Adverse Credit Mortgage

herbiesjp

As stated previously I would challenge the default beinbg registered against you after only 1 missed payment.

There are procedures that need to be followed, and from what you have posted, Egg have not adhered to those procedures.

In terms of mortgages - yes you could get a mortgage with the default, however you would need a large deposit

declaration

Thanks HerbiesJP, I'll start chasing it up I think. If the procedures were not followed correctly, could I have the default removed?

herbiesjp

yes - if they have not followed the correct protocol and slapped a default against after 1 missed payment you should be able to get the default removed

declaration

Thanks again.

declaration

Bumping this because of a change in circumstances:

I reclaimed the PPI on one of the loans, so I'm about to pay it off entirely, leaving me with one loan at around £220 per month.

The defaulted account will be paid off in a month or so.

The flat has been professionally valued at £119,000, and as I'm a good friend of the landlord, he is sympathetic to my position and has offered it to me at £60,000.

Having just filled in an online mortgage enquiry, none of the brokers said I fitted the criteria.

The reason I want to buy now is that I'm getting married next year and want a good history of mortgage payments when we come to buy a place together in mid 2012.

Is there some way of getting a 50% mortgage on the basis that the flat is £119,000? I know the mortgage is based on the lower of the purchase price or valuation. This is a great deal, and I appreciate the whole thing must sound odd, but I'd be really grateful for any advice or suggestions.

Wutang_2

declaration wrote: »

Bumping this because of a change in circumstances:

I reclaimed the PPI on one of the loans, so I'm about to pay it off entirely, leaving me with one loan at around £220 per month.

The defaulted account will be paid off in a month or so.

The flat has been professionally valued at £119,000, and as I'm a good friend of the landlord, he is sympathetic to my position and has offered it to me at £60,000.

Having just filled in an online mortgage enquiry, none of the brokers said I fitted the criteria.

The reason I want to buy now is that I'm getting married next year and want a good history of mortgage payments when we come to buy a place together in mid 2012.

Is there some way of getting a 50% mortgage on the basis that the flat is £119,000? I know the mortgage is based on the lower of the purchase price or valuation. This is a great deal, and I appreciate the whole thing must sound odd, but I'd be really grateful for any advice or suggestions.

Sorry if I have missed something here but paying off default will not remove it from your credit file....just change it from unsatisfied to satisfied.

declaration

Yes, I know Wutang, but it will be another outgoing that I won't have, and less debt too.

Wutang_2

But it will continue to affect your credit rating...

declaration

Yes, that's why I'm looking for advice, so I can buy the flat. I only added the default details for general info. Thanks for your response though.

Wutang_2

Fair play - its just the way I read it, its unlawfully there and can be binned off..?

When it comes to mortgage rates this will save you loads of cash, long term...