Mortgage Application

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

kingstreet

Blonde29 wrote: »

It was just a quick question.

What was?

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

Does that mean you applied for a 95% mortgage and the lender was prepared to offer 90%, for example, or did you apply for a mortgage with no 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?

If you apply to Halifax today and are declined, an application in six months will be treated on its own merits, which I think is really what you are asking?

I have been told they do and don't because different mortgage lenders share information?

Are you talking about the National Hunter system? This logs the differences in the information disclosed in different applications

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

A credit search remains on your credit file visible to other lenders searching you for upto 12 months.

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

No. The only visible item may be a search.

Why not just obtain all three versions of your credit file and put them in front of a decent independent mortgage broker who will help you to determine the right lender for you and when an application would be best timed.