Further leading on mortgage with adverse credit

ianbrown

Hi,
I was wondering if anyone can advise me. I have an offer on our house and have found another that is 180k but due to circs will accept 140k. The offer on ours is 100k so we need to borrow about 35k to make up the difference.
We have a mortgage for 90k with the woolwich and would want to borrow the extra with them but when I rang last week and went through an application they said there was adverse credit showing.

This is a loan I had with A&L which I ended up defaulting on and missed 8 payments and then paid it off. This was 12 months ago.

The rest of my credit history is unblemished and on credit expert rates my credit score as fair. This would be a joint app and my husband is perfect(not him- the score!)

Woolwich have said that they won't know if they will lent me the money until the application has been completed and will cost me £295 even if they won't lend it me.

So what I want to know is what are the chances? Can anyone recommend another company that would?

Any reply would be great,
thanks,
Emma

feisty1

What amount exactly do u want to borrow? What is the purchase price of yr new property & how much deposit do u have. I v v much doubt the woolwich will lend you with yr recent credit history, lenders are now v much stricter on such matters

ianbrown

We bought for 107k and it is up for 122.5k and they have offered 100k. The house we live in is really nice but just too small, so we want to borrow 125k for a house that we are buying for 140k but valued at 180k - would that make a difference?

feisty1

u will get a mortgage only based on the valuation of the house, the valuation being one done by the chartered surveyor. Based on a valuation of 140k you want a mortgage for 125k which is moroeless than 90% & u have adverse credit as in all the recent defaults...... I would say yr chances are less than zero, however if u can prove me wrong and obtain a mortgage pls email me

_Andy_

The only lender I can think that might consider it would be First National. Your best bet would be to speak to a decent WOM broker.