Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Narkynewt
    • By Narkynewt 7th Sep 17, 11:37 AM
    • 118Posts
    • 23Thanks
    Narkynewt
    Mortgage with defaults, success stories?
    • #1
    • 7th Sep 17, 11:37 AM
    Mortgage with defaults, success stories? 7th Sep 17 at 11:37 AM
    Has anyone recently been successful in aquiring a mortgage with defaults? If so: 1. Which bank/ lender? 2. How old were the defaults and how much? 3. What was your ltv?

    Thank you!
    Last edited by Narkynewt; 07-09-2017 at 12:26 PM.
Page 1
    • G_M
    • By G_M 7th Sep 17, 11:39 AM
    • 41,955 Posts
    • 48,568 Thanks
    G_M
    • #2
    • 7th Sep 17, 11:39 AM
    • #2
    • 7th Sep 17, 11:39 AM
    Please avoid multiple related threads.

    http://forums.moneysavingexpert.com/showthread.php?t=5706803
    • Narkynewt
    • By Narkynewt 7th Sep 17, 11:52 AM
    • 118 Posts
    • 23 Thanks
    Narkynewt
    • #3
    • 7th Sep 17, 11:52 AM
    • #3
    • 7th Sep 17, 11:52 AM
    That's not the same.
    • Narkynewt
    • By Narkynewt 7th Sep 17, 12:23 PM
    • 118 Posts
    • 23 Thanks
    Narkynewt
    • #4
    • 7th Sep 17, 12:23 PM
    • #4
    • 7th Sep 17, 12:23 PM
    One is regarding my mortgage advisor the other is asking for mortgage success stories please read the thread before making an (incorrect in this case) assumption.
    Last edited by Narkynewt; 07-09-2017 at 12:26 PM.
    • ACG
    • By ACG 7th Sep 17, 10:00 PM
    • 15,788 Posts
    • 8,088 Thanks
    ACG
    • #5
    • 7th Sep 17, 10:00 PM
    • #5
    • 7th Sep 17, 10:00 PM
    The general rule of thumb:
    15% and you have options.
    The rates will depend on the age, but assuming 12 months and older you should be fine.

    You can get away with a lower deposit and more recent defaults but it all depends on the details.

    In terms of lenders, I would not rely on what others say too much. I have clients with defaults who have been placed on the high street and some who could not be placed on the high street and if you look at their circumstances the differences are quite minor.

    Going off a previous post, it seems you have a broker - I have not read that thread, but I would trust 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.
    • Narkynewt
    • By Narkynewt 8th Sep 17, 6:19 PM
    • 118 Posts
    • 23 Thanks
    Narkynewt
    • #6
    • 8th Sep 17, 6:19 PM
    • #6
    • 8th Sep 17, 6:19 PM
    The general rule of thumb:
    15% and you have options.
    The rates will depend on the age, but assuming 12 months and older you should be fine.

    You can get away with a lower deposit and more recent defaults but it all depends on the details.

    In terms of lenders, I would not rely on what others say too much. I have clients with defaults who have been placed on the high street and some who could not be placed on the high street and if you look at their circumstances the differences are quite minor.

    Going off a previous post, it seems you have a broker - I have not read that thread, but I would trust them.
    Originally posted by ACG
    We have a 25% deposit as got a help to buy loan.

    Defaults are £650 and £200 from 2012, my file is all green from then and partners is squeaky clean including repayment of car finance (now paid off). Never even a late payment.

    No financial commitments whatsoever.

    Mortgage advisor is confident. I'm just flapping! Halifax have booked in valuation for a week on Monday
    • Narkynewt
    • By Narkynewt 29th Sep 17, 9:22 AM
    • 118 Posts
    • 23 Thanks
    Narkynewt
    • #7
    • 29th Sep 17, 9:22 AM
    • #7
    • 29th Sep 17, 9:22 AM
    Full offer received! Move in 3 weeks
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,436Posts Today

9,308Users online

Martin's Twitter