what are my chances of a mortgage

dsk19s

hi i'll try put as much info as possible i'm looking to get a mortgage for around £50,000 i live in the wishaw area of north lanarkshire so plenty of properties available around this price the thing is a few years ago i signed up for avon for my g/f as she wasnot old enough and she spent the money and i got the default although fully paid off about 3 years ago, alos i withdrew from my college course and the student award agency persused me for recovery of overpayment for £1600 and i got a decree which was paid last month and have proof of this, the other thing is that i'm not on the electorol role at my address any more as moved out and took my name off then moved back in i earn £15000 a year with anything between £2000-£3000 overtime a year i have £450 student overdraft interest free to be paid by june and no other debt atall . i was wondering what are my best options for a mortgage and who is best to approach i dont have a deposit but could save £2500 %5 i have afeeling this would be my only way to get a mortgage any input really appriciated

herbiesjp

Based on the basic details posted - you should be able to get a mortgage for the amount you are looking.

There will also be some lenders that will look more "sympathetically" at your credit problems and you may well be able to get standard rates

HelpWhereIcan

welshgirlcats1

Based on what you have posted, it is possible - the Abbey can be relatively flexible with satisfied defaults, especially as you are an exisiting customer.

The problem is that you still have to pass their credit score (i.e you have to score enough points initially for the deduction for the defaults not to turn your application into a decline). This is where your problem may lie. Your husband's lack of credit history will bring your score down.

However on the plus side, you will score extra for being an Abbey customer (particularly if you have more than one well conducted accout), your deposit is large, and your incomes are more than enough for the amount you want to borrow.

As far as GMAC @ 6.25% being your only other option goes. If you have posted all the relevant information, I do not agree at all. GMAC have many other schemes and many better than 6.25%. There are also many other lenders ot there who will do a better deal than that, possibly including some 'high street' lenders.

The level of adverse history you have would be classed by most lenders as 'near prime' or 'light'.

I think you have illustrated the cons of using an estate agency adviser who may have access to a limited panel and limited or no experience of dealing with people who have had previous credit problems. At best, they seem to be being lazy and not admitting that they really do not know who to use and have relied on a 'packager' to tell them who to put your mortgage with.

If there is something they are aware of that I am not, I apologise to the firm and adviser concerned. If not, speak with a truely whole of market adviser who has experience of dealing with people who have had previous credit problems.

Hope this helps

HelpWhereIcan

Hi welshgirlcats1

thanks for posting the info you did.

welshgirlcats1 wrote:

Company name: ABBEY NATIONAL PLC
Account type: Loan
Special Instruction Indicator: Arrangement
Current Balance: Settled

I suspect that this may be the reason that the other adviser may not have been able to place you with Abbey. However, still does not mean that they will not lend to you.

welshgirlcats1 wrote:

Company name: HUTCHISON 3G UK LTD paid in full last yeat shown as paid
Account type: Communications other credit agencies
Started: 07/08/2004
Default Balance: £127
Current Balance: £127
Defaulted On: 02/09/2005

Not too much of a default, and if you have evidence that it has been repaid (or if they can see on another search that it has been repaid, this will not stop you getting a 'high street' rate.

welshgirlcats1 wrote:

had 3 defaults all paid in full, but still on record and a loan which was paid 6 mths late

Would need to know size and dates of other 2 defaults and which loan the missed payments were on. Without being able to see the CAIS information (status History) of a file, i am unable to identify them.

I would presum that the loan you talk of is the Abbey one, this may be a further reason why the Abbey may decline (but don't let me put you off trying).

Again, you should still be ok for 'high street' rates, although you may not recognise the name of the lender. The only way to know is to stop worrying, have a word with a whole of market broker who knows the 'non conforming market' (and the grey area inbetween this and the 'high street') and let them do thehard work for you. I would not see any problems in you getting a decent deal.

Hope this helps