Why do we ask for a credit file report at your initial appointment?

Please don’t be put off by the mortgage adviser asking you for documents and a credit file report prior to your initial consultation. Think of your appointment as an advice session where the mortgage adviser is getting to know you and your current circumstances. Their aim is to help you choose the most appropriate mortgage for YOU. Your credit history is an important part of the process and will help your adviser find the lender most suited to your individual requirements. There is no ‘one size fits all’ which is why it helps that we have access to over 100 different lenders and products.

Each lender uses their own criteria to assess how risky a customer you are likely to be. This means it's possible that while one lender will reject you for a mortgage, another might accept you with no issues. Having adverse credit or unpaid bills on your credit file will not necessarily stop you from applying for a mortgage but your adviser will tend to know which lender may be more likely to accept your individual circumstances.

Your adviser will also check for mistakes or fraudulent activity on your credit report. If you spot a mistake on any of your credit files, it is important to get this put right otherwise it could harm your ability to get a mortgage or loan later. Mistakes can range from basic errors relating to your address details to incorrect information supplied by your bank, which could put off another company wanting to lend to you.

Credit reports are compiled by the credit reference agencies. The three main agencies in the UK are Experian, Equifax and TransUnion. They each produce their own version of your credit score to give you a better idea of how your application might be viewed by lenders. You may have heard someone mention they have a high or low credit score but confusingly, each credit reference agency uses a slightly different scale. For example, a score of 811 can be excellent with Equifax but only fair with Experian!

You can of course supply a credit file report from any of the main credit agencies if you are already signed up with them but, just so you know, the link we supply (below) covers all three of these main agencies together so what may not show on one agency report should show on one, or both, of the others. This hopefully ensures nothing is missed which may affect your application further down the line when you are mid purchase and waiting for your mortgage offer.

https://www.checkmyfile.com/?ref=ryanjoyce&cbap=1

So to summarise: a credit report is an extremely important part of the mortgage process. Please help us by providing this ready for your appointment and be honest and open with your adviser when he asks relevant questions during your initial consultation. He is not there to judge – just to help you realise your dream of owning your own home! 😊