Any mortgage specialists offer help?

CMcc_4

Hello,

I currently own a share in a part-buy part-rent property, and am looking to move house within the next few months, im interested if anyone can point me in the direction of a lender that would consider my circumstances?

for the record here are my circumtances:

Salary £27,500 p/a
Deposit - between 5-10k

Credit history - 1 Registered overdraft default - satisfied 24 months ago in full within 1 week, all other credit accounts fine bar 1 missed payment.


Im finding it hard to get high street lender to touch me for obvious reasons.

Im looking for an interest only mortgage, probably of around 130-135k

If anyone can offer any assistance that would be great,

Many thanks
C.

herbiesjp

Which lenders have you approached?

What was the reason for tehm saying no -was it they coulnd not lend the amount requested, or was it because of your credit history?

CMcc_4

Ive approached Halifax/Intelligent Finance so far

the mortgage guy i had round said no point even applying to people like Abbey Etc because of their lending criteria.

IF would loan me £120k on the premise that i had a 10% deposit, at fixed rate of 5.8 for 3 years...

I havent pushed them for a higher sum yet as i only have a maximum deposit of 10k available to me, 120k already needs 12k deposit, so it would be a tad fruitless....

Halifax just said 'no'

CMcc_4

Ive approached Halifax/Intelligent Finance so far

the mortgage guy i had round said no point even applying to people like Abbey Etc because of their lending criteria.

IF would loan me £120k on the premise that i had a 10% deposit, at fixed rate of 5.8 for 3 years...

I havent pushed them for a higher sum yet as i only have a maximum deposit of 10k available to me, 120k already needs 12k deposit, so it would be a tad fruitless....

Halifax just said 'no'

toonfish

is the new property to be shared ownership too?

CMcc_4

No it will be out-right purchase for the new house, selling my share in the current house i am in.

Cheers
C

toonfish

there are a few lenders you could try, first national, future and accord off the top of my head. Most of the "mainstream" lenders won't cover those income multiples. It is probably worth going via a broker, at least for an initial idea as a starting point.

Northern Rock, Bristol & West may consider it at their discretion - it depends on the size of and reason for the default and your credit score. There should be others too.

CMcc_4

Size of the default was £1300, currently in dispute and possibly removed shortly.

Reason for default : i dont actualy know, it was a student bank account and i was well within my overdraft limit (£2000), then all of a sudden i get a letter out of the blue after my graduation demanding full repayment of the overdraft which i wasnt able to do at the time (id just graduated and was looking for a job!) so the next thing i get a DCA letter, had to take out a loan to pay the default off, so thats that.

As for my credit score, well, what can i say.

I have about 8-9 credit accounts that are maintained to perfect standards, all 0's etc, and 1 missed payment on my CC which was about 8 months ago.

The default drags it right down from what would probably be a highly respectable score.

thank you for your information though i will pursue this.

C

toonfish

Mg_NG wrote:

You can also try National Guarantee. I've only discovered their site a few weeks ago, I've got no complaints for them so far...

here's the link to their website.

A fee of 1% of the loan may be payable on completion, subject to a minimum of £2,250.

they are owned by GMAC - steer well clear