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Message for a Broker - Credit Report sent to Mortgage Company
jamesff1
Posts: 6 Forumite
Hi, i was wondering if a broker could answer this question... My partner and I have just been declined a mortgage by the Post Oice (Bristol and West).
At first they advised that the decision had gone to the underwriters and asked that I send them a faxed copy of my Equifax report.
I did this and sent them each of our reports (17 pages each in total). My partner has a very high credit rating (959) and has never had any late payments on anything. I on the other hand defaulted on a credit card 3 years ago and this has brought my score down to 690. This was paid off in full in 2006 but I did have up to 6 late payments. So when I sent my report I sent them the details of the late payments that showed.
They then wrote to advise that the application had been declined. So my question is, if I had removed the details of the deault do you think that they may have made a different decision? I have a few other things on credit that are paid every month and this shows on my report.
Also, in my situation, if we go to my own bank for a mortgage, is there a better change of being accepted, we both have good salaries
I feel that by being honest with the underwrites I may have shot myself in the foot! - was I right to send the details of the late payments?
At first they advised that the decision had gone to the underwriters and asked that I send them a faxed copy of my Equifax report.
I did this and sent them each of our reports (17 pages each in total). My partner has a very high credit rating (959) and has never had any late payments on anything. I on the other hand defaulted on a credit card 3 years ago and this has brought my score down to 690. This was paid off in full in 2006 but I did have up to 6 late payments. So when I sent my report I sent them the details of the late payments that showed.
They then wrote to advise that the application had been declined. So my question is, if I had removed the details of the deault do you think that they may have made a different decision? I have a few other things on credit that are paid every month and this shows on my report.
Also, in my situation, if we go to my own bank for a mortgage, is there a better change of being accepted, we both have good salaries
I feel that by being honest with the underwrites I may have shot myself in the foot! - was I right to send the details of the late payments?
0
Comments
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they would have found that information anyway. I cannot understand why they asked you to fax your credit rating when they have to score it thenselves?
I think you should see a mortgage broker. it will increase your chances of getting the mortgage you want tenfold (at least)I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well you may have shot your self but at least your not going to court for mortgage fraud!
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It is worthwhile to ask the credit card company to remove the default, you might get lucky you might not, otherwise it is on equifax for 6 yrs. You could check also to see if it is logged on experian. If not use experian based lender. There should be companies who will do you at normal rates but choice will be a bit limited. You need to see an independent broker who will not charge you a broker fee. Google will find plenty for youI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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