Refused Mortgage need some advice

herbiesjp

What is the actual default figure?

sdp80

I'm not 100% sure - I know its under £300 though - I will have a look just now and see if I can get the exact figure.

herbiesjp

The exact figure is important, as it will determine whether or not you are over the limit for accepting a small default with some lenders.

sdp80

herbiesjp wrote: »

The exact figure is important, as it will determine whether or not you are over the limit for accepting a small default with some lenders.

I cant see the amount on my file (im using checkmyfile) but looking through my bank statements i can see the amount I paid them was £239.71 in July 2008 (default was registered Nov 2007)

herbiesjp

If it definitely is under £250, you may have one or two options.

I'd suggest getting a good broker to look at this, if you still are going ahead with the same purchase.

sdp80

herbiesjp wrote: »

If it definitely is under £250, you may have one or two options.

I'd suggest getting a good broker to look at this, if you still are going ahead with the same purchase.

It is definately under £250 - I am going to be applying for a mortgage within the next month or two. I am based in Glasgow have never used a broker before sodont know any good ones.

What would be the one or two options?

xyellowx

your phone dispute may have some bearing on being refused
would of thought the company director with only 10% deposit would of had a bigger bearing on it tho

sdp80

xyellowx wrote: »

your phone dispute may have some bearing on being refused
would of thought the company director with only 10% deposit would of had a bigger bearing on it tho

i dont see why the fact i am a company director with only 10% deposit would have any bearing on getting a mortgage. can you explain this further?

DVardysShadow

sdp80 wrote: »

i dont see why the fact i am a company director with only 10% deposit would have any bearing on getting a mortgage. can you explain this further?

It paints a picture, rightly or wrongly, that you are financially on the edge. 10% is regarded as a very poor deposit these days - and 'company director' might imply status, but statistically, I would wager that self described company directors would be associated disproportionately with defaults and repo's. Think builders and scrapmetal merchants etc.

At 10% deposit, your contretemps with O2 is almost certain to be looked at less favourably than if your deposit was 20%. At 20% deposit, it looks like you are rich enough that it was most likely a genuine dispute. At 10%, it looks more like you were not able to meet your commitments.

Don't shoot the messenger pls.

sdp80

DVardysShadow wrote: »

It paints a picture, rightly or wrongly, that you are financially on the edge. 10% is regarded as a very poor deposit these days - and 'company director' might imply status, but statistically, I would wager that self described company directors would be associated disproportionately with defaults and repo's. Think builders and scrapmetal merchants etc.

At 10% deposit, your contretemps with O2 is almost certain to be looked at less favourably than if your deposit was 20%. At 20% deposit, it looks like you are rich enough that it was most likely a genuine dispute. At 10%, it looks more like you were not able to meet your commitments.

Don't shoot the messenger pls.

thanks for your post and explanation i will take that on board although as the lender who rejected my application also provides my business accounts i find it highly unlikely they rejected me due to having only 10% deposit - in fact i wad told it was down to my credit report.

as for shooting the messenger - the previous poster made an unfound comment without any explanation to back it up what so ever.

it seemed to me he was making a dig at my circumstances which isnt at all helpfull when i am on this board looking for help and advice.

EDIT: Also if you read my first post i am not asking for reasons why i got rejected in the first place, i am asking what i can do to give me the best chance of success in getting a mortgage when i apply in a 2 - 3 months time. I appreciate all the help i can get in this regard!