problems getting mortgage

lucylooby123

may 2010, satisfied sept 2010.

he banks with hsbc

Dave_Ham

And what was the values of the defaults?

His bank are not going to help unfortunately as amongst the least flexible.

I fear you may require a more specialist lender than mainstream, but these are not at the horrific rates they once were and your deposit holds you in a better place here...

lucylooby123

it's just under £400

is it worth waiting until the council have updated the electoral roll in a couple of months and reapplying then or just going with a specialist company? would a specialist company accept him with just a certificate of residency as opposed to being on the electoral roll?

lucylooby123

and would barclays be any more flexible? we have some large savings with them.

Ideally we need to be moved within 6 months due to children's schools.

Dave_Ham

Its hard to say without knowing absolutely everything..

Barclays would be more flexible than HSBC, although now Woolwich do the mortgages maybe not flexible enough.

I say specialist lenders only because some of them and the building societies look at things across the board now and for the future, without pinning everything on a credit history they still have a look.

Obviously it would help if he were on the electoral roll and you could wait, but sometimes not practical..

No right or wrong answers unfortunately, time is always a great, natural healer on these credit reports.

lucylooby123

who are the specialist companies and what kind of % are they charging? Sorry, I have no idea how to look for these things. Who is the most recommended?

Dave_Ham

The rates would span between 4 and 8%, although I do not think it will be helpful if I list a load of providers in this marketplace in case you take a 6% deal, when with good advice you could have got a 4.5% deal.

Not sure where you got your last broker from, but try and get an experienced, recommended broker to do this leg work for you. Do not let any broker apply without having reasoned their selection through with you first as you do not need more credit scores.

Steer clear of any tied or estate agency based brokers - I think it is now accepted that these are typically the least experienced.

If I have not said earlier, absolutely print up both of your credit reports from both Experian and Equifax. There may be something untoward on either or that so far unaware of..

lucylooby123

we've got both printed off and what i detailed above are all that shows. The broker is scratching his head and saying we need to cover every avenue before he applies again, but it's not looking hopeful. Just seems such a kick in the guts after we've tried for years to be frugal and managed to get 50% of the house value under our belts, for us to be knocked back. Thankyou for your advice, it's been very helpful