Accord Mortgages

pink_muppet

We have had a bit of difficulty obtaining a new mortage for a new house we are in the process of buying, my credit rating is now classed as 'poor' due to a few late payments (by a couple of days) in the last 6 months on a credit card and catalogue (now completely settled), never had any late/missed payments or defaults arrears or ccj's though.

Unfortunately although everything has been paid on time for at least the last 3 months, my credit file hasn't been updated by some of the lenders since October so it still shows as a late payment on a couple of accounts

We had a mortgage agreed by Abbey following a credit search but when it went to the underwriters it was declined so now we have gone to Accord through our broker who has said there will be no problem as we have no arrears/defaults etc, the deal with Accord is almost as good as Abbey, anyway I understood Accord to give and AIP within a few hours but all this has happened over the xmas period, my IFA said he would ring me in the morning on xmas eve to let us know (he did the application with all our supporting documents payslips etc on 20th), he didn't ring and when I rung up found out he wasn't in until 3rd Jan!!!

I told them I needed to know an answer and couldn't wait until Jan as I was getting really stressed out about it even tho our IFA had told us previously not to worry, a different member of the team phoned back to say he had rung Accord and it had been accepted

Now we have to wait to speak to our IFA on 3rd Jan to take it further

My questions are:
Will Accord possibly go back on their word like Abbey did?, I know it would still be subject to survey etc, but they will have already seen all our payslips etc as my broker had copies of those from the Abbey application

We haven't missed any payments on anything now for 3 months, how long will it take to improve my credit rating and how long will it take for the lenders to update my file?

Rick62

It is unusual for Abbey to initially approve your AIP and then reject at underwriting. So long as everything you have told Accord is correct then there should be no problem.

If you only have a few late credit card payments and no defaults/ccjs etc then you credit should recover quite quickly. Assuming you are on a 2 year plus deal with Accord your credit should be OK at the end of this, just make sure all your payments are made in time in the future, get all your cards set up to make minimum payments automatically.

Accord are a very good lender anyway, so if the terms are similar to Abbey then you are doing fine and it sounds like your broker has done a good job.

pink_muppet

My broker said Abbey do have a tendency to do this sometimes and it was probably because of the late payments, but surely they saw this on my credit file to start with when they checked it before we got the initial offer?

Anyway, we were upfront about everything and becuase our broker had all our supporting info (from the abbey application), they must have seen all our payslips etc for the initial AIP, there is nothing we have hidden from them

the deal is a 3yr tracker at 5.89% currently, it was 5.39% fixed for 5 years with Abbey, so it's only going to cost us £50 a month more than the Abbey one (but still £300 less than what we're currently paying) which I am happy with

I'm just desperate now to get the ball rolling, I wanted all this sorted before xmas so it wouldn't prey on my mind but it's just dragged out because of the xmas break and my broker isn't back until 3rd