Dark Blue Mark

Ok,

GF has a flat at the mo and is renting it under permit to let. Living at uncles for 6 months to cash in for a bit, but has also put in an offer on another flat.

Experian rating is 940 or so, so very high. But Northern Rock are saying she is a med risk possibly because of debt registered on the previous property. Something to do with "huntsman" For that reason they are offering a higher % rate and longer term

I though they stopped all the bad rating due to previous occupants?

Any advice on why this is happening appreciated!

MB

supna

Different lenders use different credit scoring companies. Northern Rock probably use Equifax which in general gives a poorer rating than the Experian one.

speye91

Miss Speye has just told me that her mates ex boyfriend ,who is on benefits and does not work, has just got a mortgage for 70k.How the **** does that work

mick

MikeCardiff

iTrader: (2)

Probably did a self certifying mortgage through an IFA who isnt too fussy about telling the truth to the lender.

Dark Blue Mark

Sup, good point I will look into that. Im with NRock and used Equifax to check mine.

Mick, tell me about it Seem to give anyone a mortgage these days.

Mike, thats an interesting one. She is using an advisor who is fighting the case. Whats the score with these people in terms of commission? Are they interested in getting you the best rate?

Only putting down 5% but the rate they are now quoting is 5.49 and locked in for 5 years, 3% redemption pen. They have better rates but wont offer them!

MB

speye91

I have just re-mortgaged today , bought my house 4 years ago for 24k it was a wreck.After 3 years hard graft getting it all done,windows ,re-wire,bathroom,making the bedroom downstairs into a dining room ,it was a bungalow.Then last year decided to have a loft conversion done and add a few more rooms upstairs.Anyway my payments a month are around £250 for a 38k mortgage (borrowed against the property last year)property is now valued at 100k plus, so how can someone on benifits afford a mortgage?

May have got off the point a bit but i had adverse credit and had no probs getting my mortgage with a 5.49% rate fixed for three years. So keep looking mate there will be somebody out there willing to help, and not take your eyeballs out in the process.

LanCat

Mark,
Could Huntsman be Hunter? It's a fraud detection database used to check for people making multiple loan applications. Most finance companies upload their application info to a central Hunter system and so get warnings on multiple apps. Used to detect money laundering and the like. Maybe the advisor has triggered that or maybe there is some identity theft problem.

Dark Blue Mark

Yes it is Hunter I think. Good info thanks, will check on that with IFA tomorrow! Would it show up on the Experian report if it was identity theft, if someone had made an application for something?

Thanks again Lan.

Thanks Spy. In your case you have a much lower amount you are borrowing I guess, so less of an initial risk?

MB

LanCat

It might not be obvious but clearly if there were applications there that she knew she hadnt made then that would show!

MikeCardiff

iTrader: (2)

Are they 80llocks - they are interested in selling you whichever service they are getting the best kickback on at the time

I'm sure there are completely honest IFA's out there, but you'd be lucky to find one.

It may be worth her while trying another IFA or going direct to the lender.