Credit Score - a Warning

Ming_2

I recently had a mortgage rejected at the last hurdle by Nationwide due to a poor credit score with Experian. I pursued this with tactical zeal as I have an account with Experian and they assured me there was nothing wrong with my history/credit score. Due proof was forwarded and Nationwide subsequently admitted that my application had been rejected due to an "input error"!! My application is now proceeding.
My point is that one should not take such occurrences lying down and be prepared to challenge when appropriate.

DilbertJones

i shall bear that in mind, I am a first time buyer, mortgage offer in principle, have had offer accepted on house & made formal mortgage offer. just sat with my fingers crossed now!

isayoldchap

robodan wrote:

i shall bear that in mind, I am a first time buyer, mortgage offer in principle, have had offer accepted on house & made formal mortgage offer. just sat with my fingers crossed now!

If you haven't checked your file do it for free here www.experian.co.uk
You can get a 30 day free check.Don't forget to cancel

DilbertJones

yeah i have checked my file, there was one default from 4 years ago £173 i have now paid this off as soon as i had the chance, awaiting written confirmation from the company (T-Mobile) then everything should be ok.

isayoldchap

robodan wrote:

yeah i have checked my file, there was one default from 4 years ago £173 i have now paid this off as soon as i had the chance, awaiting written confirmation from the company (T-Mobile) then everything should be ok.

I am assuming you have gone for a repayment mortgage..............
Don't forget to buy your own mortgage life policy.(cover's the mortgage)Never buy it from the bank or b/s and if you visit an ifa expect to pay at least £2+per month more.Do your own research.Start with www.cavendishonline.co.uk OK there is a fee of £35 (this side of the quote engine are usually best)but their prices for me are very good.You can also enter 'mortgage insurance' in the google search.Some quote engines look similar but boy do they quote bigger amounts.(remember you will be paying every month)I can give you more info on search engines if you require it.
Hope you are happy with your mortgage company.Have you checked if they will charge a loan-to-value fee?

bridiej

We had a similar experience with Experian a few years ago when my husband applied for an Egg card. He was refused - turned out they had linked his credit file with his sister who had been bankrupt in the past!!!!

Got it sorted and (touch wood) had no problems since then but yes, worth checking if you get refused.

bridiej

isayoldchap wrote:

OK there is a fee of £35 (this side of the quote engine are usually best)but their prices for me are very good.You can also enter 'mortgage insurance' in the google search.Some quote engines look similar but boy do they quote bigger amounts.(remember you will be paying every month)I can give you more info on search engines if you require it.
Hope you are happy with your mortgage company.Have you checked if they will charge a loan-to-value fee?

Doesnt sound very "money saving" having to pay a fee - cant the OP just go down to his local insurance broker and ask them to quote (which would be free)?

Froggitt

Also dont the various Moneysupermarkets do this free online?

DilbertJones

isayoldchap wrote:

I am assuming you have gone for a repayment mortgage..............
Don't forget to buy your own mortgage life policy.(cover's the mortgage)Never buy it from the bank or b/s and if you visit an ifa expect to pay at least £2+per month more.Do your own research.Start with www.cavendishonline.co.uk OK there is a fee of £35 (this side of the quote engine are usually best)but their prices for me are very good.You can also enter 'mortgage insurance' in the google search.Some quote engines look similar but boy do they quote bigger amounts.(remember you will be paying every month)I can give you more info on search engines if you require it.
Hope you are happy with your mortgage company.Have you checked if they will charge a loan-to-value fee?

Yeah I have gone for repayment mortgage, with Skipton, I am quite happy as they are the only ones that would lend me the amount I needed for my Shared ownership House. I am 5.14% fixed for 3 years, (Will there be any costs to moving after that?)
My IFA got me a quote for £8/m for Mmortgage Insurance, I thought that was a good deal but obviously i would rather save a few quid, i forget who its with but I havent commited yet so i will check there prices direct.

isayoldchap

bridiej wrote:

Doesnt sound very "money saving" having to pay a fee - cant the OP just go down to his local insurance broker and ask them to quote (which would be free)?

If you then decide to take out the insurance there is a £35 fee.Now the moneysaving bit..Let say they quote you £10 per month.You take out a policy for 3 years,you now are in effect paying £11 per month.However your ifa has kindly done you a quote for £14 a month.So would you prefer 36months at £11or £36 months at £14.How about if you now decide to take it out for longer.Thechances are that as you get older your premiums may rise.I bet the £8 that OPhas said could be beaten.I await the pm if you still want the website search engines which only take a couple of minutes of your time.In anycase if you work for £10 per hour (of which £3 maybe deducted)would it be wise to spend a little time for this long term commiment.Of course you could say I can find one without paying the policy fee.Please find one then I will be happy to agree.But inmy case they were the cheapest.Lastly let's just expand on the extra at the ifa....Let's say you decide to take one for a 25 year term.Yourquote £25 pm my quote £15.(can happen)That's £120 per year more.Now let's multiply that by 25.You would have saved only £3000.Always go for a guaranteed premium.Of course we all will change our policy maybe 5 times in that time,but what if we don't.Still like the expense at the ifa?I like my cake and eat it.But I will be happy to leave them some biscuits.

isayoldchap

robodan wrote:

Yeah I have gone for repayment mortgage, with Skipton, I am quite happy as they are the only ones that would lend me the amount I needed for my Shared ownership House. I am 5.14% fixed for 3 years, (Will there be any costs to moving after that?)
My IFA got me a quote for £8/m for Mmortgage Insurance, I thought that was a good deal but obviously i would rather save a few quid, i forget who its with but I havent commited yet so i will check there prices direct.

I guess your mortgage is quite low to pay £8 per month.Have you done a quick quote on the website.They will ask things like your age,smoker,amount you are
borrowing,may quote the interest rate,your name or in joint names,type of policy you want decreasing etc.(trust you are going for a repayment mortgage?)I don't say they are the cheapest but when I ran a quote it was good, real good.
As for leaving the Skipton..Have a good read of the t&c's especially if you redeem early.They also may want to hang onto you because of the deal they have offered.Are they charging you for a loan to value fee?Find out what the get out penalties are.To redeem your mortgage there will be fees which have greatly increased over the years.In any case what is the ifa charging you for his professional advice?