Shared Ownership mortgage with defaults

Ian_Griffiths_Halifax

Ask the broker how come you got a Pass C and now it's been Declined. A Pass is a Pass. The Credit Check will have been done to establish the Pass level!

Had the broker just done an Affordability Check and assumed that you would get a C to be able to establish the amount you could borrow?

To get a Pass C, they must have got an Approval In Principle. Ask them why it has changed.

welshboy26

she said that they looked at it and because one of my defaults was in jan 07 and recent....thats why they declined it!
you think this is wrong? i was under the impression that a "c" pass is just where theyre not sure of it and therefore look at it in greater depth...and having seen my default being so recent ....this is why its a decline!???

when we made the application i was there with her and it was a full application!

im gutted! trying to think of any other lenders....the cheshire was mentioned but theyre rates are really high! any ideas/help please?!?!
thanks

Ian_Griffiths_Halifax

It surprises me that they accepted the cae then looked at the defaults, when they could have referred it to an Underwriter before doing a full application, but I suppose they can do what they want as they are not obliged to lend if they aren't happy.

Try Abbey with regards to the defaults, but I'm not sure of their criteria on Shared Ownership as I haven't dealt with them with any S/O cases.

welshboy26

thanks for your reply.

what do u know about skipton??

Ian_Griffiths_Halifax

there's a lovely Castle and a good farmers market there.

As for their acceptance of defaults, I wouldn't have thought so.

welshboy26

ha......

does ANYONE know of any lenders that would consider my application? as i say i have 2 defaults most current in jan 07 and other in jul 04.

i need a 90% mortgage for £54,000.

this is a nightmare. ANY HELP would be greatly appreciated! is there any mortgage advisors out there who can help or suggest where to go next???

many thanks

Tiddler_2

I know it's no consolation to you but S/O cases with the Halifax have to be keyed so that the system knows it's a S/O case. If your broker/adviser keyed it as a £54k mortgage on a property value of £120k then it may pass with the Halifax - until it is keyed fully and they realise it is S/O.

With regards to possible lenders may be worth trying with Leeds Building Society - think a colleague had a case approved by them with a default or CCJ last week.

Good Luck

welshboy26

thanks for your help n advice....broker has spoken to leeds b/s but they said no because of fact i have TWO defaults...if it had been one they would be ok!

do u know much about hsbc's criteria in regards to defaults and s/o etc?

Tiddler_2

I don't unfortunately. HSBC don't deal with brokers and so don't publish their criteria.
According to CML details they do offer Shared Ownership mortgages but I would expect them to be squeaky clean cases to be honest.

_Andy_

welshboy26 wrote: »

thanks for your help n advice....broker has spoken to leeds b/s but they said no because of fact i have TWO defaults...if it had been one they would be ok!

do u know much about hsbc's criteria in regards to defaults and s/o etc?

Please see yet another thread you've created for my response.