First time buyers

amy84

Hi all.

Am hoping someone can help.

My husband and I are hoping to become first time buyers doing shared ownership. We have a mortgage broker who found us 2 lenders. Leeds & Kent Reliance. Leeds rejected us due to some changes and wouldn't offer the term we wanted even though they told our mortgage broker differently.
So on to Kent Reliance. Out mortgage broker did the agreement in priniciple with Kent and it was referred so had to be picked up by an underwriter. After a few days wait our mortgage broker came back to us saying the agreement in priniciple has been accepted. Today I had an updated credit score report from clear score and it shows Leeds as having done a hard search on my report and my score has gone down slightly. I'd like to know if Kent will have already done a search and it's just not showing on my account yet or if they are yet to do one and how likely the Leeds hard search will affect kents decisions if they are to do one?

Stressing slightly!! :eek:

ACG

There are 3 credit agencies, I can not remember which one Kent uses, but the search would only show on the agency/ies they use. So if they do not use equifax (I think that is who clearscore uses?) then you would not see it.

When doing credit checks there are 2 options:
1) Credit score - most high street lenders and larger building societies use this method as it is a quick and simple way to filter out applications.

2) Credit check - most smaller building societies use this method (Kent being one of them). They do a manual assessment of the application rather than leaving it to a computer. So Leeds should not affect Kent in any way.

amy84

Thank you ACG. Fingers crossed all will be fine

sparky130a

amy84 wrote: »

My husband and I are hoping to become first time buyers doing shared ownership. We have a mortgage broker who found us 2 lenders. Leeds & Kent Reliance. Leeds rejected us due to some changes and wouldn't offer the term we wanted even though they told our mortgage broker differently.

Credit checks aside. You need a new broker.

amy84

sparky130a wrote: »

Credit checks aside. You need a new broker.

Why do suggest we need a new broker?

sparky130a

amy84 wrote: »

Why do suggest we need a new broker?

Because a decent one would only apply to those fitting your profile.

From what you have posted one of three are culpable. The lender, the broker or you.

You decide...

amy84

Surely the 2 lenders she found were whom matched our criteria and as mentioned there were some changes which was our end which from what our mortgage broker said was why it was a no and wouldn't agree to the same although she was told differently.

This is all very new to us. We have never applied for mortgage before so we are learning as we go with lots of research but it is a mind field!

But I really am just looking for advise about the credit score

Pixie5740

amy84 wrote: »

But I really am just looking for advise about the credit score

Forget the scores generated by the credit reference agencies. No lender can see them let alone use them. Focus on the credit history, that's what's important along with affordability and past dealings with the lender.