How long should I wait before asking to Port my mortgage and borrow a bit more?

[DaveyBoy]

A quick background. Got into a financial mess back in 2006 and went on a dmp in 2007 with £45k of unsecured debt. 5 accounts all defaulted in early - mid 2007. Started to explore UE early last year whilst still having £26k outstanding on DMP.

Looking to move sooner rather than later and Just checked experian today (signed up for the free 30 day trial) and my score came in at 996 but there are still 3 'negative factors' on there which I want to make sure wont alarm as I currently have a mortgage tracker deal at 1% above BOE base rate and ideally would like to port and borrow a bit more. The negatives are:-

1) 1 account still showing default - this is the last account from the DMP to default so will be disappear imminently
2) Recently opened new credit account - did this a few months back after reading niddys guide to credit and to get some positive history
3) You have no sucessfully settled credit accounts

also on there I have 10 searches done in the last 12 months. 4 of these are insurance quotations which experian say lenders wont see but then that still leaves 6. These are the new 2 new credit cards but one card did 2 searches the same day?, 1 Betting exchange again 2 checks both on the same day (couldn't be bothered to drive to the bookies to put our grand national bets on so did it online) and the last one for insurance. Is that too many?

They also say I've 3 positive factors which are mortgage deal over 12 months, available credit and age of accounts

Any thoughts on the above?

Cheers as always

[PlanB]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Have you missed or been late with any mortgage payments (ever) with your current lender? Which is the lender because some (most) have stopped porting mortgages despite what it says in the original Ts & Cs. Most said this facility was at the lender's "discretion". I'm not being negative but it might be worth calling them up to check their policy on porting.

Even if they say No you can persist which is what one member did with great success:

http://forums.all-about-debt.co.uk/s...ead.php?t=7030

[DaveyBoy]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Have you missed or been late with any mortgage payments (ever) with your current lender? Which is the lender because some (most) have stopped porting mortgages despite what it says in the original Ts & Cs. Most said this facility was at the lender's "discretion". I'm not being negative but it might be worth calling them up to check their policy on porting.

Even if they say No you can persist which is what one member did with great success:

http://forums.all-about-debt.co.uk/s...ead.php?t=7030

Cheers PlanB

Have never missed a payment or been late with one (nearly 9 years since the mortgage started). The lender is HSBC. If we couldn't port we would still be looking to move as the house is rapidly becoming to small for its contents!

Thanks again

[Never-In-Doubt]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

A quick background. Got into a financial mess back in 2006 and went on a dmp in 2007 with £45k of unsecured debt. 5 accounts all defaulted in early - mid 2007. Started to explore UE early last year whilst still having £26k outstanding on DMP.

Looking to move sooner rather than later and Just checked experian today (signed up for the free 30 day trial) and my score came in at 996 but there are still 3 'negative factors' on there which I want to make sure wont alarm as I currently have a mortgage tracker deal at 1% above BOE base rate and ideally would like to port and borrow a bit more. The negatives are:-

1) 1 account still showing default - this is the last account from the DMP to default so will be disappear imminently
2) Recently opened new credit account - did this a few months back after reading niddys guide to credit and to get some positive history
3) You have no sucessfully settled credit accounts

also on there I have 10 searches done in the last 12 months. 4 of these are insurance quotations which experian say lenders wont see but then that still leaves 6. These are the new 2 new credit cards but one card did 2 searches the same day?, 1 Betting exchange again 2 checks both on the same day (couldn't be bothered to drive to the bookies to put our grand national bets on so did it online) and the last one for insurance. Is that too many?

They also say I've 3 positive factors which are mortgage deal over 12 months, available credit and age of accounts

Any thoughts on the above?

Cheers as always

Your file is fine......

The one that did two searches on same day (must be Barclays or Crappy 1) can be rectified but you shouldn't worry, the insurance and betting ones will be ignored as they are more for ID purposes only, not credit.

So you 'should' be fine....

[DaveyBoy]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Your file is fine......

The one that did two searches on same day (must be Barclays or Crappy 1) can be rectified but you shouldn't worry, the insurance and betting ones will be ignored as they are more for ID purposes only, not credit.

So you 'should' be fine....

Cheers Niddy
Yeah it was crappy1 who did the 2 checks!
I'll make sure the last default drops off and then make enquiries. Looking on your guide to CRA's and mortgages you've put HSBC down as using Experian only so is this the only one I need worry about if I apply to them?
Thanks

[Never-In-Doubt]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Well the thing is banks tend to check more CRA's for mortgages, I think HSBC deal with CC & EX nowadays. They don't use EQ other than for reporting data.

You'll be fine, if anything gimme a shout (PM) just before you are ready to apply and we'll evaluate things then. So long as your file is not filled with derogatory status' then you'll be fine, searches etc are not a biggie. Not in your case anyway as there are only a couple of actual credit searches which is accepted

[DaveyBoy]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Well the thing is banks tend to check more CRA's for mortgages, I think HSBC deal with CC & EX nowadays. They don't use EQ other than for reporting data.

You'll be fine, if anything gimme a shout (PM) just before you are ready to apply and we'll evaluate things then. So long as your file is not filled with derogatory status' then you'll be fine, searches etc are not a biggie. Not in your case anyway as there are only a couple of actual credit searches which is accepted

Cheers Niddy. What I'll do is see what I can and cant do with HSBC and get an agreement in principle then PM you before proceeding.

Cheers again

[PlanB]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Yeah it was crappy1 who did the 2 checks!

Maybe Capital 1 did those checks when you applied for your credit card in January? I've been reading your other thread on this issue where Niddy advised you to get two credit cards up and running (and an HSBC bank account?) which you've succeeded in doing It clearly pays off to have a strategy in advance before making applications for mortgages:

http://forums.all-about-debt.co.uk/s...ead.php?t=8821

[DaveyBoy]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

Maybe Capital 1 did those checks when you applied for your credit card in January? I've been reading your other thread on this issue where Niddy advised you to get two credit cards up and running (and an HSBC bank account?) which you've succeeded in doing It clearly pays off to have a strategy in advance before making applications for mortgages:

http://forums.all-about-debt.co.uk/s...ead.php?t=8821

Tried to open a HSBC account but on the day I walked in all they'd do was book me an appointment but not before she started trying to sell the monthly fee account. Never made the appointment I'd made due to childcare problems so am going to try again in June when I've a week off work.

Niddys' guide and strategy is working a treat and I for one am so gratful for finding this site.

Cheers

[PlanB]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

So long as your file is not filled with derogatory status' then you'll be fine, searches etc are not a biggie. Not in your case anyway as there are only a couple of actual credit searches which is accepted

I always think that searches which result in credit being granted are not a problem (such as your Capital1 account). But when there are multiple searches on your file in a short space of time and no account established it sends out the signal that you've been turned down for credit and another potential creditor may be spooked by that

When shopping around for mortgages it's best to be clear to the broker (if you use one) that you're only seeking a quote or illustration at first in case they run loads of credit checks without your permission which will leave a footprint You sometimes see two duplicate searches because the lender does one at the DIP stage and then the underwriters may do a second one later as the application progresses.

[Never-In-Doubt]

Re: How long should I wait before asking to Port my mortgage and borrow a bit more?

I always think that searches which result in credit being granted are not a problem (such as your Capital1 account). But when there are multiple searches on your file in a short space of time and no account established it sends out the signal that you've been turned down for credit and another potential creditor may be spooked by that

When shopping around for mortgages it's best to be clear to the broker (if you use one) that you're only seeking a quote or illustration at first in case they run loads of credit checks without your permission which will leave a footprint You sometimes see two duplicate searches because the lender does one at the DIP stage and then the underwriters may do a second one later as the application progresses.

Hiya

With regards to the credit searches, yes you're correct in that too many will cause concern however technically there are only 2 here - in a year so that is fine. Upto around 10 per annum is acceptable, less is better (esp for mortgages). The insurance and betting ones will not be seen by anyone other than the applicant and likewise, lenders do not see who searched they just see the total number of credit searches which will show as maybe 3 or 4 which is still fine, even though only 2 accounts were applied for.

As I say, in this case I think his file is fine - as there are only a couple of credit searches.

Totally agree about the broker running illustrations, the last thing you want or need is multiple declines. A lender will not see it but if they spot several searches with no new products then it's not difficult to put two and two together (and come up with 17)