Lloyds credit rating

percie

Hi all, newbie here just wondering if anyone can provide some information / reassurance.

My partner and I, both FTBs, have submitted a mortgage application to Lloyds and it has been referred to the underwriters before they will carry out the valuation. The MA indicated this is because my partner scored an 'A2' on their credit rating score - does anyone have any idea what this means and how bad it is? All I can find for Lloyds scoring is bands of 1 - 9 mentioned in some forum posts here a few years ago so I'm unsure. He has 2 defaults and 1 arrears showing on his credit file, one default from 2013 for an OD, and the arrears and other default are from his water company, a default in 2014 and 2 months late in early 2016 which we disclosed in our initial DIP and in the application interview and everything is completely satisfied now.

Affordability doesn't seem to be an issue as we could afford the payments even if the interest rates rose to 10.99% which was discussed as a 'worst case scenario' in the meeting as part of the mortgage illustration.

Very nervous waiting for them to get back to us so hoping someone can shed some light on this!

Thanks in advance!

Xyzzy

An A2 credit is very good, second only to A1. This wouldn't be a reason to refer it to the underwriters. Could he have said R2? This relates to adverse information on the credit file and prompts the advisor to refer to underwriters

percie

Hmm, that's a little worrying then as it was definitely A2, she even showed us on the screen. She didn't sound worried by it when she was talking about it so we didn't think it was an issue at the time and didn't query it further about why it needed referring, it was only when we got home we started worrying about it. I can't think of anything else in our application that would cause any issues so fingers crossed it will turn out OK then!