Declined mortgage on my credit report but don’t know why!

misstrouble

We have just applied to remortgage but have been declined on my credit report as advised by the broker.

I’ve got a copy and have a ‘fair’ score, and apart from a dispute with a catalogue that put me in arrears for the grand sum of £10, which is now cleared. I don’t know why.
I have no ccjs or defaults, not behind on payments and don’t have a huge amount of credit.
So I’m looking for some advice as to why this might be the case and what I can do to improve things ??

Thanks

[Deleted User]

Have you checked the data in all three files? Ignore the scores, just look at ithe nformation recorded there.

Pixie5740

misstrouble wrote: »

We have just applied to remortgage but have been declined on my credit report as advised by the broker.

I’ve got a copy and have a ‘fair’ score, and apart from a dispute with a catalogue that put me in arrears for the grand sum of £10, which is now cleared. I don’t know why.
I have no ccjs or defaults, not behind on payments and don’t have a huge amount of credit.
So I’m looking for some advice as to why this might be the case and what I can do to improve things ??

Thanks

Can your broker not be more specific? Did your broker not ask for copies of all 3 of your credit files as part of the fact find?

misstrouble

He asked for me to print a report from Noodle which I have done and and sent to him. He then called to say that they would process it just in my partners name but I would have to come off the mortgage to which we declined!
He then called and said that we must be exceeding our overdraft limit which we don’t, or having DD’s bouncing back, which we don’t!
I have Experian and Noodle but not the Equifax report

Pixie5740

misstrouble wrote: »

He asked for me to print a report from Noodle which I have done and and sent to him. He then called to say that they would process it just in my partners name but I would have to come off the mortgage to which we declined!
He then called and said that we must be exceeding our overdraft limit which we don’t, or having DD’s bouncing back, which we don’t!
I have Experian and Noodle but not the Equifax report

You can get the Equifax one free from ClearScore. I would then take all 6 (3 reports each) credit reports to a different broker.

[Deleted User]

Sounds like you need a better broker...

[Deleted User]

Are you using a proper broker, or one out of the back of an estate agents?

You're going to need someone who knows what they're doing.

misstrouble

He’s a broker that specialises in CIS mortgages, but I have to be honest I’m a bit concerned he’s not sure what he is doing!
Do the lenders look at the reports? Like I said I got into arrears over a catalogue for £10, but this is settled and closed, and I’ve a few 1’s where I’ve been a bit late paying but that’s it, surely that’s not enough to decline a mortgage?

Pixie5740

misstrouble wrote: »

He’s a broker that specialises in CIS mortgages, but I have to be honest I’m a bit concerned he’s not sure what he is doing!
Do the lenders look at the reports? Like I said I got into arrears over a catalogue for £10, but this is settled and closed, and I’ve a few 1’s where I’ve been a bit late paying but that’s it, surely that’s not enough to decline a mortgage?

Of course lenders look at your credit files. It's a major part of referencing you for a mortgage and multiple late payments could well lead to a mortgage decline. You're asking to borrow a large sum of money so the lender wants to know that you have a history of borrowing money and paying it back on time, not a bit later than contractually agreed.

Ideally your broker should have looked at all your credit files before applying for the mortgage but you're the agent of your own demise here.

misstrouble

Pixie5740 wrote: »

Of course lenders look at your credit files. It's a major part of referencing you for a mortgage and multiple late payments could well lead to a mortgage decline. You're asking to borrow a large sum of money so the lender wants to know that you have a history of borrowing money and paying it back on time, not a bit later than contractually agreed.

Ideally your broker should have looked at all your credit files before applying for the mortgage but you're the agent of your own demise here.

Thank you for your help. I appreciate it’s not ideal but these are from a few years ago now, so how long can they stay on your file for ?

[Deleted User]

Your credit files show the last 6 years of history.

Lenders themselves can keep data going further back.