Mortgage Offer Issue

Hag83

Hi, looking for some advice on a slight issue with a mortgage offer.


After our initial deposit we are requesting a borrowing figure of £154'000. The lender has made an offer of £149'750 but won't lend up to the initial figure because of some extra committed credit that is showing up on our credit file. We disclosed all committed credit on the application so I have no idea what this "extra committed credit" is and even more frustratingly, they won't tell us or our mortgage advisor. I have checked both mine and my partner's credit file's on noddle several times and everything matches what we stated on the original application.


Would it be common practice for the lender to explain what the issue is ? I just think it's quite unreasonable to not explain further what the issue is.


We've also had 2 previous DIP's for lending around the £155'000 mark so it couldn't have been issue before now ?


We can afford to stump up the extra cash it's just annoying they won't explain properly what the issue is.


Thanks for any help on this in advance.

kingstreet

You need to check all three versions of your credit file as you don't know if Call Credit/Noddle/TransUnion is your lender's chosen CRA.

If you have recently closed one agreement and opened another (car for instance) has the old one been closed properly?

Have you repaid credit and expect it to show as such when the provider is slow updating your record?

You need to invest some time in this and you shouldn't assume every agreement is on every version of your file - it isn't.

haras_nosirrah

I had this on one of my cases recently.
credit file picked up some credit cards the client had cleared 2 months ago but the cra hadn't updated.
Proof submitted that they had been cleared and all was fine

Hag83

Thanks for the replies.


As I've said, the frustrating thing is they won't clarify what the extra credit is that they are picking up on. Is that unusual ? So I can't prove either way whether it's been cleared or not. The only amount of recent significant debt that I had was £1800 on a CC but that was cleared end of October.


I know for a fact that the only credit we have at the moment is for our car. No mortgage as we are currently in-between houses.

kingstreet

They will never tell you, nor us.

It will be obvious from the version of your credit file they can see...

pinknsparkly

As kingstreet says, you need to check all three credit reference agencies, as you have no idea which one your lender will be using. It sounds like there's an error on whichever one it is that your lender is checking, and once you know what they are looking at you can provide evidence to show the CRA is wrong.

Hag83

Thanks for the advice and replies, currently setting up accounts with several different credit report services to try and get to the bottom of it.

financegeek

It may also be something like an insurance / mobile phone contract you're paying monthly. i'm seeing these pop up more and more, usually marked as communication suppliers, but sometimes the mobile handset part of the plan is just listed as an unsecured loan.

hopefully with equifax / experian you'll be able to work out what it is!

kingstreet

financegeek wrote: »

It may also be something like an insurance / mobile phone contract you're paying monthly. i'm seeing these pop up more and more, usually marked as communication suppliers, but sometimes the mobile handset part of the plan is just listed as an unsecured loan.

hopefully with equifax / experian you'll be able to work out what it is!

O2 shows half the payment as a loan, the other half as communications.

haras_nosirrah

apple shows the handset as a loan - I have had this come up before