Problem with default

becca0417

Hi all
We are FTB with 15% deposit. My OH has a default from 3 years ago on a student account which has been settled but obviously still shows. We have just been turned down for our 2nd mortgage.
Is there anythinng we can do?
We need a mortgage, are there any companies out there who will consider us?
Thanks in advance
A tired and stressed FTB

mini_moneysaver

hi,

have you obtained copies of both your credit reports just to check there is nothing else that could be causing you the refusal issue?

you dont say how you applied for these mortgages but i would advise you to go and talk to a mortgage advisor, they will have in depth knowledge of the lenders and may have an idea who is worth you trying to apply with and the likeliness of an acceptance with the current credit report issue.

dont give up hope but you should definately get some advice before applying for anything else - too many credit searches in a short period of time will not help your situation!

herbiesjp

Not enough information to go on really.

However the fact there is adverse credit in the equation will make this very difficult to get agreed by going direct to banks - which could cause more harm than good.

Get in contact with a good whole of market adviser, and they will be able to tell you if you stand any chance or not - or maybe come up with other suggestions.

Conrad

85% with adverse is more than doable and at decent rates but a lot more info is needed, including whether your'e last 3 months Bank statements look good or not.

Cheers

becca0417

Sorry yes we are both in stable jobs, joint income of 34k, only borrowing 90. All our credit in last 3 years (ie my car loan) has been paid in full on time every month. Bank statements are good, we have been saving 1k every month between us. Thanks for advise so far.

herbiesjp

How much was the default for?

Do you have up to date copies of the credit file?

becca0417

Yes we do and it is 1150

herbiesjp

You may have one or two limited options, but on that basis of the above details, you really do not want to apply direct.

Get in contact with a good broker who will explain those options to you - not forgetting to give them a copy of that credit file.

becca0417

Just wanted to say thanks to all the above, we have had a fab broker working flat out on the case since Friday and fingers crossed we may have found a mortgage provider!