Hole In One vs HSBC

[Hole In One]

Morning,

 

Have a question:

 

:? How excatly does excisting credit agreements effect a mortgage application?:?

 

We are potentially facing a problem with ours and just want to confirm how a company will use the information and to what effect this will have.

 

I will post further info but will need to take this one point at a time so I don't get confused or miss a thing!

 

Thanks in advance for your assistance and input.

[zootscoot]

Hi Hole in One,

 

Generally if you have a history of a default, a CCJ or mortgage arrears this will put you outside the criteria of the High Street lenders and you may only be able to get a mortgage from a sub-prime lender. The difference between the two is higher interest rates and higher charges.

 

If it is simply late payment markers these are generally ignored. If you have occurred defaults as a result of bank charges there may be a possibility of getting them removed.

 

Have you requested a copy of your credit report to see what the problem is?

 

Best wishes

 

Zoot

[Hole In One]

Hi Hole in One,

 

Generally if you have a history of a default, a CCJ or mortgage arrears this will put you outside the criteria of the High Street lenders and you may only be able to get a mortgage from a sub-prime lender. The difference between the two is higher interest rates and higher charges.

 

If it is simply late payment markers these are generally ignored. If you have occurred defaults as a result of bank charges there may be a possibility of getting them removed.

 

Have you requested a copy of your credit report to see what the problem is?

 

Best wishes

 

Zoot

 

Thanks for you comments.I have done a credit report and has shown a defult in my previous address six months after we left. I have been a victim of identity fraud and are in the process of getting that sorted.The reason for asking is that on reviewing our application, the lender did not take into account any excisting agreements into account. We did declare these and proof was given to them. I have been told this would have affected the offer. Is this correct? The lender says no and are refusing to review it with us. If they have done wrong, what steps can be taken and would there be anything that could be done?

 

Also, if a client is on comission based wages, what percentage of the comission can be used?