Mortgage in principal...what now?!

Em2aLou38

I’ll try and keep a long story short lol!
Basically I’ve put an offer in on a property which has been accepted! When applying for a mortgage however there were things on my credit report I didn’t know existed but recall contacting police etc about possible identity theft 4/5 years ago!
I’ve gone to a broker and received my mortgage in principal last week..everything seems to be in motion!
I’ve spoken to the financial advisor today who’s arranging the valuation this week and said everything will be with the underwriter this week! What happens then??? I’m so nervous!!
I have been advised that if the incorrect/fraudulent information can be removed from my credit file ASAP I’ll get a cheaper rate but I can’t see that happening so I’ve asked for a two year fixed rate just incase!
I’m just nervous that even though I’ve had a mortgage in principal it will still go wrong

sparkey1

If there is something wrong with your credit report you need to get it corrected. Its too easy for the CRAs to make mistakes. Why should you pay for the mistakes or fraud committed by others.

Bear in mind also that you still have to go to underwriting, why take the risk on being failed because of wrong information, that stays on your report for between 9 and 12 years.

[Deleted User]

Why did you proceed if there were things on your report you weren!!!8217;t sure about?

This should have been checked and sorted months before even thinking of applying.

Besides information stays on your report for 6 years not 9 to 12

sparkey1

You are referring to the retention of information, once an account is closed which is six years. Callcredit for example keeps six years of credit information in its file. Equifax keep up to four years of history on open accounts, and that is then retained for a further 6 on closure.

So if you have had an account for six years, you will see six years of info on a callcredit report and and four years for the same account being reported through Equifax. If you were then to close the account, that six years of history would be frozen for another six years.

That is why on my credit account, I can see credit records going back to 2010 on my Equifax report.

In summary: Information stays on your report for 6 years after you close the account. However that information may contain data from up to 6 years before closure depending upon the CRA.

Em2aLou38

I hold my hands up and admit I should have checked my credit report way before now but I didn’t!!

There’s an address on my report I’ve never lived at which by the looks they’ve taken credit out in my name! I recall reporting this to the police and action fraud and thought that’s all I needed to do!

I’ve had a letter from Experian to say the information can be removed and I’ve contacted the CRA’s..I’ve also requested a copy of the initial
Report made to police years ago so hopefully it’ll be sorted soon!

I just wanted to know what happens next really once it goes to the underwriters?!

DCFC79

Em2aLou38 wrote: »

I hold my hands up and admit I should have checked my credit report way before now but I didn’t!!

There’s an address on my report I’ve never lived at which by the looks they’ve taken credit out in my name! I recall reporting this to the police and action fraud and thought that’s all I needed to do!

I’ve had a letter from Experian to say the information can be removed and I’ve contacted the CRA’s..I’ve also requested a copy of the initial
Report made to police years ago so hopefully it’ll be sorted soon!

I just wanted to know what happens next really once it goes to the underwriters?!

How long ago did it happen ?

sparkey1

They will reveiw it and reject, approve or ask for further info. So might be worth getting a current credit report. Noddle do them for free, as do clearscore, and then start querying the information.

Em2aLou38

They were going back to around 4/5 years ago now!
I!!!8217;ve already sent a copy of my credit report off with all my other documents they asked for. From that you can see that there!!!8217;s an ongoing dispute.

sparkey1

Yes, but a fixed credit report will hold more sway then a credit report that is disputed. The reason being is that your lender will be looking at a report with adverse information on it about your account, and you are asking them to accept your dispute and lend you a lot of money!

In terms of underwriting, it could delay a decision. Bear in mind that these forums are full of people that are having lending decisions turned down daily because they missed a single payment a few years ago.

Anyway going back to your original what happens next question, hopefully you will receive an offer letter, and your solicitor will work with you to complete the legals. Most lenders will want 5 working days notice from the solicitor when they call for the monies. Offer letters are usually valid for about 3 months. But all being well you should be done in 4 weeks from offer.