Yorkshire BS & Adverse Credit

G0ggy

Hi ME's,

We're currently trying to re-mortgage our house. Our current mortgage is with Morgan Stanley as Advantage, we didn't know this was a sub-prime mortgage when we first took it out in November 2007 as it was done through a broker.

We applied to Britannia BS but were declined as they said there were defaults on my account. I signed up to Credit Expert at Experian and was confused to received a 900 - Good rating. On investigation there are two (out of six) accounts on my file recorded as 'Default', the others are all 'Satisfactory'. They are both names of companies I do not recognise, and are dated 2004 & 2005 respectively. They are for fairly small amounts (£700 & £1400) but I need to go through the process of contacting the companies, find out whether I actually owe the money and getting it sorted out.

We have a time limited offer from Advantage to re-mortgage by September 2009 and therefore as keen to secure a new mortgage. I re-entered our details into Moneysupermarket.com and this time selected the 'Adverse Credit' check box, and we were presented with a mortgage from Yorkshire BS. It does not give any indication as to what adverse credit they would consider. Can anyone shed any light on this at all?

Our house value is £195,000, and our outstanding balance is £142,000. We were hoping to borrow some money on-top of the mortgage for renovations, but this is not a priority.

Thanks.

_Andy_

Sounds like you'd be best off speaking to a whole of market broker.

dwsjarcmcd

YBS is very much a prime lender, I really doubt that you would be accepted. I would agree with Andy that you should see a broker.

_Andy_

Agreed - you risk approaching multiple lenders directly, hoping they might accept you and thus getting unnecessary searches on your file.
Get copies of your Experian and Equifax files and see a broker.

G0ggy

Thanks for the replies guys. We have a broker in mind so will get him on the case.