Santander remortgage application and delayed credit report updates

pedgepuk

I'm currently going through a remortgage application with Santander through a very trusted mortgage broker who I've used many times with no issues.

Since March I've been paying off my unsecured debts to get a more favourable rate but also to borrow more for home improvements. I also wanted to bring my credit usage down below 15% from 29% which I've now achieved. Having paid off £9k in the past 5 months from a balance of £18k, I would have expected my credit files with both Experian and Equifax to have the credit card lenders provide updates to my credit card balances on a monthly basis, however, 3 of them haven't updated the records for a few months, meaning that my balances are showing much higher amounts, £16k instead of £10k as of July statements, which is now affecting the amount Santander will allow me to borrow, since I declared £13k on the application based on my real-time balances.

The issue here is that Santander aren't budging and not wanting to do a manual verification by reconciling my bank statement to my credit card statements as proof of the payments made, and simply want to depend on the credit agencies information, even though some of the lenders haven't reported for 4 months (due to Covid-19 I suspect).

Would anyone have any advice on what to do? I'm reluctant to start a new application with another lender as I know this will damage my credit file from the searches.

MovingForwards

Wait until the reports are updated, which could be a while yet, as it's low priority for some financial institutions.

Ask your broker to appeal.

Ask your broker to source a different lender. Your file won't get damaged by having another application.

pedgepuk

MovingForwards said:

Wait until the reports are updated, which could be a while yet, as it's low priority for some financial institutions.

Ask your broker to appeal.

Ask your broker to source a different lender. Your file won't get damaged by having another application.

Thanks. Time is of the essence since my current deal runs out end of September so the hope of waiting for the next credit report data by the lenders is very slim.

I'll probably now be forced to look at another alternative lender, but completing by end of September under the current circumstances is unlikely to happen.

csgohan4

pedgepuk said:

MovingForwards said:

Wait until the reports are updated, which could be a while yet, as it's low priority for some financial institutions.

Ask your broker to appeal.

Ask your broker to source a different lender. Your file won't get damaged by having another application.

Thanks. Time is of the essence since my current deal runs out end of September so the hope of waiting for the next credit report data by the lenders is very slim.

I'll probably now be forced to look at another alternative lender, but completing by end of September under the current circumstances is unlikely to happen.

Possibly, my remortgage took 6 weeks , but this was during covid, hopefully will be quicker now