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Worried about credit report & mortgage application

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LJE091
LJE091 Posts: 14 Forumite
in Mortgages & endowments
Hi,
I've been using clear score to review my credit and work on improving it. So far so good. The only negative I had on my report was that I had never had credit before. My boyfriend and I have found a house and have a meeting with the mortgage broker tonight to start our application for a mortgage (we have a DIP currently). Our mortgage broker gave us a list of documents to prepare, one of them was a noddle credit report. I looked at this yesterday and now I'm worried we will be refused. There's nothing I can see that is obviously bad(I could be wrong) but my chances of getting credit are 1/5 :( my boyfriends on the other hand are 5/5. What are our chances?
Thanks

Comments

  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A lot better than worrying about these credit files may suggest.


    Leave it to the broker to deal with this evening.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have a phrase...Ignore the score.
    It is worthless.
    I am a Mortgage Adviser
    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.
  • LJE091
    LJE091 Posts: 14 Forumite
    Thanks for your replies. I've heard this before so I do tend to ignore it. But when it said my chances were 1/5 I panicked. We've worked so hard this past year saving and halving our debt and improving our credit (which wasn't terrible to begin with- nothing major). I just hope everything goes through OK. If we have a DIP does that mean we have a good chance? Would we have been refused a DIP if things were terrible?
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    DIPs are not really worth the paper they are printed on. At best it is an indication, that being said there are a couple of lenders where every DIP I have obtained have gone on to complete, so some are better than others, but I would not throw too much weight behind them.
    I am a Mortgage Adviser
    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.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The chances of a credit reference agency second guessing if you will get a mortgage are under 1/5
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ellison007
    ellison007 Posts: 66 Forumite
    Hi ACG, which two mortgage lenders' DIP's are decent then? Is NatWest one of them by any chance?


    Thank you.
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    We (brokers) are not allowed to name lenders on here, we are only able to give generic advice.
    I am a Mortgage Adviser
    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.
  • LJE091
    LJE091 Posts: 14 Forumite
    Thanks for your replies. We've just got done with our mortgage broker and she doesn't seem to think there will be any issues. The rates are higher than I'd hoped for but I knew they would be high due to only a 5% deposit and being on a 12 mth fixed contract. Fingers crossed all will go well :eek:
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