Check for nasty surprises on your credit file

Friday, 27 September 2019

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Mortgage advice, Boston Spa, Yorkshire IFA

When a first time buyer approaches us, looking for mortgage advice, one of the first things we tell them to do is check their credit file. Most people are sure that there will be no nasty surprises on there. However, you would be amazed how often we discover issues that could derail a mortgage application.

For example, there could be a loan still listed at an old address, or a credit card that the applicant had forgotten about. Most damaging of all, we sometimes discover a "default" (resulting from repeated missed payments) on something like a mobile phone contract or store card, that the applicant has no knowledge of because it happened at a previous address.

Black marks on a credit file can sometimes be completely removed with a simple phone call to the company concerned - we have helped to arrange this twice for clients in the last two weeks.

A good place to start is a free credit file download offered by the likes of Experian (https://www.experian.co.uk/consumer/statutory-report.html). If you see anything on there that you don't think is right, get in touch with the lender/provider concerned immediately. And make sure that all of your active credit accounts are listed at your current address.

Get in touch for more guidance on how to get ready for a mortgage application

Chartered Financial Planners. FCA Regulated (FCA no. 603653). Free initial assesment.