Northern rock?

emszii

Hello I am new and firstly I would just like to say hello!

Now, me and my partner are looking for a mortgage, as we are coming toward the end of our tenancy agreement, and are sick of paying rent (£500pm) when we could putting the money toward a house of our own. We have quite a few defaults but no CCJ'S, and we both work full time earning 28k between the two of us. We have seen a propertry for offers of £120K, and we really like the house.
We have approached northern rock through a broker for a together mortgage, now has anyone here applied to northern rock with bad credit and been given a mortgage? Or anyone they know? Im just trying to gage whether we are actually in with a chance, or we should stop getting our hopes up

Also, are there any other lenders out there who consider low credit mortgages for 100%?

Many Thanks

jockettuk

my partner got a morgage with NR he needed a 100% morgage and NR were the best at the time.. he has since changed his morgage after the initial two years but still found NR to be the best..

a friend of mine is going through NR at the moment with her hubbby they have all sorts of credit problems but still getting a morgage as they have paid these creditors and can afford a morgage but need a 100%

emszii

yeah we are in debt tho and have defaults. We can afford the mortgage as we have been paying £500 a month in rent for 3 years now.....just really really need some advice as we want to start a family and own our own home.

AndrewSmith

Is the broker fully aware of your default status? In my experience they have been somewhat inflexible generally to situations of adverse credit.

I have lifted this sentence straight off the Adverse Credit criteria for Northern Rock.

"A credit check will be made on all applicants and the loan will be declined where an adverse credit history is registered. In addition, credit scoring will be used as part of the decision-making process."

The amount of mortgage you are looking for is within their criteria, however it is dependant upon how you fair on credit score/credit check and underwriting.

Personally I would have called them prior to submitting the case to see if it is likely to be accepted.

Have you submitted a full application of and agreement in principle at this stage?

Also, you say you are going to Norther Rock via a broker, has the broker advised you to go with them or is he working on a 'non advice' basis?

Andy

MortgageMamma

I know of an adverse lender which is likely to lend you 100% but will only do 3.75 joint salary

emszii

AndrewSmith wrote:

Is the broker fully aware of your default status? In my experience they have been somewhat inflexible generally to situations of adverse credit.

I have lifted this sentence straight off the Adverse Credit criteria for Northern Rock.

"A credit check will be made on all applicants and the loan will be declined where an adverse credit history is registered. In addition, credit scoring will be used as part of the decision-making process."

The amount of mortgage you are looking for is within their criteria, however it is dependant upon how you fair on credit score/credit check and underwriting.

Personally I would have called them prior to submitting the case to see if it is likely to be accepted.

Have you submitted a full application of and agreement in principle at this stage?

Also, you say you are going to Norther Rock via a broker, has the broker advised you to go with them or is he working on a 'non advice' basis?

Andy

no not yet the broker is just contacting northern rock to see if it likely to be accepted....

Old_iron_balls

I was accepted by Northern rock for a together mortgage.
We also earn £28k between us.
I have one small default, its 3 years old and satisfied.
not sure how they view multiple defaults though ?

emszii

hmm so not many people are/have been in the same situation then? its just im really nervous and would like to be a bit more in the 'know',you know?

MortgageMamma

has your broker not rung you yet? I would have had this done within 10 minutes. Thats REALLY bad service Emszii and I hope it doesn't reflect how your mortgage will be dealt with generally

emszii

yeah i know i even have property in mind to buy but its just waiting you know.....the longer i wait the more im getting nervous

emszii

do northern rock generally take this long?