Getting a mortgage with defaults!!

franko82

Hello Everyone!!

There is hope out there after all,

I did a post a few months back asking for advise on getting rid of DEFAULTS off my credit file as i was declined for a mortgage on a few occassions.

WELL. . . .with 2 defaults on my credit file (both due to come off within next 10mths), i have just had an acceptance for a mortgage through NATWEST, this is after HALIFAX and RBS told me no chance and i would have to wait for them to come off!!

I've just bought my first ever house!!

IM CHUFFED TO BITS!!

_Andy_

Nice one, best of luck with it - enjoy

MoneyHospital

That's very impressive - did you get a good rate?

psoley

Well done... we got a mortgage through the Halifax and I have a default from 2 years ago..

There is hope.... well done again:beer:

Sunny2good

oh thats great news.. well done to you..

would you mind sharing with others as to which process you took to apply for this mortgage. Was it visitiing bank persoanlly, over the phone, using a broker/financial adviser, through post etc etc

and what rate did you end up getting at the end ?


Sunny

sarahd1977

its good to hear Halifax are like that I have 1 #60 default from 3 years ago and I am applying through my broker tomorrow hope I get accepted

Mrs_Bumble

sarahd1977 wrote: »

its good to hear Halifax are like that I have 1 #60 default from 3 years ago and I am applying through my broker tomorrow hope I get accepted

Sarah1977 the mortgage was obtained with Natwest.

Mrs_Bumble

Franko82 very pleased for you:)

TroJon

A lot of the time a credit check will not pull up the correct (if any) history.

I have known people who have had more than 20 mortgages and yet on a credit check, not a single one came up. This happens on a far more frequent basis than you would imagine.

Also, when a bank asks for an address history, how deep do you think they check? You can say your current address and skip the last one where you had a default, chances are it may not be picked up on.

It's almost guaranteed if you have two recent defaults, the other lenders were probably correct (imo) to tell you it would be incredibly unlikely- unless something was overlooked or not scanned well enough. Many of these processes are done electronically unless something is detected which requires manual searches, I guess you were lucky and bypassed that!:money:

psoley

The mortgage we took out was direct through the branch. Investigating the best products from everyone on the net went in to discuss.

I was open and honest from the start, took my credit file with me. Our advisor ran a credit check there and then and all matched to what I was saying.

References / Bank statements / survey followed and mortgage approved in a few weeks.

The deal was fixed for 3 years at 4.35% (75%ltv)

Our circumstances
1. Income 59k joint
2. Mortgage 111K
3. Other commitments: loan and HP totally about 10k

I think if you deal with human beings be totally honest and open.. it seemed to help us.

Conrad

RBS declined you but they own Nat West and in trun Nat West feed any residential mortgage applications to RBS anyhow, huh!!