credit checks for a mortgage.

[Susiebling365]

Re: credit checks for a mortgage.

So I start with the CRA and will they indicate whether there is adverse connection, because we pretty sure it could be the mortgage people. Although he ran up credit cards at the house after she left to pay the mortgage some months....

How would we know if it was credit cards causing the adverse.... Its this not knowing why she was declined that is the bummer...

Thanks Ken

[ken100464]

Re: credit checks for a mortgage.

I was lucky I suppose as it was our joint account that was emptied and supposed to have been shut and wasnt so was still being reported on.

But all her credit dealings was affecting me and I presume anything I did would have affected her.

I tried the CRA's first to flag up a dispute. They looked at it took them about 6 weeks then to come back to say they couldnt help and that I had to go to Nationwide.

Went to Nationwide and had a couple of letter too and fro to them before they they agreed it was an account that was dead and shud have been shut yonks ago.

They did it and 4 weeks later with no further input from me it all fell off my report.

The strange thing with yours is that you cant see it. Whereas I could see mine. She was displayed in the financial connections section and the account was there as being live.

Perhaps as the two previous posters are saying its the historic connection. Is the mortgage still on even if its closed and slowly falling off?

[Never-In-Doubt]

Re: credit checks for a mortgage.

I suspect it is the historical element of the mortgage - you cannot remove this as it is factual.

You also can't do anything, it'd have to be your daughter that deals with things.

[Susiebling365]

Re: credit checks for a mortgage.

Oh I know I cant do it, she s 25 and going around like a headless fish, so trying to direct her. Just don t understand why I can t see it on her file what is adverse.

We or she with me sitting beside her are going to do the disassociation letter online, and see what comes back, also maybe if she wrote to Experian.

I think it will just take time to clear up, its a shame cos she s debt free and saved a deposit....

[mgfboy]

Re: credit checks for a mortgage.

On her credit report it should show a list of anybody that is financially linked, I would get a report from all three cra's and see what they say.

They dont all report the same thing in my experiance.

[Never-In-Doubt]

Re: credit checks for a mortgage.

On her credit report it should show a list of anybody that is financially linked, I would get a report from all three cra's and see what they say.

They dont all report the same thing in my experiance.

Quite. Experian are the biggest but Equifax has a large share as do CallCredit with HSBC/HBOS accounts now.

Always get all 3 CRA reports and from that you'll see the financial associate. You need to disassociate with them for all FUTURE alerts but all historical PAST data will remain, as mentioned.

Could be a 6 year wait for this mortgage you know...? Bummer like.

[mgfboy]

Re: credit checks for a mortgage.

We?ll.. it got declined.. so she none too happy today...

What I am now querying how do we find out why? The mortgage broker did not respond to her request of why she was declined. She needs to know so that she can put it right as we cannot tell on the credit report alone.

What i am wondering is that her ex partner is still connected in some way and maybe that has an affect as we do not know whether he did actually pay his half of the remaining debt. We do know that he incurred a lot of credit card debt whilst he was living there. He used this to pay the mortgage most months !!!

Any suggestions to how we start

(Takes my mind off the BH problem I suppose

The mortgage broker will not know why she was declined all they get is a ya,nah or refer. Just get the credit reports and then when we find out whats really going on with the linking etc, we may be able to guide her to her goal.

[ken100464]

Re: credit checks for a mortgage.

So a couple of payments were missed, they worked with the bank, handed the keys back.The house was sold, and the remaining balance was split 50 50 and paid off. End of that story.

Think that quote is going to be your problem. Joint mortgage still showing somewhere on one of the CRA's Date of missed payments sometime after 2008. If was Jan 2008 that it was missed for example then it aint gonna go till Jan 2014.

You are seeing horror stories of people defaulting on a small phone payment that cant get a mortgage. Not paying a mortgage payment for whatever reason would I suggest put the heebie geebies up any lender.

[Susiebling365]

Re: credit checks for a mortgage.

We went onto Equifax, and you were right. The ex is still on there as a financial associate and details of the mortgage payments. He incurred a lot of credit card debt when they split up..

The last 6 months are where the payments stopped and they handed the property back to the bank. Then a blank 4 months where the house was sold.

From what point does the 6 years start?

She is going to write a disassociation letter , and maybe some explanation note to append to the mortgage payments, as it was well paid up until the break up.

So thats that for now, maybe there is a lender who would grant a mortgage , have to look.

Thanks everyone.

[ken100464]

Re: credit checks for a mortgage.

Others may have a better understanding than me but as there does not seem to have been a default reported from what you say the account is a true record and isnt going to drop off.

Therefore best guess would be when the last bad mark whatever that was is 6 years old and dropped off the history.

You would need one of the mortgage guys to give you an idea as to who and when this may become acceptable sometime in the future.

By that I mean is there anyone out there not looking at 6 year old stuff.

[Never-In-Doubt]

Re: credit checks for a mortgage.

I've explained this earlier. Read back.

Just start a disassociation with the ex using the date they split.

However if they had ANY accounts live then until that account link is closed it'll remain as a direct association on the credit agency. So if she closed all joint accounts in March 2012; the links would cease in April 2012 and the joint data (account history) will remain until March / April 2018 (6yrs).

If there are any joint accounts still live the disassociation cannot take place so pointless asking.

[Susiebling365]

Re: credit checks for a mortgage.

Aww Thanks you lot , I m blonde and takes a while to sink in lol..

She feels better now we know what it is and can start clearing it up.. So be onto the above ASAP...

The whole lot was finished june this year with a F%F and she has a letter to that affect. She is out of debt now and a little in the bank which was a deposit ... so ... have to see how things go...


You re great on here

[Never-In-Doubt]

Re: credit checks for a mortgage.

Well sadly it could be 3-4 years before she'll get accepted. mgfboy is best suited to answer that I think as its his industry

But the adverse will remain visible till June 2018.

[Susiebling365]

Re: credit checks for a mortgage.

Hmmm c'est la vie ..... but she is young.... thanks again.

[mgfboy]

Re: credit checks for a mortgage.

Well sadly it could be 3-4 years before she'll get accepted. mgfboy is best suited to answer that I think as its his industry

But the adverse will remain visible till June 2018.

Unfourtunatly Niddy your about right, 3 years clean as a min. With mainsteam lenders just arn't interested these days unless it's really clean, with prices though starting to rise the market might change as the lenders dont worry so much about their exposure.

Sxguy might know someone who will lend, but I dont think it would be a regulated loan!!!!