What’s our next step?

Been refused mortgages as Equifax don’t/can’t/won’t find our details. Experian have everything doubled so looks like we’re already paying two mortgages and Callcredit are a mixture of both! Trying to sort anything out with these companies is a nightmare and takes so long. We’re on a tight timescale as LBTT suplement comes into play on April 1st and will cost us an extra 5k.

My credit history is a bit shit, plus i’m a student and only work p/t. So wife is applying alone, although mortgage adviser says she’s trying her solo and us joint. Wife earns good money and has a Martin Lewis style obsession over financial planning…NEVER missed or late payment, owns over 25% equity in current house, pays everything in full every month – basically the perfect candidate!

So mortgage adviser has failed to secure us a mortgage, she’s on her last hope tomorrow. If this one doesn’t pull through, what’s our next step?
If she was to go to her bank, would they look at her account history along side credit report and see that the details just don’t match up?

This is now becoming pretty tough/emotional all because of equifax/experian.

I would suggest that (as you have admitted) your history is playing a part no matter why you think it shouldn’t.

Find a very good independent FA?

I’m not being included for some of the applications and although married, we have no financial association or shared account. All bills etc. all in her name.

Aldermore.

They’ll cost a little more but not much.

Call http://www.endurancefinancial.co.uk and speak to Carl Swift. He’s a no fee charging broker and highly recommended.

He’s helped quite a few people in my office.

Based on our experience of trying to get a new mortgage (for a granny annex), if you don’t tick the boxes, it’s bloody difficult.

FWIW we’re mortgage-free, own our place plus the amount we wanted was barely more than a years earnings – but we’re self-employed and our earnings have wandered over the years as we’ve taken long sabbaticals.

It doesn’t matter if you’re not on the application, they will see your credit history as you live at the same address. I’m afraid you’re screwed.

OP – they are more sophisticated than that. They will know you are connected and know your background so accept that and find someone that can help you in your circumstances.

I get what you are saying…but finding our address is the problem. Equifax in particular can’t match myself or my wife up with any of our credit history, having no history is just as damning as bad history.

First of all you need to sort out the credit record. Each credit reference agency holds records from selected lenders – it really is up to each lender which CRA they use. Put simply, if a lender uses CRA data they have to share the same back with them, so each lender will decide what they want to share with whom.

In terms of the duplicated account, you should go back to the lender and ask they address that. The credit records update monthly as a regular process, but you may be able to insist that they process an immediate amendment so as to not wait for the monthly cycle. ‘Immediate’ is not immediate as such, but it is faster than the monthly process.

In terms of the credit search, if you and your partner have ever done a joint search that will show on the records of whichever CRAs that lender has shared that search with. Bear that part in mind – you might be influencing your partner’s credit worthiness, and if your mortgage adviser has initiated a full credit search in joint names then your records will be linked. You should both get the free trials from each CRA to check the extent of the linkage as a first step.

Anyway, every search you make leaves a footprint on your credit file. Some don’t impact credit worthiness (e.g. using the CRA record to identify you) but repeated lending applications can impact you. The lender may assume that multiple searches mean other lenders have refused you, which in turn means that lender can assume you are a risk, or price any loan to you at a higher rate based on the perceived risk. I think the best you can do is find a specialist lender who is willing to price based not just on credit rating but on proof of income, turnover through accounts etc. Find one with reasonable enough terms so you can switch as soon as your record is better and you can take a good deal.

When you say you have a bad credit record, how bad? A missed payment or two, or are you talking defaulted agreements and IVAs? Bear in mind that a satisfied default drops off after six years.

We’ve been on the phone and email to equifax and experian pretty much everyday for the last 2 weeks trying to sort it out. They say go to lenders, lenders say go to CRA as they’ve sent the details over (to all 3)…but maybe getting somewhere with having duplicated entries removed from experian. Wife came home in tears tonight – all just getting too much!

I’ve now sorted my files out. All showing correct for me!
The fact I have the following three ‘blips’ on my credit file and still have a better ‘score’ than her on equifax is worrying! They just can’t find her!

When you say you have a bad credit record, how bad? A missed payment or two, or are you talking defaulted agreements and IVAs? Bear in mind that a satisfied default drops off after six years.

1 default from 2011 I’m paying off – will drop off next year
1 default settled – will drop off 2018
1 settled account with late payments – drops off this year

Personally, I kinda doubt our mortgage adviser. Looking back on emails we asked her twice if we had a DIP, before we made the offer and she dodged the question but still made us feel relaxed and that everything will be fine.

Just got to wait until tomorrow, then see where we stand and take it from there.

Thanks for advice, will get intouch up Aldermore and Carl Swift if need to.

I might be wrong, but I don’t think that Aldermore do a standard credit check. A lad on my team had credit issues, nothing major but enough to get declined by mainstream lenders. He was using an advisor who didn’t seem to have a clue.

I suggested that he talk to Carl/Endurance and he sorted everything. I used to work in financial services and trained with Carl; I was good but he became my go-to man for any case that I couldn’t find a solution to. In his early career he worked for a firm where he had to deal with nearly every type of case so he built up a vast knowledge.

You might as well talk to a knowledgeable fee free broker as they’ll do everything for you.

I’d personally try another Mortgage Adviser, they really should have started with a clear view of your CRA reports – they’re not hard to get, not just firing off applications to everywhere to see what sticks.

My guess is that you’re going to miss your April 1st deadline unfortunately.

Have you tried approaching your other half’s bank (i.e. Who they hold a current account and financial history with)?

We were in a similar position and two big brokers said they couldn’t get us (Mrs RRR) a mortgage.

As a last ditch attempt we approached her bank (Lloyds) and they agreed a 90LTV first time buyers mortgage straight away. I was amazed that her bank could do it when the specialist brokers said no. The decision was based on a combination of her credit score and her financial history / internal Lloyds score. I’d recommend your other half to approach their bank and whatever you do don’t fire off a load of applications and hence hard credit searches!

Thanks for replies folks.

Now her Experian is showing ‘good’ – would be excellent but they can’t pull up her credit card (but manage to pull up her current account with the same bank)

Callcredit is excellent and showing everything.

After an hour on the phone with Equifax this morning, her score has went from ‘poor’ to ‘very poor’ – the only data they can bring up for her is an old virgin media account closed in 2010….we’ve been with virgin for the last 5 years!!! The can’t even match her electoral roll data. They are pretty useless!

The strange thing is, that neither Experian or Callcredit are showing any searches on her account from the lenders our mortgage adviser has told us she tried.

RRR – She’s trying to get an appointment with her bank.

Hopefully we get this Equifax problem resolved today and that should allow us to move on.

@ OP – this guide to credit checking on MSE might be of some help.

I think it’s definitely worth speaking to the bank directly.

One step closer!

Equifax now have, after a 2 hour phone call, resubmission of documents (for the 3rd time) and a little bit of shouting and crying, managed to sort their systems and find my wife’s credit history.

Score…excellent!(I know the score isn’t important, but it’s nice for her to see it!)

So all 3 credit reference agencies are now sorted, onto getting a mortgage.

Success!!!

The adviser pulled through and got a mortgage 🙂 Solicitor has assured us that it will complete on the original entry date of the 29th, so will avoid the extra tax supplement.

So after all of this, we hope to never ever ever need to buy a house again!

My advice?
Check credit reports well in advance! Secure a mortgage well in advance!

Well done, and well persevered.