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Who Can Give Us A poor credit Mortgage
Lionhound4
Posts: 6 Forumite
Hi every body
I am new to this site, and was hoping that somebody out there has an answer to our problems. My husband and I hit dire financial straights about a year ago, ended up with two defaults on out credit file,giving us a poor credit score. We also had a months arrears on our mortgage 7 months ago, which we have since paid. We decided the best thing to do, as we are both in full time employment, bringing home £35,000 between us was to sell our house, port our mortage with the Prinicpality to a cheaper house and pay off our debts. All went well, the house was sold the first week on the market, but 5 weeks later the Prinicipality BS said they would not port our mortgage as we no longer meet there lending criteria. We have always had an excellent credit score prior to about January of this year. Anyway, to cut a long stor short we approached a mortgage advisor who was about to put our application in with Beacon Home Loans, who said we meet there criteria and could not forsee a problem, when the advisor got back to us and said that Beacon are no longer financing mortgages and have closed all new applications as they are desperately looking for financial backing. This leaves us up the creek without a paddle.....does anybody out there have any idea who would lend us a mortgage now. We can find 60% LTV but need 75%.........help.:eek:
I am new to this site, and was hoping that somebody out there has an answer to our problems. My husband and I hit dire financial straights about a year ago, ended up with two defaults on out credit file,giving us a poor credit score. We also had a months arrears on our mortgage 7 months ago, which we have since paid. We decided the best thing to do, as we are both in full time employment, bringing home £35,000 between us was to sell our house, port our mortage with the Prinicpality to a cheaper house and pay off our debts. All went well, the house was sold the first week on the market, but 5 weeks later the Prinicipality BS said they would not port our mortgage as we no longer meet there lending criteria. We have always had an excellent credit score prior to about January of this year. Anyway, to cut a long stor short we approached a mortgage advisor who was about to put our application in with Beacon Home Loans, who said we meet there criteria and could not forsee a problem, when the advisor got back to us and said that Beacon are no longer financing mortgages and have closed all new applications as they are desperately looking for financial backing. This leaves us up the creek without a paddle.....does anybody out there have any idea who would lend us a mortgage now. We can find 60% LTV but need 75%.........help.:eek:
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Comments
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Do not do near Beacon, try platform they may be able to help you.0
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Do not do near Beacon, try platform they may be able to help you.There are now no UK mortgage lenders active in the sector. The news comes hard on the heels of Platform's exit from self-cert announced on 4 November.
http://www.ifaonline.co.uk/ifaonline/news/1562062/beacon-home-loans-withdrawn-self-certification-market
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