Mortgage offer but will others lend

sgribben28

Hi all

First time post, but interested if anyone has any advice.

My husband and i are just in the process of looking for mortgages, we have been to a financial advisor, who has got us a 3 month approval on a 75% ltv mortgage.

Ideally we would like to borrow 80%, however my husband has 3 seperate defaults on his credit report dating back to 2005, he has made a concerted effort to repair his credit in the last few years but obviously these still appear as they have not been cleared - on his list to do.

I have the mortgage on the house we currently live in and we will have equity of around £60-65k when we sell.

Does anyone know whether we are likely to be able to get the 80% we want, i have done some research of my own and the likes of woolwich and Post office look like prospects. Should i go back to the advisor and ask him to find a better deal or should we be grateful that we have even been offered a mortgage?

Be grateful for any comments, positive or negative.

Ditch_Crawler

As I understand it from other threads on here, Woolwich will require you to undertake to clear all your existing debts within 30 days of completion, irrespective of how large/small/affordable those debts might be.

Ditch

Pammy

Thats great you even got an AIP with 3 defaults.

Can I ask who you are going with and how much the defaults were for?

We are in a similar position to you and its been a difficult process. We finally got an AIP but we had to give 25% deposit. They would not sway on this.

We only found one lender willing to help us and the broker tried many. Its probably different though as we are first time buyers.

happybroker

Platform will go to 80% on their prime range and "ignore" defaults over 3 yrs old though you have to pass a cedit score (which is not very high in all fairness).

They offer different deals to different brokers though and your IFA may not have access to it so have a bit of a shop around.

sgribben28

Hi All

Thanks for replies, the AIP we have is through platform, and following your replies, i will stick with the 75% we have been offered and be grateful. It's such a minefield out there and i am still worried that we will get to the point of finding a house and they will retract the offer - can they do that ? It's their money so i suppose they can.