Likelihood of acceptance

Christhesparky
Christhesparky Posts: 12 Forumite
in Mortgages & endowments
Afternoon ladies and gents,
Could any of you give me an idea of whether We would be accepted for a mortgage,

85% ltv required on £150000 property
Combined income of £55000

Unfortunately I have a satisfied CCJ and 2 defaults from 3 years ago, however my wife's credit history is good.

Should we see an independent financial advisor, or try halifax who we both bank with?

Thanks

Comments

  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Are the defaults satisfied?
    Halifax may not be a bad shout, but I think a broker would help your chances. Its a mortgage advisor you would probably need not a financial advisor.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Christhesparky
    Christhesparky Posts: 12 Forumite
    Thanks for your reply, defaults are outstanding, but are in the process of being repaid.

    Would a local mortgage advisor be beneficial, or would an estate agents be just as good?
  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    General rule of thumb is to avoid estate agent based brokers.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Christhesparky wrote: »
    defaults are outstanding, but are in the process of being repaid.

    How much were the defaults for?

    When you say in the process of. Are you paying them off in installments under an arrangement to pay. Or settling now partially or in full.
  • sulphate
    sulphate Posts: 1,235 Forumite
    I'd suggest an independent mortgage broker too. They will have access to products from many different lenders and will have a good idea of who will accept your credit history.
  • Christhesparky
    Christhesparky Posts: 12 Forumite
    Thrugelmir wrote: »
    How much were the defaults for?

    When you say in the process of. Are you paying them off in installments under an arrangement to pay. Or settling now partially or in full.

    One default for £400 the other for just under £3000, currently being paid in installments
  • Xxlouisekxx
    Xxlouisekxx Posts: 25 Forumite
    ACG wrote: »
    General rule of thumb is to avoid estate agent based brokers.
    Hi just wondering why do they say to avoid estate agent based brokers please??
  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Some of the larger corporates are classed as whole of market, but they have a smaller panel of providers. As an example I think the largest corporate has around 16 lenders on panel - by comparison, I have access to 40-50 plus.

    If a broker works for/with an estate agent, who are they going to be looking after the most? A one off customer or someone who pays their wages?

    Again, the corporates tend to be heavily targeted for sales. Are you going to get best advice from someone under pressure to sell?

    Lastly, most experienced brokers started either for a bank or an estate agents and then leave once they have the experience.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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