Mortgage application - can’t get further credit

Bleon

Hi

Long story short we had a successful mortgage offer which is due to expire in July 2019. We were at the final stages of a house purchase when the sellers pulled out so the sale has fallen through. For several reasons we aren’t proceeding with any other sale so won’t be using the mortgage offer

We now cannot get any credit, not even a small loan where as before we were bombarded with credit offers and could get a large loan if we wanted. We still have perfect credit scores (999 out of 999 on Experian)

I know nobody can confirm 100% but is this likely the result of the mortgage application? And should things return to normal once the offer has expired??

Any advice is appreciated , thank you.

[Deleted User]

It won’t be because of the score regardless of its “worth” as it means nothing in the real world.

It’s likely due to the mortgage application and the associated checks and searches that come with it.

Bleon

!!! wrote: »

It won’t be because of the score regardless of its “worth” as it means nothing in the real world.

It’s likely due to the mortgage application and the associated checks and searches that come with it.

Ok thank you, do you know in general roughly how long it would take to recover from this? Again I know nobody can confirm for certain but 6 months plus? Or a year?

Ben8282

The offer won't be shown on your credit files so it's expiry won't change anything.
How many searches appear on your credit files as a result of this application?
The inability to obtain any credit whatsoever would appear to be a bit strange.

Bleon wrote: »

could get a large loan if we wanted. .

This is an untested assumption unless an application was actually made.

[Deleted User]

What are you wanting to take credit out for so quickly during/after applying for a mortgage?

Bleon

Ben8282 wrote: »

The offer won't be shown on your credit files so it's expiry won't change anything.
How many searches appear on your credit files as a result of this application?
The inability to obtain any credit whatsoever would appear to be a bit strange.

This is an untested assumption unless an application was actually made.

Just the one search on my credit file

Re the loan yes an assumption to an extent , my existing loan provider confirmed they would lend. My credit card providers ( cleared balances) also have offered me balance transfer offers every month for the last few years and now suddenly won’t.

[Deleted User]

What are you wanting further credit for?

Bleon

It’s just a small loan to cover some expenses/ money borrowed from family.

We don’t need to rely on the credit luckily I just found it odd - I may just leave it another 6 months

[Deleted User]

If you’re applying for a mortgage then you don’t want to be applying for a loan at the same time.
Or within a 6-12 month period leading up to applying

Ben8282

Bleon wrote: »

Just the one search on my credit file

Re the loan yes an assumption to an extent , my existing loan provider confirmed they would lend. My credit card providers ( cleared balances) also have offered me balance transfer offers every month for the last few years and now suddenly won’t.

The cause of your credit card providers no longer offering you promotional offers, especially if the cards now have 0 balances, is something more than a single mortgage application search on your credit files. Something has spooked them,
As for the loan refusal, perhaps the cause of the refusal is that you already have an existing loan, Just out of curiosity, why don't you take the loan from your 'existing loan provider' if they have confirmed that they will lend?

phillw

Ben8282 wrote: »

The offer won't be shown on your credit files so it's expiry won't change anything.

I would have thought lenders will make assumptions about the offer based on the searches on your credit file though.

They won't know that the sale has fallen through or why.