Poor credit - is this the best we can get?

bad_p

Thanks for your advice Senior Paper Monitor and GMS, I will enquire about the 3yr fixed rate.



I have deliberately left out any background because I’m aware that banks don’t care, I appreciate that you didn’t jump to conclusions and snide remarks as others have. I think we’ve been given the chance at this deal (it is 5.29%; I was rounding up) because we have so much other history that has been settled spotlessly (loans, CCs, HP) along with various other things in our favour (continuous work history, perfect references from mortgage/rent, good income, easily no problems with affordability).



We have our firm offer now, and the main reason we have gone for the 2 yr is that we are hoping to have the judgements removed (they were issued for a debt that wasn’t his to a house he hadn’t lived at for years). We’re expecting this process to take a while - maybe 18 months+ if we have to go through the information commissioner, so decided not to wait, but we don’t expect it to take the full 3 years before these are off his file.



But I respect your advice and agree that it’s worth at least enquiring about 3yr - am I right in thinking you don’t need to go through the whole underwriting process again?

MissShoes

Who is your broker? I'm mortgage hunting at the minute, similar situation to you. Got deposit and money for all fees and costs but poor history eliminates me from high street lenders.

Im thinking of looking at Alexander Hall as a broker?

GMS

MissShoes wrote: »

Who is your broker? I'm mortgage hunting at the minute, similar situation to you. Got deposit and money for all fees and costs but poor history eliminates me from high street lenders.

Im thinking of looking at Alexander Hall as a broker?

Be careful of a 'similar situation'. Only takes a seemingly very minor difference to throw it out.

What is your poor credit? CCJ's? Defaults? Missed Payments? If so when?

Lenders are now looking to lend to clients with historical adverse but it is something which needs to be done very precisely. Many quirks in criteria for the lenders.

How much deposit do you have? How much do you want to borrow? Are you a first time buyer? What is your salary?