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
    • showmethemundy
    • By showmethemundy 12th Jan 18, 8:06 PM
    • 8Posts
    • 1Thanks
    showmethemundy
    Preparing for adverse mortgage
    • #1
    • 12th Jan 18, 8:06 PM
    Preparing for adverse mortgage 12th Jan 18 at 8:06 PM
    Hi all

    Thanks in advance for any suggestions.

    We are to be putting in an application for an adverse credit mortgage in 3 months time. We have lenders that 'might' be willing to help. We are currently waiting for my first year of trade (self employed) to end before we apply.

    One of the things asked for is 3 month bank statements. In light of this I am going to try and tidy up my bank accounts to improve our position.

    I have cancelled any odd looking direct debits (e.g I have a gym membership, but the DD says debit finance collections, which sounds bad imo). I have also set up standing orders from my business account to regular lump sums, as we have previous just taken what we need when the current account gets low, which could look bad.

    Is there anything the mortgage company are looking for in particular? Are there transactions we should avoid? Should be keep a certain balance?

    Any tips would be appreciated....

    Thanks
Page 1
    • Edi81
    • By Edi81 12th Jan 18, 9:47 PM
    • 350 Posts
    • 219 Thanks
    Edi81
    • #2
    • 12th Jan 18, 9:47 PM
    • #2
    • 12th Jan 18, 9:47 PM
    Sounds like you need a broker to guide you through this.
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

2,514Posts Today

8,856Users online

Martin's Twitter
  • RT @RobiMous2: Yesterday I saved myself £30 a month by switching utilities and cancelling a sim no one in the family used anymore. Inspired?

  • RT @elainelawro: @MartinSLewis When I lost my mum suddenly from a burst aneurysm on the brain I was unaware that my mum had signed up to do?

  • RT @AlisonKinder: @MartinSLewis I?m on my second kidney transplant in Thirty years. My life has been changed beyond recognition twice by th?

  • Follow Martin