Adverse credit brokers

Pammy

I have two defaults for a mobile phone from 2005 and was turned down by Abby, despite telling the broker he decided to apply anyway without even looking at their criteria.

Anyway do I need an adveser credit advisor or just a decent all of the markert broker?

If so can anyone recommend someone? is that allowed

_Andy_

Depending on the LTV etc Abbey might have accepted it - looks like he tried to find you a high street deal before looking at adverse lenders, which seems fair enough.
Has he suggested any alternatives?

luckyfool

Andy is right in that there is a balance to be struck. Brokers would be criticised for putting you straight down the adverse credit lender route without making any effort to find you a high street lender.

herbiesjp

A decent whole of market adviser would be needed

However, your current adviser looks like has tried to secure you a better high street deal initially.

What were the default amounts?

Pammy

Thanks.

I have no problem with what he did in principle, I looked up Abbys criteria myself and its quite clear they would not accept, whereas some other high street lenders may do.

Both are settled, one was for 200 and the other 250.

Looking for a property around 275,000 with a deposit of 60, 000

Thanks

herbiesjp

With those amounts on the defaults you may be lucky enough to still get high street rates.

Being over 75% LTV means higher rates anyway

You don't say what your income is, or if you have other credit commitments, so difficult to say whether or not this is possible.

If you don't think the first adviser did a good job for you, then get a second opinion from a different one

Pammy

Thanks

Join income is £77 thousand. we have no other commitments, just did final payment on an egg loan so thats all gone (hooray)

So completely debt free right now.

Everything else on my report has been paid on time, no issues at all with all my loans.

I want a second opinion but I was looking for a recommendation and thought the best route was someone who knew how to deal with adverse credit reports.

herbiesjp

Any decent whole of market adviser would be able to help you out

luckyfool

Well if you have copies of your Experian Reports then a decent whole of market broker should be able to assist. You would qualify definitely for Beacon's prime plus range at 80% ltv, but if the defaults are all over 3 yrs old you might qualify for their Prime Exclusive range which has very limited availability (i.e. only through certain brokers). The Prime plus deals are reasonable to 75%, but to 80% get very very expensive. The Prime exclusives are reasonable to 80% (e.g. 2 yr fixed at 6.45%).

Of course you would need a broker with access to these products, and through a packager with a decent tranche of funding to be able to get them.

Another line of enquiry is obtaining reports from both equifax and experian as it could be that only one of the agency has recorded your defaults. In that scenario if a broker can place you with a High Street lender that uses the other agency, AND does not ask you about your credit history, then there is a good chance of getting a high street interest rate.

Pammy

Thanks lucky & herbies.

Actually callcredit only have one default registered.

So when I get a broker I asked them initially to find out without the credit check? As in look at my situation and discuss it with the lender? Is that what should happen first/.

herbiesjp

Yes - that is the step I would take