ITL In the loop Application Requirements. Anyone know??

whyohwhy_3

Hi guys,

Was wondering if anyone could tell me the application requirements for ITL InTheLoop (connected with Stroud and Swindon i believe)??

Cant get a high st. mortgage anywhere due to recently being self employed and 1 missed payment for £100 (settled) logged on my credit report.

Anyone have any suggestions????? Would be much appreciated.

Considering taking a Mortgage from Redstone, but have heard so much bad news about them.

Mrs_Bumble

How recently self employed?

Are you trading in the same trade as when you were employed.

whyohwhy_3

Hi,

Self Employed for coming up to a year. Similar kind of industry, but higher earnings.Work been very steady and predicted to be as good next.

What has made everything so difficult is the missed payment logged on our account showing settle as it was only £100.We didnt know it was there so tried to apply for a few mortgages who kept declining. Hence credit score has shot down.

I am in the process of writing to the bank as they didnt give us any warning about the payment, but dont really think i'll get anywhere.

Have a large deposit, have no debt, never missed a mortgage payment, earn 60k + and and yet noone wants to know.

Its so frustrating!!!!!!!!!!!!!!

Mrs_Bumble

Would think that it is equally as likely that is is because you are recently self employed and you haven't got one years submitted accounts yet.

Wait until you have the years accounts as some lenders will then take the year with a prediction if you are operating in a similar trade.

whyohwhy_3

Thanks for that advice. Should i stay clear from a company like Redstone? They have offered a competative fixed rate for 2 years, i would then look round for a normal lender

Mrs_Bumble

I can't give you any advice on Redstone as no dealings with them. My advice would be to wait and build your deposit up and have the accounts. Or ask around some more on Redstone.