Has anyone been accepted and had credit defaults

samay007

Pammy wrote: »

Samay007 who did you end up obtaining your mortage with?

Regarding searches on your account I don't think anyone would be able to give you a solid response to this. Although it doesnt record a decline, they can assume you have been. It could set off a red flag but again it all depends on the criteria.

Hi, my First application was with LBS and they said they can lend 85% LTV at around 6.5% as they found something on my credit file (until then i was not aware anything about credit file). Again applied through Halifax and they agreed they can do for 7.49% for 90% LTV (BBR was 1.5%), so decided to apply through my bank Natwest, who i have been banking with for more than 5 years, got declined straight away. In the mean time i had some other searches from C&G and other company on my credit file. So we decided to go with Halifax at 7.49% after so many searches were done on my credit file in just 4 weeks.

While browsing through some of the post on MSE i have seen post about rectifying credit file, So decided to work on that. Luckily i had all the proof of my utility bills and other documents to prove them that its not my fault. worked on that and cleared all my defaults (British Gas came to us and said its a system error, orange was generous to remove my default since i have been with them for 4 years and it was their problematic phone). after did all those, applied through Post office and got through at 5.85%, which was best at that time for FTB 90% LTV.

sortingmystuffout

hi just reading through this post. Have you tried putting a notice of correction on your credit files you would have do it on all three reports but you are allowed to put a notice of correction on your files of 200 words to explain your circumstances. I think that when you do this that the credit check has to be done manually. The credit check would take a bit longer than normal but I think it might be worth your while. I am sure someone will correct me If I am worng though.

benjo

My IFA told me that if the deposit is big enough almost anyone can get 'some kind of product but that doesnt necessarily mean you would want that deal or indeed that he would advise you to take that deal'.

I had no defaults, ccjs, arrears or missed payments and a 40% deposit but only a 'fair' credit score with experian and got 4.49% fixed for 5 years. A collegue of mine was trying to raise funds from a couple of properties they owned outright to buy another - buy to let mortgage, 100% of the new property value, missed credit card payments, they did get a deal but I think it was around 8% fixed for 2 years interest only.

Pammy

sortingmystuffout wrote: »

hi just reading through this post. Have you tried putting a notice of correction on your credit files you would have do it on all three reports but you are allowed to put a notice of correction on your files of 200 words to explain your circumstances. I think that when you do this that the credit check has to be done manually. The credit check would take a bit longer than normal but I think it might be worth your while. I am sure someone will correct me If I am worng though.

I have never been clear about notice of correction. On Checkmyfile they advise aganist it.

Pammy

I found this which is really interesting:

http://www.mortgages-direct-uk.com/mortgage_lenders.htm

It lays out the criteria for many of the banks. I'm not sure how up to date this is but one thing of great interest to me is how they consider when the debt was settled. Many say a min of 36 months.

With experian mine says settled in 2007 but with equifax it states 2005/6.

Mrs_Bumble

Looking at the list of lenders I wouldn't think the information is terribly up to date.

I still think that your best bet Pammy is to find a good independent mortgage adviser, with whole of market access. Oh and take them a copy of the credit file so that they can see exactly what is showing when etc.

Pammy

Mrs_Bumble wrote: »

Looking at the list of lenders I wouldn't think the information is terribly up to date.

I still think that your best bet Pammy is to find a good independent mortgage adviser, with whole of market access. Oh and take them a copy of the credit file so that they can see exactly what is showing when etc.

Thanks. How do I know the good from the bad? Can you advise anyone or a company.

Thanks

Mrs_Bumble

Ask around people you know, work with see who they have used, how they felt about the experience etc.

Pammy

Mrs_Bumble wrote: »

Ask around people you know, work with see who they have used, how they felt about the experience etc.

I did that with the previous one. The thing is I feel I need somebody who has an understanding of credit issues and mortgages. Mine didnt and in my mind it was obvious I would be turned down by Abby.

I will have a nose around and see if I can find someone.

Btw thanks for all your input it is greatly appreciated.

vicshippers

What about if you have no defaults/ccjs/debt but a low/'very poor' credit score? (ie due to electoral roll history at current address for 2 years and no previous credit cards/loans)