Mortgage with defaults
Discussion
Morning all,
I have been reading a lot of forums recently. Me and my other half are trying to reduce our outgoings to potentially save for a mortgage.
My main question is.....
she has 2 defaults on her account - default dates June 2014 and May 2014, now I know they take 6 years to come off her report but do some mortgage providers accept people with defaults? they have been fully paid up April 16 (last year) so there is no outstanding debt on them, but obviously still on her credit report until 19/20
any advice would be gratefully appreciated.
I have been reading a lot of forums recently. Me and my other half are trying to reduce our outgoings to potentially save for a mortgage.
My main question is.....
she has 2 defaults on her account - default dates June 2014 and May 2014, now I know they take 6 years to come off her report but do some mortgage providers accept people with defaults? they have been fully paid up April 16 (last year) so there is no outstanding debt on them, but obviously still on her credit report until 19/20
any advice would be gratefully appreciated.
Yes there are lenders that will look at this depending on how much deposit you can put in.
You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
Stevemr said:
Yes there are lenders that will look at this depending on how much deposit you can put in.
You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
ahh ok great, we are currently working at getting credit cards paid off but it was the defaults that worried me the most. We spoke to one broker but he is a little abrupt and pushy, he gave me a DIP when I said we weren't looking to reserve a plot until Dec of this year. You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
I have seen a lot of people recommending Sarnie also, thanks a lot for your response
Stevemr said:
Yes there are lenders that will look at this depending on how much deposit you can put in.
You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
You need a Broker, what you do not want to do is try getting decisions in Principle yourself,as you ring the risk of making your credit history worse!
Sarnie on here is well thought of. I am a Broker and have never disagreed with anything I have seen him post on here!
And agree on the Decisions In Principles.........you will only harm your chances further with spurrious applications "just to see"..........you want specific advice to ensure that you know that lender is accepting of your circumstances before you apply rather than pressing "submit" and crossing your fingers Usually, once they are two years old, there will be lenders who will lend to you
Sarnie said:
beer: And agree on the Decisions In Principles.........you will only harm your chances further with spurrious applications "just to see"..........you want specific advice to ensure that you know that lender is accepting of your circumstances before you apply rather than pressing "submit" and crossing your fingers
Usually, once they are two years old, there will be lenders who will lend to you
yeah I wasn't aware he was doing one, he said he wanted to put a file together to save time in the future even when I advised I wasn't in any position to be getting a DIP or reserving a plot at this point. Usually, once they are two years old, there will be lenders who will lend to you
That's good they are 3 and 4 years old now, and been paid up over 12 months so I am keeping the hope. Just need to improve on the credit score.
When it comes to the time could I email you/ring you for advice?
superius2014 said:
yeah I wasn't aware he was doing one, he said he wanted to put a file together to save time in the future even when I advised I wasn't in any position to be getting a DIP or reserving a plot at this point.
That's good they are 3 and 4 years old now, and been paid up over 12 months so I am keeping the hope. Just need to improve on the credit score.
When it comes to the time could I email you/ring you for advice?
Of course, no problem at all, always happy to chat!!That's good they are 3 and 4 years old now, and been paid up over 12 months so I am keeping the hope. Just need to improve on the credit score.
When it comes to the time could I email you/ring you for advice?
I was under the impression and agreement in principle didn't affect your rating, as no search is done? Well hard search anyway.
OP, you should be fine, but you may pay a higher rate. I got my details cloned, and a CCJ as a result, which I wasn't aware of until I started looking at mortgages, as I had no reason to look at my credit history prior. Some toerag got my details, bought some furniture on finance and then cancelled everything, but it was 4 years after the CCJ was issued until I found out, so had to lump it. Long story short, I got a mortgage, at a higher rate, somewhere around 6.5%, and just had to deal with it for 2 years.
OP, you should be fine, but you may pay a higher rate. I got my details cloned, and a CCJ as a result, which I wasn't aware of until I started looking at mortgages, as I had no reason to look at my credit history prior. Some toerag got my details, bought some furniture on finance and then cancelled everything, but it was 4 years after the CCJ was issued until I found out, so had to lump it. Long story short, I got a mortgage, at a higher rate, somewhere around 6.5%, and just had to deal with it for 2 years.
awlp16 said:
I was under the impression and agreement in principle didn't affect your rating, as no search is done? Well hard search anyway.
An AIP that doesn't hard credit search you is a waste of time..........when you submit the application they then hard credit search you anyway........at which point they could decline you........so if you are going to get an AIP, it may as well be done as a hard credit search to ensure the decision is as watertight as an AIP can be.......Sarnie said:
An AIP that doesn't hard credit search you is a waste of time..........when you submit the application they then hard credit search you anyway........at which point they could decline you........so if you are going to get an AIP, it may as well be done as a hard credit search to ensure the decision is as watertight as an AIP can be.......
Ah good to know, cheers!I had a very well regarded broker tell me my chances were zero with my financial position. He would not look at me. Same story with five others.
Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
MrJuice said:
I had a very well regarded broker tell me my chances were zero with my financial position. He would not look at me. Same story with five others.
Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
Yup. If your circumstances are in any way non-standard then you need to be speaking to a broker, they have the experience to be able to place your application on the right underwriter's desk - hopefully!Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
We have a good crop of well-regarded brokers here on PH but if anyone wants another choice, the guy I use for stuff is Graham, based in Southport. http://www.mortgage-find.me/bad-credit-mortgages/
Pot Bellied Fool said:
MrJuice said:
I had a very well regarded broker tell me my chances were zero with my financial position. He would not look at me. Same story with five others.
Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
Yup. If your circumstances are in any way non-standard then you need to be speaking to a broker, they have the experience to be able to place your application on the right underwriter's desk - hopefully!Broker number 6 had the opposite attitude and in the end I got a good mortgage. He just listened to my position and knew which product would suit. It meant I had to put 31% down which was very painful. But we got there in the end.
Moral of the story is keeping speaking to brokers even if some say no.
We have a good crop of well-regarded brokers here on PH but if anyone wants another choice, the guy I use for stuff is Graham, based in Southport. http://www.mortgage-find.me/bad-credit-mortgages/
"YOU MAY BE REQUIRED TO PAY A BROKING FEE. THE FEE WILL DEPEND ON YOUR CIRCUMSTANCES, AN INDICATION IS 2.5% OF THE LOAN SUBJECT TO A MINIMUM OF £2300."
Adverse credit mortgages do take up considerably more time, for numerous reasons, but 2.5% of the advance with a minimum of £2,300 is both exploitation and extortion............in my opinion of course!
superius2014 said:
2.5% in my opinion is also extortionate. Whether it's more work or not..
Hoping to get some ideas for back end of this year. Someone said you need an AIP to reserve a plot on the site I want but why would they do that if they aren't worth anything?
Because they have no other way of verifying your ability to get a mortgage...............even if an accepted AIP doesn't actually mean anything........Eg you could input anything you like about your income into an AIP to get an accepted AIP at any lending amount you like, but if it doesn't all stack up when the full application gets underway, it'll fall apart pretty quickly.......Hoping to get some ideas for back end of this year. Someone said you need an AIP to reserve a plot on the site I want but why would they do that if they aren't worth anything?
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