Adverse credit brokers

Pammy

Well I contacted London and Country who said that it was unlikely I would get a decent mortgage and would need a higher deposit than the 60 thousand already saved on a £260 property.

Maybe its not worth persuing now.

Im a bit dubious of Beacon. Are they really my only hope.

herbiesjp

Pammy wrote: »

Im a bit dubious of Beacon. Are they really my only hope.

Well no one can really say, as no one has your full details apart from L&C

If you could keep to 75% LTV (by looking at a lower price property than £275k) then you might have more options

asajoseph

Pammy wrote: »

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

Abbey will decline outright if you have a default within 6 years - and will not consider an appeal unless you bank with them.

I discovered this to my cost, only a month or so ago.

izools

asajoseph wrote: »

Abbey will decline outright if you have a default within 6 years - and will not consider an appeal unless you bank with them.

I discovered this to my cost, only a month or so ago.

LMAO they have changed their tune in the last couple of years!

I banked with Abbey for two years before my other half and I applied for a mortgage in March 2007. At the time my other half had three defaults and a CCJ on his credit report, and they still approved us.

All they ever did at the time was a "Credit search to comply with money laundering" with Equifax, never a full credit search with any credit reference agency!

I also found out that their mortgage application system only approved us for £90,000 but they let us £137,000.

No wonder I had to declare myself bankrupt not long after... and no wonder they've tightened their approach!!

Anyway, sorry to go off topic, good luck OP!

asajoseph

It's a shame really - we took all the sensible steps before applying, got our IFA to speak to one of the under-writers at the bank to explain our situation before applying, and he was given every indication that our application would be considered.

We were rejected, and given the 5 1/2 year old default as a reason, but our IFA suggested we go into the branch and try there. So we spoke to a branch mortgage adviser, explained the situation, said we'd been declined before and why, and they re-assured us that they could take the application forward.

And we were declined again, for exactly the same reason! The incompetence of their in-branch adviser was truly mind-boggling. It even took her 2 days to figure out that you couldn't appeal the decision unless you bank with them, and this was supposedly from someone with 'years of experience'.

A shocking service, really, and now we have two 'declines' behind us as a result.

Anyway, we're in a similar to Pammy - I earn a fair whack more than my partner, and despite my good credit record, she has one default from 2004 (for £1.4k). Abbey turned us down, but I believe we still have a shot at one or two deals before we are forced to turn to someone like Beacon. Just be very careful talking to your broker / IFA as to who you apply to. And don't always take the bank's word as gospel - my faith in in-branch or in-house mortgage advisers is more or less gone after our Abbey experience.

Pammy

My broker went to Abby and they didnt say no straight away but then came back and declined us. I bank with Abby.

Its frustrating and annoying. I feel sorry for your partner, Im in her position and my partner has a fantastic credit record. I feel so bad for him because of a stupid bloody catalogue and a high phone bill. I was ill at the time and I went over my over draft , was hit badly by charges. Couldnt pay my bill when they took out the charges, then got hit with more overdraft fees and left me in a mess. But now I have no loans, nothing, I have been excellent for a few years.

I can understand they are being responsible now but I just wish when I literally begged Abby not to take the charges out in one go they would have helped. But no, they had my money and could do what they wanted with it.

Pammy

herbiesjp wrote: »

Well no one can really say, as no one has your full details apart from L&C

If you could keep to 75% LTV (by looking at a lower price property than £275k) then you might have more options

Well they don't have my full details, he didnt ask for a copy of my credit file. I just told him they were from 2005 and 2006

herbiesjp

I hope they would have asked for enough information with which to base any recommendation - part of FSA regulation to "Know Your Customer"

Seeing a copy of your credit file is not mandatory, as long as they have all the relevant information on there to work with.

But it doesn't sound like they went out of their way to give you much guidance, based on what you have posted.

Based on a £260k property, having a 65k deposit would be a good start, so not a million miles from where you are.

You might want a second opinion

Pammy

Thanks.

Yes we can do 65, we just wanted to avoid it but we looked last night and its fine.

No he didnt ask much, he didnt really ask much at all. Not even if they were settled, I thought that made a difference.

herbiesjp

On the basis that

Pammy wrote: »

No he didnt ask much, he didnt really ask much at all. Not even if they were settled, I thought that made a difference.

I would definitely get a second opinion

It looks like they have not even tried to find a solution for you - you have given them some very basic information, and they have said "no can do"

I'm not saying that it is 100% possible, but it definitely warrants a better look at your scenario - and some options may well come up depending on the full facts