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When can I put a mortgage application in?
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MrsJY
4 Posts
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1
29/06/2021 - 11:54 am

Hi,
so we have been told by a few brokers that we fit criteria for a certain lender (P******) on 29th March as our defaults will then be under 2 years old. We did reserve a new build property but the developer has now cancelled our reservation and put the plot back up for sale as understandably they won’t wait that long to exchange contracts.

So I was told by numerous people that we can re-reserve the plot if its still available at the end of march and put the application in the day after the default turns 2 years old. But when I spoke to the lender they said they have to wait until experian updates the credit report following the default turning 2 years old. My husbands experian doesnt update until 22nd of April, which pretty much means we would lose the house. We have tried a few different brokers who have said we can definitely do the application the day after the default turns 2 years old on 29th march but the lender has told me different. I don’t know who to believe, the brokers ive spoke to aren’t specialised in adverse so I’m not sure whether its them with the wrong info 🤷‍♀️🤦‍♀️

Can someone please help?
Thank you

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157 Posts
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29/06/2021 - 11:54 am

Hi there,

I think you have 2 issues here, firstly the answer has nothing to do with Experian updating (if we are talking specifically about default age) and the day after 2 years this lender will accept an application. They also have an internal credit score, so hitting the criteria doesn’t necessitate a successful mortgage decision in principle/application.

Issue 2 would be whether this is the only lender that you are eligible for as there are a few specialist lenders that work with the assumed Help To Buy scheme.

Hope this helps

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MrsJY
4 Posts
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29/06/2021 - 11:55 am

Thank you

They said they use experian for the dip, and it would automatically be declined because they wouldn’t look at the date the default was registered and until experian do their monthly update it wouldn’t show as 2 years old. I realise it can decline for other reasons but thats just something I can’t do anything about, if I fit criteria I just have to hope for the best.

We know we currently fit another lender but the interest rates are over 7% so a crazy increase to the other possible lenders. Thank you for the advice x

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