Default on credit report and getting a mortgage?

stebiz

Conrad wrote: »

I'm noticing from your posts that you have a narrow reality tunnel that has you well and truly confined. It causes you to make all sorts of assumptions such as telling that other poster 'you will DEFINITELY get a mortgage in 2 years time' - not even Doris Stokes would be able to make that claim!

Try using objective analysis in life, rather than jumping to red neck style knee jerk impule reactions.

Open that reality tunnel bro

And here's a 'knowing' wink back to you;)

But my assumption was right

Yours truly
narrow reality tunnel

Leon_W

As Conrad and Herbie point out, there are lenders who will take a view on historic adverse such as defaults.

Recent clients of mine had a heap of satisfied defaults from 2006 and phone up panicking because C & G (their existing lender) turned them down flat. Any broker worth their salt (which I am) would be able to place this (which I did). All at LOWER rates than C & G were offering anyway !

So all this talk of 2% above, if at all, is nonsense.

It is all very case specific and you will need a decent deposit, but a broker really is your best bet in these circumstances.

Regards

stebiz

Leon_W wrote: »

As Conrad and Herbie point out, there are lenders who will take a view on historic adverse such as defaults.

Recent clients of mine had a heap of satisfied defaults from 2006 and phone up panicking because C & G (their existing lender) turned them down flat. Any broker worth their salt (which I am) would be able to place this (which I did). All at LOWER rates than C & G were offering anyway !

So all this talk of 2% above, if at all, is nonsense.

It is all very case specific and you will need a decent deposit, but a broker really is your best bet in these circumstances.

Regards

There are lenders who would run a mile with even defaults of £100 at the moment - even old ones. I do however agree in relation to going through a broker.

Most brokers will have a computer database with all the products on the market, and what adverse the underwriters will accept. This saves an awful lot of time and energy, as well as repeated credit searches.

My suggestion would be to contact a broker who will work on a flat rate commission. This way they will check out the best results for you - not them. Feathering their own nests goes on a fair bit I promise you.

As for getting such a large default on a standard rate mortgage - well that is something we'll never know. But I would guess a huge percentage of lenders will run a mile (computer says no) and the small number who may consider it, will have you jumping through hoops. Whether you get through the final hoop, we'll never know - for now anyway!!

becca0417

Please try a broker, that's the best advice we were given and works! Finally someone who wasn't just taking a random stab in the dark!