bad credit mortgage success

jabjones1

hi just wondered if anyone has had any recent success with a poor credit rating obtaining a mortgage? reason im asking is im currently looking at buying somewhere but have a poor rating. i have 2 defaults 1, 6 yrs ago in may and one 5 yrs ago in aug. everything is settled and i now only have 2 accounts open on my file which are up to date, my rating has not improved in 5 months whatsoever though despite claims on the credit agencys website that it should.(experian) we have a 15% deposit based on average property of 130k which is in the area we want and both fully employed with a joint 40k basic income. i know the best thing is to wait but the property we currently rent isn't ideal (poor landlord and maintenance) and i dont really want to move to rent again then move again to buy. i have a broker currently working on this but no joy so far, no applications have been made due to my credit rating he is basically having to talk and explain everything which takes a hell of a lot of time, but just wondered if my circumstances are similar to someone who has had success?
many thanks.

Dave_Ham

Hi,

Are the defaults in just your name or joint.

I have had successes with many clients in similar circumstances, just need to select the right lender.

Cant see it being a major headache.

Good luck

jabjones1

just in my name, we had very bad time 2006-2007 due to credit crunch like alot of people and had to sell our house leaving us with negative equity, we took a loan out to pay that off and last year we got advised to pay that off (13k) but now it looks like we could of used that to take our deposit over the 25% bracket looking back it maybe have been better to do that. the payments on the loan would of lowered our lending power but the deposit may have had more impact. 50/50 i guess.

jabjones1

just another question, does the lead name on an application make the slightest bit of difference? silly question i know but my partners credit file is in alot better than mine.

Thrugelmir

Did you default on your previous mortgage?

sunflower_2

my sis just been offered a mortgage with her partner.
his credit rating is amazing, never ever been turned down and has savings etc.
my sis - not so good. just out of an IVA.

anyway they got the offer and sis couldnt believe it. the "broker" told her that partner had more or less carried her. obv this is only on the word of said broker.

jabjones1

Thrugelmir wrote: »

Did you default on your previous mortgage?

no it was a credit card, but there was late payments on my previous mortgage which show up on file from 2008, this was questioned last year when we tried and the fact we had no mortgage arrears in last twelve months was fine but the application got declined because the broker applied to the halifax. knowing my credit history i was amazed he even tried this. to make matters worse he also knew that the default was with the halifax.
the broker was very poor and i think he was out there to get the quick wins and couldnt be bothered doing some work so did this just to say "sorry cant help you". he was the estate agents in-house broker. i will no longer use them now, no disrespect to those of you who are in that line of work, it just seemed he was very un-helpful and had enough customers to get him his money.

jabjones1

sunflower wrote: »

my sis just been offered a mortgage with her partner.
his credit rating is amazing, never ever been turned down and has savings etc.
my sis - not so good. just out of an IVA.

anyway they got the offer and sis couldnt believe it. the "broker" told her that partner had more or less carried her. obv this is only on the word of said broker.

when weve tried in the past my name was always put first yet my partner earns more than me and i cant see any harm in trying her as the main applicant as such, it might mean nothing but the next application i do make i will ensure this happens.
hopefully it will make a difference!

jabjones1

Dave_Ham wrote: »

Hi,

Are the defaults in just your name or joint.

I have had successes with many clients in similar circumstances, just need to select the right lender.

Cant see it being a major headache.

Good luck

any advice on who to approach at 85% ltv? kensington was mentioned but they withdrew 85% last year.

Meeper

Precise Mortgages.

Dave_Ham

Hi - find a good broker and I suggest you will be fine. Will probably upset a few people now, but the Estate Agent in house brokers are typically less experienced.

That coupled with new leads every day, does detract from their core offering - in my opinion.

You need to get a recommendation from someone who was also not a straight fit. This is sometimes hard though as those types of applicants don't always shout from the roofs about the broker who got them a mortgage, when they had some "credit issues"

Please do not just approach random banks, even if name dropped on this thread. Get yourself some professional support.

Any broker worth their corn would have already flipped your partner as lead name - no brainer