Do we need a sub-prime mortgage?

Toughluck

this is from the Skiptons intermediary web site. You can also find an affordability calculatior on their and it fits from what I put in.

Up to two CCJs of no more than £500 each, and must have been satisfied for at least 12 months from the credit search enquiry.
No more than two defaults registered, not exceeding £1,000 each, and must have been satisfied for at least 12 months from the credit search enquiry.

Moopoo

I think you've hit the problem on the head - the default was only actually satisfied 2 mths ago. Still it was only 400 quid.

herbiesjp

I really do think that you will benefit from discussing this in detail with a whole of market adviser.

Whilst the board is great for generic pointers, it should not really be used as a basis on which to call lenders. The problem is, as you are finding out, you are providing information in drips and drabs, which is leading to some reponses pointing you in one direction, which then once you have posted something else, means that the original response will be wrong.

By talking to an adviser, you will provide all information up front, and they will then be able to come back with any recommendations, if any.

Do you have an up to date copy of your credit file - what kind of score do you get on there? Although used only in part by lenders, it will give an indication as to what score you might achieve with lenders

Moopoo

I couldn't agree more! Only our IFA seems to think we're a hopeless case so I thought I'd try and find out if that really is the case.

My score is pretty poor due to this default. I've used the tool on this website to try changing the outcome and it really is the only problem on there. I think last time I checked on Experian it was about 540.

herbiesjp

Moopoo wrote: »

I couldn't agree more! Only our IFA seems to think we're a hopeless case so I thought I'd try and find out if that really is the case.

My score is pretty poor due to this default. I've used the tool on this website to try changing the outcome and it really is the only problem on there. I think last time I checked on Experian it was about 540.

The only problem is, you will not be able to find out if that is the case on here. Your IFA will have gathered up a whole load of information from you on which he has based a decision, and I doubt you will want to post all that information on an open board

You may want to run your scenario past a whole of market mortgage broker. An IFA is a person who is licensed to conduct investment business, and may not be a prolific mortgage writer, and so may not be up to speed on mortgage criteria.

A whole of market adviser on the other hand has decided to specialise on mortgage advise, and may be in a better position to come back with a recommendation.

A lot can sometimes depend on how your application/case is positioned with a lender in its best possible light, and again a whole of market adviser would be your best bet in getting the mortgage agreed if possible

Moopoo

That is true. I was thinking of speaking to L&C as well to see if they can help. It just seems really unfair that a relatively small blip on my file is causing all this trouble. Such is life!

If you can suggest any other potentially default-friendly lenders that'd be great! In the meantime I will get on the phone to L&C.

A Big Thanks to everyone for your advice x

smnb08

Moopoo wrote: »

I couldn't agree more! Only our IFA seems to think we're a hopeless case so I thought I'd try and find out if that really is the case.

My score is pretty poor due to this default. I've used the tool on this website to try changing the outcome and it really is the only problem on there. I think last time I checked on Experian it was about 540.

i am amazed by that score as i have a way worse credit history than you and my score was about 750 with experian.