Has anyone been accepted and had credit defaults

Mrs_Bumble

Anyone who got a mortgage more than a year ago with defaults etc is irrelevant as the market has changed dramatically since then.

In relation to defaults it really depends on the amount of each default, when the occurred, and whether they are cleared..

Pammy

Shakethedisease wrote: »

I got a mortgage with Beacon Homeloans with a 3 year old ccj for £248. I think they ignore defaults altogether ?

House £110,000, deposit £35k so ltv round about 70 %. Income 28k. I posted the whole saga if you want to look at the thread I did ( click my username an it'll be in there somewhere in my posts ). Oh and I've been self-employed for 15 months now ( which was another hassle in itself being regarding mortgages ).

The first broker I tried also tried Abbey first for me with no joy. I read somewhere that the Post Office are a little more forgiving than most for little mail order/mobile phone defaults but no doubt someone will know better than me.

I found Googling each lender's lending criteria useful. Good luck to you both.

I looked at the criteria for Beacon Homeloans but Im not clear what it means in reference to defaults:

Adverse Credit

CCJs/Defaults : Accept:
1) Max £500.00 in CCJs unsatisfied. This condition does not incur any rate loading.
Ignore:
1) Ignore all Defaults.
2) CCJs registered 36 months ago or over.
Arrears : Accept:
1) Max 1 missed payment in the last 12 months. No arrears (paid or unpaid) in the last 6 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Accept:
1) IVA must be discharged at least 3 years prior to application. This does not incur any rate loading.
2) Bankruptcy must be discharged at least 3 years prior to application. This does not incur any rate loading.
Repossessions : Not accepted.
IVAs accepted if satisfied over 3 Years ago - CONSIDERED ON REFERRAL.
Bankruptcy accepted if discharged over 3 years - CONSIDERED ON REFERRAL.
Mortgage defaults should be referred to Lender.

Mrs_Bumble

It says that they ignore defaults.

What defaults do you have?
When did they default?
Are they satisfied, if so when?
Are you looking for a remortgage, new purchase? What is the loan to value?
Deposit/income

Pammy

Mrs_Bumble wrote: »

It says that they ignore defaults.

What defaults do you have?
When did they default?
Are they satisfied, if so when?
Are you looking for a remortgage, new purchase? What is the loan to value?
Deposit/income

There are two from 2005 and 2006. One is with a mobile phone and the other a catalogue. They defaulted on small amounts and are fully satisfied early 2007.

This is a new purchase, first time buyer. We have a £60,000 deposit on a £210,000 house.

Join application both on 40,000 a year.

We were declined by Abby.

Thanks

Shakethedisease

Anyone who got a mortgage more than a year ago with defaults etc is irrelevant as the market has changed dramatically since then.

Hi, I was only approved a few weeks ago. We move in next Friday.

Pammy I used a company called GoDirect after a lot of getting nowhere for a while. Mabye worth a phone call anyway ? London and Country and a few brokers locally couldn't help. I think your salaries being so high and the LTV should be ok ( but am not an expert just going on my own experiences).

Mrs_Bumble

I think it would be worth speaking to an independent mortgage adviser, as small defaults should be placeable. Your income and LTV look ok so as long as there are no other complications they should be able to place that for you.

flaura

Pammy wrote: »

There are so many posts about defaults on credit history across the forum but most seem to end with the question and no updates on outcome.

What would be really useful for me is to know if anyone has had defaults on their file and been offered a mortgage.

Anyone?:o

No I haven't

we've tried to get a mortgage (we have 15% deposit) - i have 6 defaults and all satisfied only two over the value of £500.00 5 due to be wiped off next year remaining one in early 2011. We could find something with the Halifax but the rate was ridiculously high we'd be paying out over £1100 pcm on a £156k mortgage we just refuse to be ripped off for past mistakes.

We are letting our flat for two years now rent to allow all my Defaults to dissapear and trying again in in 18 months/2 years time. By which time we hope the worst of all this is over and my defaults will be clear.

I can't see house prices dramatically rising in the next two years so much so that we are priced out of the market.

I'd ask a different independent financial advisor they should be able to search the market without doing a credit check - continued credit checks will ring alarm bells with mortgage companies that you are desperate they'll be even less likely to lend then.

Pammy

Mrs_Bumble wrote: »

I think it would be worth speaking to an independent mortgage adviser, as small defaults should be placeable. Your income and LTV look ok so as long as there are no other complications they should be able to place that for you.

I actually did this and he tried with the Abby. We were declined and he advised we tried again in 2 years!!!

That was it. Not very helpful. I hear so many different things that you begin to loose faith. I am rather nervous now about trying again but really need to.

Mrs_Bumble

I wouldn't have tried Abbey.

Was he a whole of market independent mortgage broker?

Ask around locally for recommendations.

Pammy

Mrs_Bumble wrote: »

I wouldn't have tried Abbey.

Was he a whole of market independent mortgage broker?

Ask around locally for recommendations.

yes he was. I told him not to try Abbey from what I had read on here but he still went for it.