Mortgage declined. Now what?

Hedoh

We applied for a mortgage a couple of weeks ago through a broker, we have a 25% deposit. The valuation was arranged a couple of days after the application was submitted and we had been nervously waiting for the offer. Now we’ve been told it was declined due to an issue on my credit file but I can’t see anything on the report and have no credit card missed payments or defaults. The cards have been paid off in full. I don’t know what to do now, our broker is looking into it but I can’t see the decision being reversed. If we don’t know what the problem is how can we move forward?

ACG

Have you got all 3 versions of your credit reports?
Have you put your full address history for the last 6 years in there?

Hedoh

Yes, the Equifax score is fair - but it's the only negative I can find. There is nothing on there that is unexpected

ACG

Are you financially associated to anyone else? It could be them pulling you down.
Your broker will no doubt fire those reports over to the lender to reassess.

Thrugelmir

How recently were the credit cards cleared ?

Was the balance cleared sizable?

Hedoh

Thanks for replies so far. The cards were cleared in the last two months - the total debt was about £4k. My partner is named on one of my credit reports but his own report seems fine too.

I just don't know why, if the credit is a problem, it didn't come up before the AIP. If there's no chance of getting a mortgage why do the valuation and let it drag on so long? Pointless questions really

Lauralou79

If the cards have cleared recently are they still on the reports? Sometimes takes the CRA a little time to update changes.

Candyapple

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


Ignore the scores as they are pointless. What does your credit history show as on each of the reports show?