Mortgage Advisor goes for mortgage where I don`t meet criteria.

Hertz_ie

Hi All

Hope you all have a great Friday.

Long story short, we are FTB with 5% down payment, offer accepted on house 102k . Using MA. We did have a AIP with NatWest, but sadly on full application we where rejected (2 weeks after AIP) All they sad was - your circumstances have changed in credit file. Is I checked on Experian only thing did change my score is now 37 points higher.
Same day my MA made app to Tipton & Coseley Building society. We once again got AIP. Full app was made and now we wait.

Yesterday I was reading "Lending criteria" which states - No more than 1 payday loan in past 2 years, multiple won`t be considered. No more than 2 missed payments in last 2 years.
So there is a problem - My wife have on Experian report few payday loans sowing 1.8 years ago and I have few missed payments on contract phone 1.5 years ago marked with 1 on report (if it means anything). I`m afraid my app won`t go throe or it can? and why my MA did apply for it if he knows all the situation? MA took his commissions and I`m waiting for decision. Worried to death. It`s 4th day since app hope I will get some sort of answer soon.

I`m on 24k p/y and my wife is on 10.8k p/y. We have credit card each - 700£ together ( they are not used and have a full balance on them). Have been saving for more the a year every month.

Any experience and help will be much appreciated.

Thank you very much.

Pixie5740

Your Experian credit score is a meaningless number made up by Experian. There's no such thing as a universal credit score. NatWest sure as hell won't have seen it.

Does your mortgage broker have copies of your credit files showing your pay day loans?

There's no point in getting your knickers in a twist just yet so take some deep breaths and calm down.

Hertz_ie

Thank Pixie!

Yes, he has my and wife's printed Experian reports. He defiantly knows about payday loans as Halifax point it out to him and asked 10% down payment for that when he was looking for lender.
Maybe he thinks that Tipton will consider because they are to be 2 years old in few months or maybe he just forgot about them

Pixie5740

Maybe that's what it is then. Your PDL are almost 2 years old so he thinks Tipton are worth a shot. You are paying your broker so don't be afraid to ask him questions. Buying your first place can be nerve-wracking as can your second, the third......

Hertz_ie

I hope it`s a case. I never thought that PDL will haunt me for so long.
I guess all I can do is wait and hope there is other places where I can be accepted in case of disaster.

pinkteapot

Just phone the broker and ask. Say you noticed the thing about PDLs - is he sure they'll accept you?

He may well have spoken to them and explained your case and you're worrying for nothing.

You're paying him - he works for you - phone and ask.

amnblog

Teapot is spot on here. Your broker may already be all over this.

ACG

Tell your broker you have checked the criteria and are concerned you do not fit it.

Smaller lenders can be flexible on their criteria if the rest of the case is a good one but you would expect the broker has checked this prior to applying. Any doubts, ask the question.

Hertz_ie

Thank you everybody.

It`s been week around and no any news at all. Will call my MA to see on progress and about PDL as well.
I hope I`m overreacting

Hertz_ie

Dis speak with my MA. He said than hi didn`t pick up my PDL from may credit report and as Tipton don`t do computer based credit checks they maybe wont see it either. Next day he ring me to say that he has contacted Tipton and asked to not book valuation before they made there decision.
So it looks quite bad now and I have feeling that my MA is just sending applications around with out any thinking or looking at files.

amnblog

Not running a computer based credit score does not mean Tipton won't look at and consider the credit file.

This leaves you in a tricky situation.

Options

1. Stick with party with whom you have lost confidence
2. Switch to another broker with more experience in this area

Your call, I'm afraid. But it is worth getting the response from Tipton before you do anything else.