Can't get 90% mortgage

Suze1972

I've been declined by both C&G and the post office (i.e Bristol and West) for a 90% first time buyer mortgage.

All standard criteria has been met....affordability, employment, etc etc etc. My credit report is exemplary and hasn't so much as a late payment showing on it.......yet my credit score (obtained through CreditExpert) comes out as "very poor" (554).

It seems that in spite of my efforts to build up my rating in the last 18 months or so - i.e 4 years after being discharged from bankruptcy - my payment record, whilst impeccable, just isn't long enough. I have just paid off the balances on 2 catalogues and a credit card to try and boost my score, but I guess that won't show for a while.

I'm 36 and I've waited 13 years for my day to come around again - I have a 10% deposit and the prices are affordable, but now I can't borrow the money! B&W have offered to refer the case to an underwriter but I won't hold my breath.

Any advice on offer? How long should I wait until I try again (and don't say until the prices go back up again)...........

Ta
Disappointed Suze

Robert_Sterling_3

"Your credit score comes out very poor" and you were once made bankrupt.
Credit is very tight at present.
Even with an excellent credit record you would be hard pressed to get a 90% mortgage.
Good luck for the future.

devon_guy

Have you tried the Leeds Building Society or the Halifax? Just know that everyimte you apply for a mortgage, your credit file is accessed, viewable by all financial institutions and dents your rating.

silvercar

You would be better waiting until the bankruptcy falls off your credit file, can't be that long now.

CountingPenniesClaire

I agree with Silvercar. And to be honest, while it is frustrating, I think the housing marketing still has scope for falling a further - and analysts have reported that the market will stay depressed for a further 2 years so hopefully timing will work for you.

Suze1972

I was discharged 4 years ago, but there is no sign of it on my credit file and Credit Expert doesn't state that it effects my score. And yes I know all about footprints. I'm a compliance officer in the industry, haha!

Its still frustrating though....a friend of mine got a 90% mortgage after only being discharged 2 years. That was a while back, granted.

simone83

Have you tried the clydesdale? they are still doing 95% mortgages and they said yes to me yesterday and I have some defaults.

good luck.

Suze1972

Really? Blimey....knowing my luck they don't lend down here in the South, plus I'm a FTB!

Will have a look anyway. Suppose I better go through the motions of talking to the underwriter at B&W but I have a feeling my AIP is already in the bin!

herbiesjp

Are you going to direct to the lenders?

There may be some lenders "happy" with the bankruptcy, as it has been discharged over 36 months ago

You could be looking towards the higher end of the rates available at the 90% LTV bracket.

It might be worthwhile going via a broker if you are set on purchasing now.

opinions4u

Suze1972 wrote: »

I'm a compliance officer in the industry, haha!

Which industry?

Did you disclose your bankruptcy to your employer?

Suze1972

In the IFA industry. Yes I disclosed it, but it is irrelevant anyway as I don't hold a controlled function and I'm not authorised to give advice. We are an IFA support services firm. Jeez, remind me never to post here again! :rolleyes: