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  • FIRST POST
    • starrybear
    • By starrybear 12th Mar 17, 1:41 PM
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    starrybear
    New mortgage needed before default drops off credit file- aargh!
    • #1
    • 12th Mar 17, 1:41 PM
    New mortgage needed before default drops off credit file- aargh! 12th Mar 17 at 1:41 PM
    Afternoon all,

    I have a default that is due to drop off my credit file in mid-April (so would assume all agencies would be up to date by mid-May?)

    We want to use HTB and put our house on the market last weekend in anticipation that it would probably take a while to sell. However, it sold (in principle!) yesterday to first time buyers, so we now need to get our skates on!

    Are we still likely to be looking at a 'sub-prime' lender at this point? If anyone has any advice on how we can avoid shooting ourselves in the foot without losing our buyer or losing the new build plot we've set our hearts on, I'd be very grateful! Aargh!

    SB
Page 1
    • ACG
    • By ACG 12th Mar 17, 3:43 PM
    • 14,288 Posts
    • 7,080 Thanks
    ACG
    • #2
    • 12th Mar 17, 3:43 PM
    • #2
    • 12th Mar 17, 3:43 PM
    I would be very surprised if you can not get a lender to do this for you at normal rates. Your options are potentially limited depending on the size of the default, what it is for and when it was satisfied but I think if you get a good experienced broker on it, you should be fine.
    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.
    • starrybear
    • By starrybear 12th Mar 17, 4:22 PM
    • 50 Posts
    • 3 Thanks
    starrybear
    • #3
    • 12th Mar 17, 4:22 PM
    • #3
    • 12th Mar 17, 4:22 PM
    Oh thank you! Do you really think we could get an un-ridiculous rate?! The default is the last of 6 to drop off, and was for about £1k on a credit card. I had 5 other defaults totalling c£18k but they're all off as of end of Feb.

    6 months ago we were accepted by Aldermore at a rate of 4.39% so it'd be amazing to secure something not quite as scary!
    • ACG
    • By ACG 12th Mar 17, 4:31 PM
    • 14,288 Posts
    • 7,080 Thanks
    ACG
    • #4
    • 12th Mar 17, 4:31 PM
    • #4
    • 12th Mar 17, 4:31 PM
    When you say HTB are you talking about a 95% mortgage or the equity loan scheme for new builds?

    As far as I am aware Aldermore do not do the equity loan mortgages.
    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.
    • kingstreet
    • By kingstreet 12th Mar 17, 4:33 PM
    • 30,920 Posts
    • 16,474 Thanks
    kingstreet
    • #5
    • 12th Mar 17, 4:33 PM
    • #5
    • 12th Mar 17, 4:33 PM
    As far as I am aware Aldermore do not do the equity loan mortgages.
    Originally posted by ACG
    They do.

    So do Precise for non-vanilla cases.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 12th Mar 17, 4:34 PM
    • 30,920 Posts
    • 16,474 Thanks
    kingstreet
    • #6
    • 12th Mar 17, 4:34 PM
    • #6
    • 12th Mar 17, 4:34 PM
    What has your broker said about timing?

    You didn't get a DIP with Aldermore direct, surely?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • ACG
    • By ACG 12th Mar 17, 4:37 PM
    • 14,288 Posts
    • 7,080 Thanks
    ACG
    • #7
    • 12th Mar 17, 4:37 PM
    • #7
    • 12th Mar 17, 4:37 PM
    I knew Precise did, I feel like I am sat in their marketing office with the amount of emails/social media updates I get from them.
    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.
    • starrybear
    • By starrybear 12th Mar 17, 5:20 PM
    • 50 Posts
    • 3 Thanks
    starrybear
    • #8
    • 12th Mar 17, 5:20 PM
    • #8
    • 12th Mar 17, 5:20 PM
    Aldermore gave us a DIP based on a 5% HTB deposit, if I remember correctly, although we did state that we can go higher on the deposit. Does that not sound right? We're not working with the same broker now, as something didn't feel quite right...
    • sammyjammy
    • By sammyjammy 13th Mar 17, 9:03 AM
    • 4,078 Posts
    • 4,421 Thanks
    sammyjammy
    • #9
    • 13th Mar 17, 9:03 AM
    • #9
    • 13th Mar 17, 9:03 AM
    Oh thank you! Do you really think we could get an un-ridiculous rate?! The default is the last of 6 to drop off, and was for about £1k on a credit card. I had 5 other defaults totalling c£18k but they're all off as of end of Feb.

    6 months ago we were accepted by Aldermore at a rate of 4.39% so it'd be amazing to secure something not quite as scary!
    Originally posted by starrybear
    Its a bit of a worry if you find 4.39% scary!
    "You've been reading SOS when it's just your clock reading 5:05 "
    • starrybear
    • By starrybear 13th Mar 17, 11:54 AM
    • 50 Posts
    • 3 Thanks
    starrybear
    Its a bit of a worry if you find 4.39% scary!
    Originally posted by sammyjammy
    Our current standard variable mortgage rate is a hell of a lot lower than 4.39%!

    There are some good mortgage deals to be had at present - I'm just hoping that our circumstances will qualify us for one of them...
    • obay
    • By obay 13th Mar 17, 3:32 PM
    • 296 Posts
    • 183 Thanks
    obay
    I think you can go with a high street, have you tried? just run a soft search with halifax, if you get something through them, you know you'll get something with elsewhere.
    1/12/16 - £152,599.00
    • ACG
    • By ACG 13th Mar 17, 4:02 PM
    • 14,288 Posts
    • 7,080 Thanks
    ACG
    I think you can go with a high street, have you tried? just run a soft search with halifax, if you get something through them, you know you'll get something with elsewhere.
    Originally posted by obay
    A soft footprint (which is known for not being worth the paper it is printed on) with Halifax does not mean you will get something somewhere else at all.

    Please ignore that post.
    Last edited by ACG; 13-03-2017 at 4:06 PM.
    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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