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Most lenient lenders
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Thumbell_2
Posts: 14 Forumite
Hi,
I have fallen in love with a super cheap house and was wondering if anyone knew the easiest lender to get a mortgage from. I have a poor credit rating due to a dispute with a credit card company that has been going on for some time. There is a notice of correction on my Experien report but think this is all I can do. I can only rustle up a 5% deposit. I could get a guarantor. does anyone know of any lenders that are more tolerant of high risk customers, even in this climate?
I have fallen in love with a super cheap house and was wondering if anyone knew the easiest lender to get a mortgage from. I have a poor credit rating due to a dispute with a credit card company that has been going on for some time. There is a notice of correction on my Experien report but think this is all I can do. I can only rustle up a 5% deposit. I could get a guarantor. does anyone know of any lenders that are more tolerant of high risk customers, even in this climate?
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Comments
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Have you got an up to date copy of your credit file?
What shows up on there?
What amount of money is in question?
What is the property value and what is your income?I am a Mortgage AdviserYou 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.0 -
A notice of correction never looks good to a prospective lender, speak to a lender BEFORE you make an application, they'll find out anyway.
In regards to lienency, it will depend on how much you want to borrow, how much you earn.
Does the property require any work doing to it - you may need to borrow more money.
Alternatively sit tight."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
You will struggle to get a 95% mortgage. You need at least a 15% deposit if you have adverse credit (reagardless of if you are disputing it) and even then your terms will not be favourable.0
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Few lenders are leniebt at the moment.
Abbey used to look at cases where there had been the odd blip here and there, but they told me the other day that they are currently only looking for squeaky clean businessI am a Mortgage adviserYou 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.0 -
Thanks for the advice guys :-)
Thought the recent cash injection might have meant that some lenders were being more free with their money again or that some mortgage companies weren't that fussy and I could snap up a super cheap flat before the property prcies went back up again.
Curse Lloyds (and my meagre savings).0 -
Thanks for the advice guys :-)
Thought the recent cash injection might have meant that some lenders were being more free with their money again or that some mortgage companies weren't that fussy and I could snap up a super cheap flat before the property prcies went back up again.
Curse Lloyds (and my meagre savings).
think the days of fuss free mortgages have gone for a long time, if not for ever.
'fraid it's a tough time ahead, regardless of what the govt is saying they want.For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 20070 -
think the days of fuss free mortgages have gone for a long time, if not for ever.
'fraid it's a tough time ahead, regardless of what the govt is saying they want.
Agreed. What the government is saying is election talk.
Most lenders still aren't interested in lendingI am a Mortgage adviserYou 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.0 -
Sub prime lending WILL return very slowly, because in the final analysis there is a lot profit margin to be had and more than 97% of Brits do not get repossessed.
It's so easy to be swept along by the current mood, but believe me in time those potential juicy margins are just too hard to ignore. Sub prime will reemerge gradually once gouse prices have stabilised.
Dont believe me?
Ok imagine in 18 months time you are a heavy weight investor looking for high returns. You will notice 97%+ borrowers did not get repossessed. You will notice asset prices have stabilised. You will look back at the tantalising profits sub prime business yielded pre summer 2007.
The appetite for high margin higher risk lending will return.
Whats that?
Oh, regulation. Lenders will ALWAYS be one step ahead of regulators when there are big margins to be captured.
For a start a core plank of FSA regulation is that "lenders / advisers may reasonably rely upon clients verbal status disclosures".0 -
Agreed with Conrad. As will 100% lending. Maybe even 100%+ lending somewhere further down the line.
It;s just a matter of when, not if.
2010 I think we will have more of the sub-prime and 100% deals back in the market place. Even in the current climate we have already seen one new adverse lender launch (MBS), so its very likely that more will.
It will be interesting to see if some of the old lenders come back, or if current prime lenders launch adverse arms, as seems to be the current trend.0 -
MBS? Do you think they will lend to me now?0
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