Mortgage Applications

Blonde29

Hi Guys,

It was just a quick question.

I applied for a mortgage back in Feb, however it was declined due to not having enough deposit.

My question is: Do previous applications stay on file or do they get rid of your details due to not actually holding on account with them?
I have been told they do and don't because different mortgage lenders share information?

Am i right that mortgage applications only last 6 months? I believe that the credit check falls from your credit file after 3-6months?

My concern is when we apply for another mortgage will they or possibly another lender see we were declined back in Feb?

Thanks

Cobalt77

No one will ever know if you've been declined or accepted.

All credit reference agencies hold on their records is that someone has actually carried out a search on you. They do not record the outcome (i.e. whether you were accepted or declined)

HTH

jamesd

Information about an application remains on a credit record for a year. If no account shows as being opened within a reasonable time of the search a presumption that you were declined is likely. This makes no significant difference. The potential harm is done by each of the application search and being accepted, not by being declined.

A mortgage lender is free to hold information for a while, as long as they have a justifiable business case for retaining it.

Blonde29

Hi Both,

Thank you for the replies that makes sense.

I appreciate it