Advice sought: Credit Ladder says 49/60 lenders will consider me (no personal data submitted)

BigBoss

My partner and I are looking to borrow around 380k in addition to our 16% deposit. Combined total income around 85k.

• I have an AP on my account for three months in 2021. I paid the balance in full in the fourth month which was Nov 2021. TU and EQ show this and EX shows it as three missed payments.
• The only other adverse issues showing on my CRA files are 1 late payment on a credit card over 5 years ago and a 'Q'/"No Data" showing in Dec 2021, where I pursued a chargeback against a company who owed me! 
• My partner has a clean credit history across the board

We've gone to a local broker who has secured us an AIP from a high street lender's intermediary service but on Credit Ladder, when I entered my deposit size and the type of adverse credit situation I am in, they classified that particular lender as one that wouldn't lend to me. So I am reluctant to pursue my broker's AIP with a full application because I don't think that was obtained with a full picture of my (and my partner's details).

How trustworthy is Credit Ladder's rating system?

 

sourcrates

I very much doubt anyone can answer that for you to be honest.

The vast range of different approval criteria that exists between various lenders, must be phenomenal, you won`t get a 100% sure fire answer with any lender, until you apply.

MovingForwards

Credit ladder are just guessing as the information cannot be drilled down to have any reliable answer.

I've just done it based on my previous circumstances, they said only 1 lender would consider me, however it's not the lender I'm with who was the only one who would touch me.

Why don't you post on the mortgage board, where brokers do post, and have a better idea as to how relaxed, or not, lenders are to adverse history. 

Alternatively, stop stressing yourself out by looking at these things and be guided by your broker. They wouldn't place you with a lender if they thought it would be a problem and more often than not they call the business manager of the lender and talk it through before trying.

bleepbloopblorp

BigBoss said:

My partner and I are looking to borrow around 380k in addition to our 16% deposit. Combined total income around 85k.

• I have an AP on my account for three months in 2021. I paid the balance in full in the fourth month which was Nov 2021. TU and EQ show this and EX shows it as three missed payments.
• The only other adverse issues showing on my CRA files are 1 late payment on a credit card over 5 years ago and a 'Q'/"No Data" showing in Dec 2021, where I pursued a chargeback against a company who owed me! 
• My partner has a clean credit history across the board

We've gone to a local broker who has secured us an AIP from a high street lender's intermediary service but on Credit Ladder, when I entered my deposit size and the type of adverse credit situation I am in, they classified that particular lender as one that wouldn't lend to me. So I am reluctant to pursue my broker's AIP with a full application because I don't think that was obtained with a full picture of my (and my partner's details).

How trustworthy is Credit Ladder's rating system?

 

Your broker has a far better idea of who will lend over a completely impersonal website that just goes off averages.

Ask yourself this simple question.  Why would a broker, who will earn most if not all of the commission from getting you a mortgage, recommend you apply to a lender that probably won't give you a mortgage?

The answer is they would not.  Trust your broker to do their job.  And stop worrying so much.

BigBoss

I hear you, but not all brokers are created equally! 

MovingForwards

BigBoss said:

I hear you, but not all brokers are created equally! 

If you don't like / trust your broker, find one you do.