Post Office Mortgage Credit Check

jamesff1

hi i was wondering if anyone could help... my partner and i earn a combined salary of £48,000 / year with about £3000 bonus added on top. We are buying our first house and are applying for the Post Office Mortgage.

I registered with Experian today to check our credit files (on the advice from this site as it states the PO use experian as their credit check site. My partner has a credit score of 930 and mine is 697. I checked all details and there were no defaults

However I also registered with Equifax and my credit score was higher but it states that I have an o/s CCJ (this is not registered on Experian). The CCJ is unsettled for £100 for a car tax issue that I had 3 years ago and I did not know this was on my file

The questions that I have is why does Equifax log this CCJ and Experian doesn't?
Also, do you think this will cause any problems with our mortgage application. If you are going for a joint mortgage and one of the scores is really high does this help things?

Any advice would be greatly appreciated

Thanks, Leanne

immy

The under writer (bristol n west) may use a combination of 2 or 3 credit reference agencies. I think they use Experian and Callcredit.

B&W will have their own score rating based on the data provided by the credit reference agencies.

I got my mortgage approved today from the Post Office. Roughly 7 working days after submitting the written application to them. I phoned them up constantly to check on the progress cos of all the news about products being withdrawn etc.

My application was passed to a case manager on Thursday, and processed in 48 hrs to give me a yes decision on monday.

My credit file had 3 late payments in the last 6 months.

itsnever2lateisit?

immy wrote: »

The under writer (bristol n west) may use a combination of 2 or 3 credit reference agencies. I think they use Experian and Callcredit.

B&W will have their own score rating based on the data provided by the credit reference agencies.

I got my mortgage approved today from the Post Office. Roughly 7 working days after submitting the written application to them. I phoned them up constantly to check on the progress cos of all the news about products being withdrawn etc.

My application was passed to a case manager on Thursday, and processed in 48 hrs to give me a yes decision on monday.

My credit file had 3 late payments in the last 6 months.

That's interesting, I am still waiting, they called to say they have received the application, and I know that they did a credit check on Friday, so hopefully postie will bring me news soon. Like you I am concerned that the deal might get pulled

stuffcrash

You must be mad even thinking about buy a property, prices are dropping yet your going out and asking for a mortgage crazy. Do a bit of research into the property market and you'll find supply is out stripping demand. Noone want to buy. Move in with your parents save money and buy on the cheap, dont put the rest of your life at finanacial risk.

immy

my particular circumstances dictated that i needed to buy just now.

And yes i am aware that in the immediate future, prices will fall...certainly for the next year or 2. The risk i take, is that hopefully i wont be in negative equity when it comes time to remortgage in 3 yrs time.

I've done my research, and aware of the dangers.

immy

itsnever2lateisit? wrote: »

That's interesting, I am still waiting, they called to say they have received the application, and I know that they did a credit check on Friday, so hopefully postie will bring me news soon. Like you I am concerned that the deal might get pulled

I phoned post office today, their systems were down all day. We had our credit check done on Thursday. Everything came up good. Just waiting for the application to be processed, had the verbal ok on the mortgage. I am pretty sure they cant withdraw the product from you mid application??? not sure though.

itsnever2lateisit?

immy wrote: »

I phoned post office today, their systems were down all day. We had our credit check done on Thursday. Everything came up good. Just waiting for the application to be processed, had the verbal ok on the mortgage. I am pretty sure they cant withdraw the product from you mid application??? not sure though.

I called them just a minute ago, and their systems are still down, so no further info:eek: , after FD pulling their products I am worried that this product might be next as more people look to them for a mortgage.

itsnever2lateisit?

I have still heard nothing, and now I see that they have upped the rate from 5.34% to 5.89%

Its not looking good:eek:

Gailk

Have you actually put your application in?
We had had a KFI from the Post office a few weeks ago - we susbequently went elsewhere but they left a message on the answer phone last week saying we would have to have the application in by the 1st of April to still qualify for the rate.
We had our application in with the Nationwide when their rates went up, but we still got the original rate.
Speak to them maybe?

itsnever2lateisit?

Yes the application went in 2 weeks ago, they phoned last week to say they had received it, and last friday they undertook credit checks. I phoned them yesterday, their systems had been down for 2 days and I was told that they are overwhelmed to the point that they are all working this weekend in an attempt to clear some of them. I am sure I will get there in the end, just a matter of whether they offer me 5.34% or 5.89%

Gailk

If your application went in on the 5.34% deal then I would think you would get that rate. As I said, we had just got our application in with the Nationwide when they hiked their interest rates up, but we still go the rate we went for.
Good luck.