Mortgage rejected despite perfect credit score

copper2sulphate

LTV 30%
Bank TSB
Credit score 999 out of 999

First reply: rejected due to credit score
Reply to appeal: rejected due to internal credit score criteria

What a joke.

[Deleted User]

Your CRA credit score is fictional and meaningless, as you have just found out.

Lenders don't see it and wouldn't care if they did.

Review the data on all three of your files and see where any issues may lie.

Use a broker if you're not sure how to place your application in the right place.

Candyapple

Have you checked your other 2 credit reports?

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

copper2sulphate

Went through a broker, yes.
Used Experian because that's where they claimed they got their info

[Deleted User]

What sort of broker are you using? A real one, or one out of the back of an estate agent?

In general, what is your credit history like? Do you have adverse history?

If your broker is any good, they will be looking at alternatives, and understanding why you were declined.

If they aren't any good, get one who is.

DCFC79

Deleted_User wrote: »

What sort of broker are you using? A real one, or one out of the back of an estate agent?

In general, what is your credit history like? Do you have adverse history?

If your broker is any good, they will be looking at alternatives, and understanding why you were declined.

If they aren't any good, get one who is.

Can I just ask a question if I may please.

You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?

DCFC79

copper2sulphate wrote: »

Went through a broker, yes.
Used Experian because that's where they claimed they got their info

Even so it wont do any harm to check the other 2 agencies.

Fireflyaway

Find a whole of market lender who should only make an application once they are as satisfied as they can be that you will be accepted. You don't want a series of searches on your file.
Have you dealt with tsb before? Been overdrawn / missed a payment with them etc? Could it be affordability rather than credit ? Have you actually got a credit history? A family friend of ours who is very wealthy ( net worth in excess of a million) was recently declined a mobile phone contract! He hasn't used credit in years so he had no history for them to base risk on. Try to identify the reason so it doesn't happen again.

[Deleted User]

DCFC79 wrote: »

Can I just ask a question if I may please.

You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?

The general quality of them tends to be low. They are also often not whole of market - so will only look at certain lenders.

It's best to get whole of market and preferably also pay a fee in some instances, so that commission doesn't become the determining factor.

It also means that the estate agent tends to be aware of your borrowing capabilities, which isn't useful if you're trying to negotiate on a house.

Candyapple

DCFC79 wrote: »

Can I just ask a question if I may please.

You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?

Estate agents are often very keen to get you to use their in-house mortgage broker because they may have sales targets to introduce a minimum number of customers to them each month. They also earn a fee if you choose to use the in-house adviser, which is why they can seem pushy.

Independent mortgage brokers will also likely be able to search whole of market lenders whilst many in-house EA ones are limited to a select few lenders.

Also don't forget that an independent broker may have more specialist knowledge of where best to place your application (i.e. say you were self-employed, or you had an adverse credit history etc.) or if you were purchasing a new build, an independent broker again would know which lender best to place your application with due to the timelines etc. whereas an in-house EA wouldn't have that knowledge.

DCFC79

Deleted_User wrote: »

The general quality of them tends to be low. They are also often not whole of market - so will only look at certain lenders.

It's best to get whole of market and preferably also pay a fee in some instances, so that commission doesn't become the determining factor.

It also means that the estate agent tends to be aware of your borrowing capabilities, which isn't useful if you're trying to negotiate on a house.

Candyapple wrote: »

Estate agents are often very keen to get you to use their in-house mortgage broker because they may have sales targets to introduce a minimum number of customers to them each month. They also earn a fee if you choose to use the in-house adviser, which is why they can seem pushy.

Independent mortgage brokers will also likely be able to search whole of market lenders whilst many in-house EA ones are limited to a select few lenders.

Also don't forget that an independent broker may have more specialist knowledge of where best to place your application (i.e. say you were self-employed, or you had an adverse credit history etc.) or if you were purchasing a new build, an independent broker again would know which lender best to place your application with due to the timelines etc. whereas an in-house EA wouldn't have that knowledge.

Thanks

Zx81 and Candyapple

Wondered if that were the case, I shall stick to fully independent brokers.