Worried First Time Buyer - Experian/Equifax can't find me - Address issues

worriedfirsttimebuyer5623

Hi all,

My boyfriend and I have had an offer accepted on a house we love. The offer is £540,000 and we have a £70,000 deposit (borrowing £470,000). Our combined salary is £100k and both of us are in relatively good financial positions (I have car finance which can be paid off before mortgage starts, a student loan and an AMEX which is normally about £500 a month which I pay off in full). I've been in my (interest free) overdraft last month but that is an anomaly and bank statements for last year show I do not go into it.

We assumed this would be us in a good position for a mortgage but we are running in to some trouble with what seems to me as trivial admin tasks... we could really do with some advice. The problems are:
- Experian/Equifax cannot find me/verify my identity. I have rung them and they have been pretty useless and are unable to explain to me why or give me any advice on how I can sort this out. I used 'checkmyfile' which showed that I had a credit report on the border of 'Fair and Good' and showed reports from Experian and Equifax. However, it only showed one payment for an electricity bill and not my AMEX credit card/car payments etc.
- I believe the problem is my addresses - I am on the electoral roll for my current address, however, all my bank accounts are linked to my parents address (which I'll be moving back to in 5 weeks until house is sorted).
- Boyfriend has a good credit rating. No issues with identity.

Mortgage brokers have been really useful but are giving us the impression that this is quite a risky application and there is a good chance we won't get accepted...

Has anyone been in this position before? Any advice would be very welcome....

Thanks.

ACG

Sometimes this happens, usually if you have lived in flats/apartments.

Your broker(s) should be giving you a little more confidence it can be placed. We had something similar 2-3 months ago with a lender. The system could not pick up the applicants so the underwriter did a manual credit check.

worriedfirsttimebuyer5623

Thank you very much.

Our broker has suggested that this can annoy lenders. If this is so, and then they see only Fair/Good credit reports would this have an adverse effect?

We are going with Halifax.

Many thanks,

Lucy

ACG

They will score your application based on what they can see on your credit file. They can not see the score that equifax etc give you, only the information (ie payment history and balances etc). Do not worry about the score, it is worthless.

worriedfirsttimebuyer5623

So I changed my address to my parent's house with Experian just to see what it came up with.

Now I can see a credit rating of 'very poor'.

An old credit card is showing that I have missed 5 months of payments... this was from a 99p Amazon charge which went through last November without me knowing or realising. In April I worked it out with Barclaycard and they reimbursed me for late charges. My mortgage application is going through today... is this going to be an automatic rejections??

amnblog

5 missed credit card payment in recent months.

From what you have said these may not have been picked up with initial Halifax searches if they were not searching on your Parents address.

This case needs a halt and proper management going forwards by your Brokers.

I would be wanting to establish.

Where have you been living, when, and how can we evidence this
Where are you on the Electoral Roll
What do all three of your credit reports look like
What is on them and what is missing

Then we could establish the most suitable Lender for you.

worriedfirsttimebuyer5623

Thank you - do you think I should stop the application right now and let me partner apply alone with a 65k salary/ a 'good' credit rating and with an 87% LV...

amnblog

Not if you want to borrow £470,000

I think you need to get the case handled properly.

If your current broker cannot/or will not do it - find one who can and will.

worriedfirsttimebuyer5623

As expected our application was denied immediately. I've spent a lot of time sorting everything out with addresses etc. and now my Experian and Equifax have been updated.

My Experian is 996 - Excellent and Equifax is updated (Equifax is fair because I haven't lived at mu current address/been on the electoral roll for more than 2 years?)

We are pretty annoyed at our brokers for putting through the application at the time before advising us to sort this all out. How likely do you think an appeal is to be successful?

Thanks

amnblog

Depends on the Lender.

Some do not have an appeals process.

What has the Broker said?