Mortgage Woes

skillmaster

this is really stressful

put down a reservation fee on a new build property. it was £1250.

went to get a mortgage - rejected. went to experian and found out it was a £27 orange payment from years ago that i didnt even know about.

ok so i paid the debt company £27 yesterday, then today I have faxed orange credit control department to explain the situation i am in and asked them to try and correct my score with experian.

what i am trying to find out now is what are my options? can i get a lender and pay a higher rate? where do i find these?

is there a fast way to get my credit up there and to get rid of that default (satisfied)

the house is worth 125k ad my deposit is 15%

I also don't have a great credit score because i have not had credit cards or loans. very good with money i thought, doesn't get you anywhere in the credit world!

help!

beecher

If you don't have a great credit score regardless of orange, and are only putting a deposit of 15% down on a new build I think your options are limited. Who did you go to for a mortgage? Have you consulted an adviser? Paying the reservation fee before checking your credit report/sorting out a mortgage could be a costly mistake I'm afraid.

skillmaster

I went to nationwide
I have a broker frantically searching fir a mortgage for me

beecher

I think I've read on here that Nationwide are the only lender who do such high LTVs for new builds. Is there any chance of getting your reservation fee back - do these sort of deals have cooling off periods?

skillmaster

not sure if i can get it back. i am going to go and speak to them today, they are not unreasonable bunch.

they said they hoped to get the contracts exchanged within 28days which is 3 weeks
but they said they are willing to be reasonable on time scales so it might buy me another 2-3 weeks. so i have 6 weeks to get a mortgage.

Conrad

I don't know of a lender that could do this on a new build. You might want to explore the tiny regional building societies such as Ipswich, Saffron, Marsden etc - as LOT of brokers do not access these. Such lenders have the human touch and may well deem the default to be irrelevant.

Try small BS in your own patch too.