Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Rtg
    • By Rtg 14th Feb 18, 2:18 PM
    • 1Posts
    • 0Thanks
    Rtg
    Credit report reducing mortgage, out of date
    • #1
    • 14th Feb 18, 2:18 PM
    Credit report reducing mortgage, out of date 14th Feb 18 at 2:18 PM
    we are in the process of buying our first house. Our decision in principle from the lender is much higher than the actual amount we need.
    We had debts which were paid off at the start of January. One of these debts is still showing on a callcredit credit report. This is significantly reducing our actual offer from the lender.
    We seem to be at stale mate with the lender. We have proof that all debts have been paid off but this blip on the credit report is going to stop us purchasing the house.
    Does anyone have any suggestions how to keep moving forwards?
    How long until the credit report catches up?
    Any info appreciated.
Page 1
    • ACG
    • By ACG 14th Feb 18, 2:34 PM
    • 16,713 Posts
    • 8,686 Thanks
    ACG
    • #2
    • 14th Feb 18, 2:34 PM
    • #2
    • 14th Feb 18, 2:34 PM
    Some lenders (Santander are one of them I think, I cant recall the other big lender) are quite big on needing to see it has been paid off on your credit report before accepting that it will get paid off.

    Sometimes it can take a month or so to update. You will either need a new lender or to hold fire until it updates.
    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.
    • kingstreet
    • By kingstreet 14th Feb 18, 4:46 PM
    • 33,188 Posts
    • 17,925 Thanks
    kingstreet
    • #3
    • 14th Feb 18, 4:46 PM
    • #3
    • 14th Feb 18, 4:46 PM
    Normally you would simply enter the commitment at its previous level and hit the "to be repaid on or before completion" button for it to be ignored.

    As ACG says, one or two lenders won't ignore it, even if you do the above, if it still shows on your credit file.

    We have the devil's own job of explaining to people the credit system doesn't work in real time and the lag between some credit providers updating their systems and when in the month a mortgage lender takes its data feed from its chosen CRA(s).
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,769Posts Today

8,800Users online

Martin's Twitter