Credit problems when remortgaging

thestimp

You'll have to excuse me because this is my first post....

Just a quick query re: credit problems.

I've had a couple of defaults in the past, all settled now.
No credit problems for three years now. I've got a poor credit mortgage with First National and am thinking of changing.
When looking on some of online comparison services they ask if there is a history of bad credit. If I put 'some' none of the further boxes are applicable and all I end up with is a poorer choice with high rates.
So should I class myself as having some credit problems or 'none', because I do not want to go through the application procedure only to be refused.

Any help would be much appreciated!!!!!

MarkyMarkD

If you've had a clean record for three years, as you say, and can give a convincing explanation for the reasons you got into difficulties in the first place, I should search on the basis that you have a clean history.

And then speak to the lenders you have short-listed before you get into the application process, to check what their approach will be.

Most lenders should give you a "decision in principle" without going through the full application process or handing over any money.

thestimp

Thanks MarkyMarkD for the advice!

I wouldn't have thought of speaking to the lenders outside of the general application process, so that is definitely something for me to consider.

MarkyMarkD

You are very welcome! Don't forget that the lenders want to lend you money - particularly with the way the mortgage market is slowing down - and they are very approachable. Don't necessarily expect the first person you speak to to have the right authority to give you a firm decision, but ask them to check with the underwriters if they don't personally have the authority.