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  • FIRST POST
    • kellie appleby
    • By kellie appleby 18th May 17, 2:20 PM
    • 3Posts
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    kellie appleby
    Defaults and Old debt management plan
    • #1
    • 18th May 17, 2:20 PM
    Defaults and Old debt management plan 18th May 17 at 2:20 PM
    Hi, My boyfriend and myself applied for a mortgage in December last year and at the time he had 8 defaults (don't ask) anyway our broker found us a mortgage through a specialist lender called precise who accepted people with defaults. We had our DIP and everything fine however the mortgage offer was declined due to my boyfriend previously having a DMP with Harrington brooks, this was closed and fully settled back in December 2015 so it had been closed for 12 months at the time of our mortgage app and it doesn't show on his credit file nor were we asked about it. So we lost out on our house and were told that precise do not consider people who have had a DMP unless it has been closed for a total of 36 months!
    Anyway fast forward to now I have been able to get 5 defaults removed from his credit file, so he now has left Capital one £356.00 Registered in May 2014, Capquest £228.00 Registered in August 2014, Barclaycard £901 Registered Sept 2015

    We are saving up for more of a deposit and in a few months time will have around 21k, just wondering what our chances are of being accepted? I just don't want to go through being declined again!













Page 1
    • ACG
    • By ACG 18th May 17, 4:08 PM
    • 15,079 Posts
    • 7,621 Thanks
    ACG
    • #2
    • 18th May 17, 4:08 PM
    • #2
    • 18th May 17, 4:08 PM
    15% deposit and you should be fine. Possibly high street rates but only a slim chance but nothing worse than precise.
    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.
    • kwackerman
    • By kwackerman 18th May 17, 6:13 PM
    • 46 Posts
    • 4 Thanks
    kwackerman
    • #3
    • 18th May 17, 6:13 PM
    • #3
    • 18th May 17, 6:13 PM
    Precise do accept people with DMPs finished within 36 months.

    We have just received our offer from precise, our DMP was settled last November. We still have a couple of defaults from about 5 years ago and loads of payday loans the most recent last March.
    We do however have a 25% deposit.
    Our apr is 3.89%.

    Hope this helps.

    Andy
    • David White
    • By David White 18th May 17, 9:09 PM
    • 811 Posts
    • 346 Thanks
    David White
    • #4
    • 18th May 17, 9:09 PM
    • #4
    • 18th May 17, 9:09 PM
    Precise have recently relaxed their criteria regarding DMP's...

    That said, they are more of a last chance saloon lender in my eyes so I wouldn't lose hope of a better deal elsewhere.

    Perhaps use a broker that specialises in adverse though as I would suggest the previous one didn't know their criteria well enough taking you to Precise if you didn't fit at the time.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ellison007
    • By ellison007 18th May 17, 10:51 PM
    • 66 Posts
    • 16 Thanks
    ellison007
    • #5
    • 18th May 17, 10:51 PM
    • #5
    • 18th May 17, 10:51 PM
    How did Precise find out about the old, closed DMP if it wasn't on the credit file or even asked about? Was there a question about it on the application form? Pepper Home Loans (google it) or Kensington mortgages might be an option going forward. Halifax are usually quite forgiving too. Defo need a good adverse credit broker. Best of luck.
    • kellie appleby
    • By kellie appleby 23rd May 17, 10:38 AM
    • 3 Posts
    • 0 Thanks
    kellie appleby
    • #6
    • 23rd May 17, 10:38 AM
    Precise
    • #6
    • 23rd May 17, 10:38 AM
    Thank you all! Apparently.... the closed DMP come up on a back office secondary system that they use. So this is why it hadn't been picked up on before as this system is only used when the mortgage offers are being processed. They said that there criteria was it had to be closed for a total of 36 months before applications are considered this was Jan 2017 that we got the decline. That APR sounds really good I think ours we were offered was over 5% and our mortgage payments were ridiculously high! I'm going to hold fire until the end of the year and make another application when I have more of a deposit and also hoping the house prices come down a little!
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