Poor credit and address issues

relativityx

Hi all,
I'm not sure what I want from this but I'm in that waiting stage of mortgage applications where I feel i need to be doing something but not sure what to do!
Basically....
We had an offer accepted last Monday on our first home (yay!).
We've gone through London & Country mortgage brokers and wanted a 95% LTV mortgage. The broker couldn't verify our address. We live in a flat..
So we thought we'd sorted it and started our application with Post Office, we were rejected due to poor credit. Neither of us have amazing credit but sit around the average so I was a bit surprised. However, on doing a bit of digging and using 'Check my File' we are showing on the electoral roll only at 2 out of 4 of the credit checkers. Experian and Call Credit show our actual address and Equifax and Crediva can't find us. I suspect this may be something to do with the fact I think we live at for example : 0/0 Mortgage Road.... But credit scorers may think we live at Flat 0, 0 Mortagage Road and this is why we may not be verified? We've lived at the same address for 3 years and have always been registered on electoral roll.
Anyway..... We now are considering scraping together enough deposit for a 90% LTV mortgage to see if this will help our likeliness to secure a mortgage as I believe for 95% LTV the credit scoring threshold is a lot higher.

Any advice / experience is very welcome, however please be nice I'm feeling very delicate about this all!

Hannah

davidmcn

I don't have any solutions, but I think it is pretty common for the credit records and electoral roll not to match up as councils often use different flat-numbering systems from the Royal Mail (and the rest of the world). Would have thought there'd be some sort of fuzzy logic to sort this out by now.

relativityx

@davidmcn it's very frustrating I just wish there was some form of human intervention, it's just a case of 'computer says no' and that's it.

ACG

Its not uncommon in blocks of flats.
Your credit score is worthless, there is no score. But lets assume your credit is average, at 95% LTV the lender is taking on a high risk so they will score your application more harshly than if if you had a larger deposit.

Assuming no actual bad credit, it should be possible to get a Mortgage at normal rates I would have thought. You may just need a more experienced broker on the case. Try someone local.

csgohan4

ACG is correct, L+C are also a free broker and hence you get what you pay for.

For those with less than perfect credit history, free brokers are usually not the first you should use, their model is very quantity and they will put more complex cases on the back foot

however don't expect adverse credit broker to be cheap