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Mortgage Application, Credit Check & Score

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Hello!  Hope everyone is staying safe and well and as happy as can be.
Wonder if anyone can offer any thoughts on this....

T'other half and I got into a real financial mess due to living beyond our means, burying heads in sand and then both getting made redundant several times.  Entered into a DMP back in 2008/9 ish and paid off best part of £70k (i know, idiots right!!!!) in credit cards, loans and overdrafts.  Took 8 years to pay it off and somehow.... I don't know how, we managed it!  Feel a little proud of ourselves and incredibly sheepish for ever letting it get that bad!
Got one CCJ - in 2013 which disappeared from credit file in 2019.
Managed to keep up to date with mortgage payments throughout this time.
Since then, we have been relatively lucky with work, had various payrises and managed to save a little and learned lessons in budgeting.  we stayed in our little teeny house that whole time and have now decided we would like to move house to something with a bit more room and a garden, being careful not to be extravagant or go for anything unmanageable on one salary.

we have both got a new credit card in the last 18 months and use them occasionally, sometimes leaving a small balance of £100 ish on for a month or two but never missing  a payment and only utilising small % of credit limits.  I took out car finance as I was given a car allowance at work, stayed up to date.  Also bought a new sofa on an interest free credit deal but paid it off  with savings the following month thinking it would give us some credit history and might look favourable....

We have carefully monitored our credit scores over the last two years with Experian, Equifax, Clearscore, Noddle, Creditwise and here with ML credit Club.  All have improved month on month.  All  currently show varying scores ranging from very good to excellent.

last month we applied for a new mortgage after finding a property we liked.  Mortgage has been approved subject to a valuation survey.  Sadly due to Covid-19 the bank will not allow any surveyors to go and survey the property so it is on hold.  Understandable I guess.

I spoke to the bank today, just to get an update and they said again it is approved pending a survey but that credit checks were all fine.  However..... the mortgage application will lapse/expire in June if the survey doesn't get done by then.  If it does get done before then, they will have to do another credit check as it will be more than 28 days since the first one.  If it doesn't get done before the expiry date, then we will have to reapply as a new applicant.  So either way, another credit check will have to be done.

So my questions are:
will this impact our credit scores negatively?  they already credit scored us and I understand that the more credit checks that are done, the more it impacts your score.  So will they not be reducing our score by credit checking us again?  or will they be able to see that they were the last ones to check us?

Secondly, my car lease has expired.  I have been deliberately delaying getting a new one because I didn't want the car finance/dealer company to credit check me if that might impact my credit score for the mortgage.  I read that you shouldn't apply for anything on credit for six months before applying for a mortgage.  My current car is now due to go back so I really need to sort another one.  I thought by now it would be OK as my mortgage would be sorted but covid-19 decided to throw a hissy fit!  
Should apply for a new car finance deal?  Right this second I don't need a car because I can't go anywhere for work anyway.  But as soon as this is over, my boss wants me out on the road again!  so will need a car.

I suppose I might be answering my own question here..... I should get a car.  So I can do my job.  If I can't get a new mortgage then I will just have to stay where I am I guess.

Urgh.  If you read all of this then you must be really bored by now.  Sorry!  and thanks!


 




Arrrrggghhhhhhhh.......what have I/we done?????
total £[STRIKE]66k[/STRIKE] £32k debt not including mortgage GULP:eek:
DMP Started 1st July 2010
Debt free approx Dec 2018

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 23 April 2020 at 3:58PM
    Your credit scores aren't of any interest to lenders.  They're neither seen nor used, so don't worry about any change in them, positive or negative.

    Multiple mortgage checks are the norm and nothing to worry about.  But taking out further credit for the car is a bad idea and could risk losing you the mortgage.  So raid your savings and buy something cheap to tide you over.

    You also need to make sure you clear your credit card in full each month without fail and not buy sofas on credit unless you have no choice.  Both make you look as if you're living beyond your means.
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