Mortgage with a default?

Jordan_k_s

Just had a verbal offer accepted on a house for £205,000 just concerned we won't get the mortgage, I know it's doing things the wrong way round but the property was up for 240,00 and the estate agent asked us what we would be prepared to pay we said 200,00 and got settled at 205,00 subject to a mortgage in principle, by help I mean I need a good experienced mortgage advisor who knows how to explor every avenue, I can wait till next week just I want to make sure I'm getting the best advisor who is 'clued up' with this kind of situation as don't know much about the advisor I'm going to see apart from its who a friend has used previously. Sorry for being impatient lol just eager and apprehensive

GMS

Recommendations from friends and family are usually the best way.

Get copies of credit searches. Get payslips and P60's, bank statements and utility bills. Passport and Driving Licences. Give them all to the broker and get a Decision in Principle done following the fact find.

Honestly it would be of no use to you if I or anybody else said apply to xxxxx bank. Your circumstances are not straight forward. Applying at random will lead to declines and harm credit scoring.

You will not get the best rates available but this is a consequence of the default.

If you cant wait then maybe find another broker but you may not get a face to face appointment at short notice

Simon_gloster

80% LTV with a hefty default and an average score......I personally think your chances ae 80-20 of decline. Hefty default and and a high credit score is a different ball game altogether.

The sub primers currently who ignore all defaults require 35-50% deposit.

If your looking at popular lenders, ideally your LTV needs to be well below 75%.

Bigger deposit..you will have a better chanc for sure.

Just seen your offers accepted. Well done and a few sleepless nights ahead me thinks.

You might want to try a building society in your county.

Jordan_k_s

Thanks to both GMS and Simon for your replys, will wait till next week and take your advice GMS. Definitely a few sleepless nights ahead! But if it can't happen then looks like I'll have to carry on renting till the default clears and my credit rating improves

Jordan_k_s

Thanks paintpotter I'm currently liaising with a broker who specialise in my kind of situation so hopefully he will be able to do something for me

GMS

paintpotter wrote: »

Hi, I would suggest asking your broker to try Aldermore, Blemain, Kensington or Cheshire Mortgage Corporation. One of them should be able to help you. These are some of the companies that I am pursuing. Your broker should be aware of these companies. Check out their web sites and lending criterias.

Kensington 75% LTV max, Cheshire is the residential arm of Blemain and they will not do 80% plus their rates are horrific.

Let your broker do their job. They will know the correct lender for your circumstances

GMS

Kensington don't lend to first time buyers either.

Jordan_k_s

Thanks GMS I don't think I'll be classed as a first time buyer as my partner has been on a joint mortgage previously.

emran2486

I am trying to get a mortgage on a right to buy mortgage, but I have got a default of 183.00 on my credit score which has been paid off.

I have just tried getting a mortgage of Nationwide who declined my application.

Can someone please give me some advice

emran2486

Jordan_k_s wrote: »

Thanks paintpotter I'm currently liaising with a broker who specialise in my kind of situation so hopefully he will be able to do something for me

Did the broker get the mortgage for you?