Mortgage advice please

Ac27

Hi All

Me and my partner have got a agreement in priniciple for a mortgage with TSB. It’s well within affordability and we are due to make the full application on Thursday.

Both of our credit ratings are good, I have never been late on a credit agreement for 6 yrs + and have credit cards and old settled car finance agreements also in very low amount of debt. She has been late just once in 4 years so I think we’re good on the credit side.

My question is I once held a current account with Lloyd’s TSB when they were together about 7 maybe 8 years ago when I was about 19 which went overdrawn by a small amount and they charged me loads, at the time I was working part time and didn’t pay it back and moved bank so they defaulted it and sold the debt on. I paid it of years ago and the default came of my credit file after 6 years and since then I have the perfect credit record.

Will this likely to be an issue when applying for a mortgage with TSB themselves? Are they likely to have any information recorded about this? And even tho my credit record for the last 6 years has had not one blip with a 999 score on Experian would they likely decline it for a very old current account? I’m thinking with TSB splitting from al Lloyd’s the that info that old was deemed not worth keeping. Am I worrying over nothing?

Thanks

cooltt

It will certainly be on file but whether they take it into consideration is another thing. Lending criteria differs from lender to lender and they don't exactly publish the formula they use.

I know sneaky lenders who allow the house purchase then send a letter out of the blue saying "oh look what we found"..and now you have an asset and all, pay up!

LG4455

Hello,


I can't advise on the likelihood of approval with TSB but I would suggest that you would be best speaking to a whole of market mortgage broker for the mortgage if you haven't already. I have read so many times on these forums that going direct isn't a great idea.



We went straight to TSB for our first mortgage as they were our bank and they advised us incorrectly on several points for their own gain as you would expect- example - 10 yr fixed at 4% on a 97K mortgage that they knew we only planned to stay in the house for 2-3 years.



Went to mortgage broker for second mortgage that we are currently applying for and we have been amazed at the options we potentially have.



Hope this helps!