Mortgage with a past bad credit history.

dai_griff

Hello, need some help.

Me and the other half have finally started to look for a mortgage, (first time buyers) and were wondering if anyone could advise a broker that deals with people with past bad credit (me). Although i have never had a ccj, I did have a bad run with arrears, finally sorting it all out in August 2004.

Anyway, basically I need to know where to start looking, any advice would be appreciated.


Dave

MortgageBroker_2

Hi Dave

Some friendly advice when you start looking for a broker.

Always select an independent whole of market broker. They have the widest choice of mortgages available. It is generally better to have a broker recommended to you. However, a good place to find independent brokers is on https://www.unbiased.co.uk

Because you have had past credit problems a good many brokers will look to charge high fees to deal with you. It is not uncommon to be charged 1-2% of the mortgage amount. You do not have to go down this route. Reputable brokers will sometimes charge a fee (some are fees free) but will not charge these excessive amounts so shop around first.

Best of luck

AndrewSmith

Also be wary of these 'specialist companies' who advertise mortgages exclusivelt for those with previous credit problems.

They cannot offer anything that a good reputable broker cannot, in fact they will have access to most likely ony 4-5 lenders.

Have a word with a broker as said above, you may be very surprised at what may actually be available to you.

Andy

stanmoresaver

dai_griff wrote:

Hello, need some help.

Me and the other half have finally started to look for a mortgage, (first time buyers) and were wondering if anyone could advise a broker that deals with people with past bad credit (me). Although i have never had a ccj, I did have a bad run with arrears, finally sorting it all out in August 2004.

Anyway, basically I need to know where to start looking, any advice would be appreciated.


Dave

Just a small point-

Whilst I totally endorse the get recommended to a decent "whole of market" broker thing- without being pedantic, the link above is for Independant Financial Advisers and not Mortgage Brokers.

Therefore, not being on this list does not mean that they are not an appropriate person to use- In fact i would go as far as saying that a significant number of very good brokers wil not appear because the do not act as an IFA (ie Investment and Pension advice given) because they have chosen to specialise in mortgages, whereas an IFA on this site may act as a "financial GP" and not be as experienced in the mortgage sector.

MortgageMamma

As per Andrew Smiths post at 11.34am, I would also advise that you avoid specialist companies and look for a whole of market broker who has some experience in dealing with adverse cases, but, before you do anything, get a copy of your credit reports from equifax and experian, then you and the broker know what your up against before you start the ball rolling. good luck.

dai_griff

Cheers for the advice, I have spoken to a FA this morning and he said he will ring me back, I will take on the advice offered.
Anyone know a mortgage company that deals with adverse credit???

Dave

MortgageMamma

most whole of market mortgage brokers can do adverse, so I wouldn't go to a specialist mortgage company as they are mostly tied to a number of firms and cannot give whole of market advice. by taking advice from a whole of market advisor you are opening yourself up to everything available to you on the UK mortgage market, therefore you should get the most competitive deal that is available to you. A good starting point to find a mortgage advisor is looking on the fsa website (the financial services authority, they authorise and regulate the industry). If you go into the FSA register and type in your postcode it will bring up every firm registered under that postcode, be it for mortgages, pensions investments etc. They will all be local to you as well. When you find an advisor don't be afraid to ask questions about their previous experience, they should be happy to reassure you on anything that is playing on your mind.

dai_griff

Thanks for the reply mortgagemama, tried phoning the firm you work for and there was no one in the office, left my deatils for one of you to phone me back in the morning.

Have spoken to the people i had a IVA with (Payplan) they are sending my details to Who's Lending, anyone ever heard of them??


Dai

MortgageMamma

Thanks dai_griff. Yes I have heard of payplan, there are plenty of lenders who will lend on an IVA but certain procedures have to be followed by the IVA administrators before a mortgage can be taken. I apologise for nobody being around when you called, I actually run the company and was with clients therefore unable to take the call. I will retrieve your message and call you back.

dai_griff

Just to clarify, my IVA is satisfied and has been since August 2004.

Dave