Our brokers review your credit rating to find a suitable mortgage product
Monday 22 July, 2019
For most people their mortgage is a large part of the house buying process, so our mortgage broking team recommend our clients organise all their financial details before they start looking for a property, whether this is for investment purposes or residential use.
Review your credit rating before you start house hunting
We recommend our mortgage brokers review your credit rating before our team offers mortgage advice because if you have a bad credit rating there are things we can do for you. For more information read: Vishal Gulrajani, Mortgage Broker North London - How to get a mortgage if you have a bad credit rating? Or call one of our mortgage advisers now on 01707 872000.
Thomas Oliver mortgage advisers always discuss credit with our clients
When it comes to mortgages whether it be for living in or renting out, one thing that remains constant and must be achieved to get a mortgage is your credit. When our Thomas Oliver mortgage broking team offer mortgage advice we always discuss a client’s credit with them by obtaining their credit report. This allows our mortgage brokers to see if there is anything that may impact their ability to obtain a mortgage and therefore effect the prospective purchase.
How good is your credit score?
Vishal Gulrajani, Mortgage Broker in Goff’s Oak & Cheshunt, Hertfordshire said:
‘Like many clients you may think you have a good credit rating as you have never missed a payment. However, my response is always the same, there is no harm in checking because far too often I have found this to be untrue and it may be through no fault of your own. Sometimes utilities or telecommunications providers could put missed payments or defaults on your credit profile either through administrative errors or because the new tenants in your previous rental haven’t switched over the gas and electricity bills into their name. Another common phenomena is that consumers like to take out loans and credit cards for their friends or family because they can’t obtain the credit. Now remember there is usually a reason why these people can’t take out credit themselves and if they miss payments or obtain defaults, it affects your credit profile and not their credit score. This is why our mortgage brokers strongly advise clients not to do this. We have too often seen a client’s credit profile destroyed because of someone else’s inability to pay.’
Vishal Gulrajani, Mortgage Broker in Goff’s Oak & Cheshunt, Hertfordshire continued:
‘All of the above justify why we check your credit report at the very first stage of offering mortgage advice, because if there is anything on your credit report we can see if this can be removed or look to rectify your bad score with some easy and simple tips. Providing a mortgage decision in principle or offering you an agreement in principle may give you false hope as this may be a soft search that doesn’t pick up your bad credit and then when it comes to a full application your case will be declined. Therefore it is imperative not to rely on a mortgage lender’s automated systems and review your credit reports before we submit your application.’
Thomas Wheatley, Mortgage Broker in Tottenham, North London said:
‘Overall we have had to adapt as mortgage advisers with more client information now available and obtainable that can have adverse consequences. Credit reports are usually free to obtain and by looking at it first and doing offline mortgage calculations we can give you a budget without leaving a footprint on your credit profile. Alternatively if we do have to proceed with a bad credit profile there are still mortgage lenders that may offer mortgage products with increasingly competitive rates. Consequently we can give you a realistic budget and appropriate monthly payments if you do have to proceed with a bad credit lender which may be surprisingly lower than you expect.’
It is important to check your credit rating early so contact the Thomas Oliver mortgage broking team on 01707 872000 before you start the house buying process. Our mortgage advisers are used to dealing with clients who have bad credit scores and we can review any credit anomalies that may have arisen.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.