Bad Credit Mortgage

rssuk

Hi

Myslf and partner are after a mortgage so here are the details...

myself full time employment £23,000 per annum poor credit file CCJ from 2009 for £750 now paid have 1 payday loan with no other outstanding finance.

Partner part time £8000 per annum excellent credit file no outstanding finance

We was going to buy a house for £115,000 with £20,000 down

We have a deposit of £20,000 and initially got accepted by GE Money who have messed us about at first they accepted us at a £94,500 mortgage then we went through all the processes etc...mortgage app fee went out then as we thought everything would be completed they did another credit search and now are only offering us £86,000 which is not enough.

They did the search within the space of 2 week and nothing has changed with the exception of us paying off debts.So we went from a 85%LTV to 75%LTV

We are really upset now and are wondering if there is any other company which offers more than 75% LTV we are now realising the house we planned for we are going to lose. We just want a simple yes you can lend x amount.

Any help would be great and if I have missed anything please let me know

Thanks,

John.

ACG

If GE money will only offer you a mortgage at 75% LTV i dont think you will get an 85% deal anywhere.

GE money are one of the most lenient with regards to CCJs.

Dave_Ham

It may come down to which month in 2009 the CCJ was applied.

If it is 3 years old or older (so from Jan-June 2009) then there are better deals at higher loan to values out there are suggest you get a broker who specialises in adverse credit and not someone who has just gone to GE directly or indirectly...

I assume you have held a mortgage now or previously?

rssuk

Yes my partner has just sold her house and i have had one in previous relationship. The ccj was from Sept 2009 we are looking at someone else to see if they can find someone who can provide us with a mortgage.

Hopefully someone will be able to provide us with one.

Conrad

Personally I'd suggest you ask your adviser to try some of the small Building Societies for this one.

Good luck

rssuk

Conrad wrote: »

Personally I'd suggest you ask your adviser to try some of the small Building Societies for this one.

Good luck

I think we will have to change our advisor as i think he only deals with certain lenders not only that he has shown us no support whatsoever throughout the process and we have had to chase him for everything.

Thanks for the advise though it really is grateful

Thrugelmir

If you have £20k to put down. Why are using payday loans?

A question you should be asking yourselves. I'm only making an observation.

rssuk

Thrugelmir wrote: »

If you have £20k to put down. Why are using payday loans?

A question you should be asking yourselves. I'm only making an observation.[/QUOTE

£20,000 is from the sale of our house we are not using it for paying off debts.

TheThe payday loan was taken out at a time when we sold our home and was short on funds we had to pay a months storage upfront for our items along with van hire.

gazfocus

rssuk wrote: »

Thrugelmir wrote: »

If you have £20k to put down. Why are using payday loans?

A question you should be asking yourselves. I'm only making an observation.

£20,000 is from the sale of our house we are not using it for paying off debts.

TheThe payday loan was taken out at a time when we sold our home and was short on funds we had to pay a months storage upfront for our items along with van hire.

Well that's a pretty dumb attitude to have when the payday loan is probably costing you hundreds, if not thousands, of percent in interest!

rssuk

gazfocus;53162663]Well that's a pretty dumb attitude to have when the payday loan is probably costing you hundreds, if not thousands, of percent in interest!


Well you could probably see it that way however it is paid next week and was short term only. The fact is it will be paid and I will be debt free until i do get a mortgage.

Just to say "dumb attitude" is out of order people come on here for help and advise, people are different and not all like yourself so please take into consideration and put your words wisley before commenting on peoples lives.

samtoby

Not that I am ANY KIND of expert, but I know my friend has just applied for a mortgage through GE Money or what every their title is and the % they had to put down increased to 25% because of loans with Wonga.....I think it might have something to do with that.

If your in money troubles and are trying to borrow pay days loan history maybe is like a red rag to a bull?