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    • Tomb89
    • By Tomb89 18th May 19, 6:57 PM
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    Tomb89
    Mortgage declined due to old credit score ???
    • #1
    • 18th May 19, 6:57 PM
    Mortgage declined due to old credit score ??? 18th May 19 at 6:57 PM
    Hi . New to all this .
    Me and my gf sold our house April the 5th . We had some debts 2 cards 2 loans. We payed them off on the 8th April. We moved in with parents . Applied for a new mortgage on the 11th April. Passed first checks . Credit search . Had to wait till 1 week ago for relevant documents bank statements etc with new address on . It went to final check on Friday the 17th of May and declined due to (Hidden) debt . They have classed it as hidden because it wasn't on the application form . They are using the credit search thay is 5 weeks old to underwrite my documents ???? I've checked my score and the cards and 1 loan have gone but I've still got one loan of 7k on there . Mortgage advisor has asked me to send him up to date credit score for me and my partner and the closing letter for the loan . I sent all that last night . We are near to exchange and the only thing holding us up was the change of address but now there's this ??? Has anyone had anything similar .??? They won't wait for us to re apply .
Page 1
    • BoGoF
    • By BoGoF 18th May 19, 7:16 PM
    • 4,521 Posts
    • 4,101 Thanks
    BoGoF
    • #2
    • 18th May 19, 7:16 PM
    • #2
    • 18th May 19, 7:16 PM
    When you say score you mean report - the lender isn't interested in your credit reference agency score.

    As you have discovered it takes some time for credit files to update, it was optimistic to think debt paid on 8th April would have updated your file.
    • Tomb89
    • By Tomb89 18th May 19, 7:23 PM
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    Tomb89
    • #3
    • 18th May 19, 7:23 PM
    • #3
    • 18th May 19, 7:23 PM
    Yes I know that but we went with a lender that doesn't take into account old debt as it is payed off ?? It's been nearly 5 weeks now and my report has updated ??
    • BoGoF
    • By BoGoF 18th May 19, 7:27 PM
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    BoGoF
    • #4
    • 18th May 19, 7:27 PM
    • #4
    • 18th May 19, 7:27 PM
    It's not updated if the 7k loan is still showing?

    And they may use a different CRA from the one you checked. It can take up to 8 weeks for your files to uodate.
    • Tomb89
    • By Tomb89 18th May 19, 7:31 PM
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    Tomb89
    • #5
    • 18th May 19, 7:31 PM
    • #5
    • 18th May 19, 7:31 PM
    Sorry what I mean is I have the proof in the closing statement sent to my house that the last thing left on my credit report has been payed . What I don't understand is why they say not to include any old debt on the application form and then Flag it up on the final stage . They haven't said no your not having it now but I just think it's a bit strange they didn't ask about any debt payed off that still mite be on the credit report.
    • BoGoF
    • By BoGoF 18th May 19, 7:40 PM
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    BoGoF
    • #6
    • 18th May 19, 7:40 PM
    • #6
    • 18th May 19, 7:40 PM
    As far as they are concerned 'old debt' will be debts that don't show on your credit report it's unfortunately a timing issue for you but as I said it was highly unlikely that all of them would have been updated in time.
    • Tomb89
    • By Tomb89 18th May 19, 7:45 PM
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    Tomb89
    • #7
    • 18th May 19, 7:45 PM
    • #7
    • 18th May 19, 7:45 PM
    Ok thanks . I'm guessing with the document I've sent them that will be enough evidence for them ? It's the mortgage broker that hasn't put it down. ?
    • BoGoF
    • By BoGoF 18th May 19, 7:49 PM
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    BoGoF
    • #8
    • 18th May 19, 7:49 PM
    • #8
    • 18th May 19, 7:49 PM
    I would think so. Hopefully goes through soon for you.
    • Tomb89
    • By Tomb89 18th May 19, 8:09 PM
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    Tomb89
    • #9
    • 18th May 19, 8:09 PM
    • #9
    • 18th May 19, 8:09 PM
    They choose there time to call tho . 4.10 on a Friday afternoon . Where the start of the chain aswell . Would hate to let people down . We would of waited if we'd of known this .
    • ACG
    • By ACG 18th May 19, 8:40 PM
    • 18,975 Posts
    • 10,561 Thanks
    ACG
    There are a few lenders who are more anal about this than others, I think Nationwide, Santander and Platform are the worst for it.

    Follow your brokers guide, he/she will be liaising with the lender and will tell you what they want or need to get it over the line.
    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.
    • Blackbeard of Perranporth
    • By Blackbeard of Perranporth 18th May 19, 8:40 PM
    • 6,094 Posts
    • 35,308 Thanks
    Blackbeard of Perranporth
    I moved after uni twenty years ago. First mortgage said was refused, and some shyster from Ken offered an extortionate rate.

    On the high street there were about ten building societies. I avoided the first one, hit the second and got a decent rate. I had to turn down applications at three others.

    So I suggest you use your legs and Knick on doors to get your mortgage.
    Cardiac Arrest - Electrical - Patient unconscious! Heart Attack - Plumbing - Patient conscious!
    Defibrillators Cannot Cure a Heart Attack!
    • Tomb89
    • By Tomb89 18th May 19, 9:04 PM
    • 6 Posts
    • 0 Thanks
    Tomb89
    Thanks for the reply . We was left in limbo a bit because our broker has told us that the previous debt was not an issue. The 1 and only thing we've been pulled up on is the old debt . I can't believe it's been over 5 weeks since the last check was done and they haven't ran another credit check . I've got headache with it all because our buyer isn't prepared to wait around for us to start 9ver again . I hope the broker does his magic on Monday . All the documents where put in to the portal Friday afternoon .
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