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Declined mortgage
rcroxall
Posts: 1 Newbie
We have just had our mortgage declined because my parter failed the credit check. This was a shock because when we checked it 6 months ago it was 940. It is now 330! There was nothing red on his credit report ( we checked several different sites). I then phoned our mortgage broker who said it was because of multiple mortgage searches. We have had two in the last month now ( including the one that was declined). These have been with the same lender. The first was for a £180,000 house with a 10% deposit ( apparently they did ' extra' searches for this because there was some confusion?). The second was £160,000 with a 10% deposit. I'm confused about why it's dropped so much and why the same lender now won't approve it when his credit report hasn't changed, it's their own searches that have affected things. Any advice welcome because I really don't want to lose this house or have to wait ages until his credit score goes back up.
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Comments
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Lenders don't use the credit scores made up by the credit reference agencies. Each lender has its own way of scoring applicants.
It does seem a bit odd that the lender in question would fail an application based on too many searches when the only two searches were both with them. Can you appeal the decision? If not then maybe it's time to consult a mortgage broker and find a different lender.0 -
I don't understand what has applying for an AIP got to do with your success in a future application?0
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We have just had our mortgage declined because my parter failed the credit check. This was a shock because when we checked it 6 months ago it was 940. It is now 330! There was nothing red on his credit report ( we checked several different sites). I then phoned our mortgage broker who said it was because of multiple mortgage searches. We have had two in the last month now ( including the one that was declined). These have been with the same lender. The first was for a £180,000 house with a 10% deposit ( apparently they did ' extra' searches for this because there was some confusion?). The second was £160,000 with a 10% deposit. I'm confused about why it's dropped so much and why the same lender now won't approve it when his credit report hasn't changed, it's their own searches that have affected things. Any advice welcome because I really don't want to lose this house or have to wait ages until his credit score goes back up.
what did you check? Did you actually get the statutory reports from all 3 CRA's?0 -
If not then maybe it's time to consult a mortgage broker and find a different lender.( we checked several different sites). I then phoned our mortgage broker who said it was because of multiple mortgage searches.
The OP is already using a mortgage broker.
This looks very odd - when did "two" become "multiple" except in the sense that two is more than one?0 -
You need to have a look at your stat reports from experian and equifax. There will be something else in there rather than two searches.0
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... and Call Credit/Noddle so you have the full picture.alchemist.1 wrote: »You need to have a look at your stat reports from experian and equifax
Many people think each credit file shows exactly the same data. It doesn't as credit suppliers take information from and give information to different CRAs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »... and Call Credit/Noddle so you have the full picture.
Many people think each credit file shows exactly the same data. It doesn't as credit suppliers take information from and give information to different CRAs.
Do any of them use Callcredit for mortgage lending?0 -
Yep.
Skipton BS as it once owned Call Credit and one or two others use it exclusively.
Many lenders can run manual checks with Call Credit if they want a fuller picture of an individual's record after searching Experian and/or Equifax automatically.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Your broker is just guessing why you were turned down.
You need to give permission for a search, if they have done more searches than you gave permission for, ask them to remove the searches.0
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