What do mortgage advisors see?

Smurf86

When using a mortgage advisor to sort and find a mortgage what information do they see in regards to my credit file?

I am looking to start applying for a mortgage with my girlfriend and she wants to use her friend who is a mortgage advisor. My girlfriend has a great credit history/score. Mine is poor. I have in the past used Payday loans and also have a default on my credit file from 5 years ago. My question is, will the mortgage advisor see all of this?

My girlfriend is aware my credit file is very poor although we have not gone into depth about what is on there and I’m feeling very worried over what the mortgage advisor will see as I am so embarrassed and ashamed about my previous credit handling.

Will the mortgage advisor come across these during their routine procedures? I’m not sure how the situation works as this is the first mortgage I have applied for.

I have a poor credit history after having some defaults around 5 years ago and also using Payday loans around two years ago.

I am now fully up to date with my old outstanding debts and have been for around 2 years since repaying the Payday loans. They only credit I have is a credit card that I put my fuel on each month and repay in full, I only do this to build up my credit history.

I fell into financial difficulties a few years agalo after losing my job but I now earn a strong income, have little outgoings and no debts aside from circa £70 per mint of fuel that I put on the credit card and repay in full.

Any help on what the mortgage advisors see and the procedure would be greatly appreciated.

antrobus

Smurf86 wrote: »

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I am looking to start applying for a mortgage with my girlfriend and she wants to use her friend who is a mortgage advisor. My girlfriend has a great credit history/score. Mine is poor. I have in the past used Payday loans and also have a default on my credit file from 5 years ago. My question is, will the mortgage advisor see all of this?

Let's put it this way, any lender you apply to for a mortgage is going to run a credit check, so they're going to see all of it.

So of course, any mortgage broker is going to want to see all of it. They don't want to waste their time and your money applying to a lender who will say no because you have a default or whatever, They can't provide advice without knowing that sort of stuff.

scotgal30

You need to be completely up front with your past credit history with your mortgage advisor, that way they will know what products to avoid, you would only be shooting yourself in the foot by not being fully transparent.

Explain this to your partner, advise you don’t wish to use them, and move forward with someone else. Regardless of who you go with not great credit is embarrassing, speaking from my own experience, but they absolutely see it all the time.

haras_nosirrah

I am a mortgage advisor and we need to know a clients credit history otherwise we wouldn't apply to the correct provider which risks making credit worse.

If you don't want the friend to see your credit report don't use that advisor.

I would say though that we are a bit like doctors in that we have seen it all before. I did mortgages for 4 people I know personally in Dec and I couldn't tell you what they earn now without looking it up as once their applications are written I don't revisit unless I have to to answer a lenders question. I deliberately compartmentalise the advisor and the friend part of our relationship so when they were having their appointments I was the same as if it were any other client. If the friend is professional then nothing you say will phase them but if it makes you uncomfortable then that is your choice.

ACG

Get a copy of your credit report from noddle or equifax for example. You can see what we (and the lender) will see.

Ultimately we need to see the good the bad and the ugly to make an informed decision when recommending a lender and product.

Speaking personally, we primarily do a lot of adverse and what you describe is relatively mild compared to some of the credit reports we see. But if your partners broker only does vanilla cases, it may seem quite bad. There is potential for normal lenders based on what you have described, although a lot will depend on who your defaults are with, how much for, whether they were satisfied or not.

Your credit history is your credit history. There is not a lot you can do about it, you just need to work with it. Whats the phrase? No point crying over spilt milk? You just get on with it and make the best of whatever it is.

Smurf86

Thanks so much to all those that responded. All the advice is really really helpful. And although it’s not what I was hoping for in terms of what the mortgage advisor will see I appreciate been told where I stand with this so thank you.