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Credit report reducing mortgage, out of date

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we are in the process of buying our first house. Our decision in principle from the lender is much higher than the actual amount we need.
We had debts which were paid off at the start of January. One of these debts is still showing on a callcredit credit report. This is significantly reducing our actual offer from the lender.
We seem to be at stale mate with the lender. We have proof that all debts have been paid off but this blip on the credit report is going to stop us purchasing the house.
Does anyone have any suggestions how to keep moving forwards?
How long until the credit report catches up?
Any info appreciated.

Comments

  • ACG
    ACG Posts: 24,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Some lenders (Santander are one of them I think, I cant recall the other big lender) are quite big on needing to see it has been paid off on your credit report before accepting that it will get paid off.

    Sometimes it can take a month or so to update. You will either need a new lender or to hold fire until it updates.
    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.
  • kingstreet
    kingstreet Posts: 39,265 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Normally you would simply enter the commitment at its previous level and hit the "to be repaid on or before completion" button for it to be ignored.

    As ACG says, one or two lenders won't ignore it, even if you do the above, if it still shows on your credit file.

    We have the devil's own job of explaining to people the credit system doesn't work in real time and the lag between some credit providers updating their systems and when in the month a mortgage lender takes its data feed from its chosen CRA(s).
    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.
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