The Credit Search process explained and mortgage help at hand...
A Credit Search is usually carried out by a Lender and/or Mortgage Broker as part of their credit assessment during the mortgage process.
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Here we take a look at the Credit Search, and explain how credit searches work, and the type of information that may be held on file about you, along with how you can access your own credit file. We also explain how we might be able to help with a mortgage or remortgage if your credit rating is poor.
Table of Contents:
What is a Credit Search?
A Credit Search is a task undertaken by mortgage lenders and / or mortgage brokers during the mortgage process. Credit Searches can only be carried out with the borrower's permission, and searching is usually transacted online with one of the major credit bureaux agencies, for example: Experian, or Equifax.
What type of information will a Credit Search show?
Borrower's credit files are held by the credit agencies, and are regularly updated with a variety of information. The type of information that may show up after having searched your file includes:
- The Electoral Register and registered addresses in the last 6 years
- Details of credit transactions (past and present)
- Details of Credit Defaults and late payments
- Details of County Court Judgements, and whether they have been satisfied
- Bankruptcy information
Can I perform my own credit search?
The answer is yes, it is possible to perform your own credit search online using a Credit Referencing Agency or Bureaux such as Experian or Equifax.
A word of caution before you perform your own credit search!
Just a quick word of caution if you are considering performing a credit search of your own file online. Remember that some lending institutions operating credit scoring methods could hold this additional search against you. With many credit scoring systems, multiple searches usually result in lower points towards your pass score!
Do all Lenders require a Credit Search when assessing circumstances?
The answer is Yes, but this need not necessarily be a problem should you have adverse credit registered against you, as we explain in the next question.
Can Shire Direct help me with a Mortgage or Remortgage should my Credit Search reveal adverse credit registered against me?
The answer is hopefully yes! Here at Shire Direct we understand that personal circumstances can sometimes hit a 'blip'. So we have incorporated a range of lenders and schemes within our lending portfolios to accommodate our customers' requirements - even in the trickiest of circumstances!
Remember, we're here to help! So if you are considering buying a new home, or simply remortgaging, and would like an indication as to whether or not we can help, please do not hesitate to call us!
We have the approach, the skills and the desire to arrange mortgage funding - whatever your circumstances! Our specialist underwriters and professionally qualified mortgage advisors have a wealth of experience in carefully assessing your requirements, and providing appropriate advice.
You'll find our mortgage advisors to be approachable, helpful and friendly, we look for reasons to fund an application, not turn it down!
So, why not either enquire online anytime, or give us a call on Freephone 08000 282 281, our lines are open everyday until 10.00pm including weekends. Remember, if a Credit Search shows up adverse credit registered against you, then it needn't be the end of the world when it comes to getting a Mortgage or Remortgage! We'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.