk and you can't get good deals they give you mortgages with higher rates and higher payments ( I'll never understand how justify it)

angle

I don't think he's used my details fraudulently. He's not vindictive, just hopeless with money.

Yes I'm trying to remortgage as a sole applicant. They told me that affordability isn't the issue here, but they can't give me any more details.