Mortgage application after defaults

shopaholic232

Hi everyone I have applied for a mortgage thought ulster bank which is part of RBS group my full application was sent in through my mortgage broker on 18th May but still no reply and im feeling so on edge waiting, so here is my full details, I was out of work in 2008 and was unable to make payments on a credit card with a balance of £1000 outstanding which i settled in full within a few months of getting some part time work, since then i have now been employed for the past 2 years in full time employment and have 2 credit cards which have less than 1000 between the two, I have no other outstanding debt and earn 29000 per year the mortgage amount i am applying for is 75000. Sorry I hope all this makes sense, Im just getting so stressed because it feels like its taking forever and my mortgage broker keeps saying i will hear in a few days then when it gets to the day they say oh it will be another 3-5 days, so contacted broker yesterday and RBS say the have not keyed the application then they will send to underwriters so this will not be done until after bank holiday, im so scared of this not going through after all this waiting, any info and advice would be great.

shopaholic232

sorry just to note in 2008 when i was unable to make payments the account when to default as had missed a few payments on this credit card

Conrad

It's impossible to pretict I'm afraid. N Ireland / Ireland have been trhough a massive credit crisis so lending has to be made extemely carefuly.

All I can say is what will be will be, there is no point your making your life a misery with worry.

RBS were part nationalised due to the credit crisis and they are thought to have hundreds of billions at risk thanks to the crash in places like America, Spain, Italy and Greece. At this time they generally take on only the highest quality business. I don't use RBS group at all now as there are less fussy lenders out there.

shopaholic232

Thanks conrad. Im just so worried after the defaults in 2008 and have read here that a few people have had issues with high street banks when defaults show on credit file

shopaholic232

Has anyone had any similar situations or has dealt with rbs? Just keep thinking whats the chances of my application being accepted

marathonic

I'm probably going to be applying for a mortgage pretty soon in Northern Ireland and have no credit history except for my Republic of Ireland credit history.

In speaking with a broker, the two she reckons are lending most in Northern Ireland (for my situation anyway) are Northern Bank and, with higher rates, Ulster Bank.

If Ulster Bank turn you down, get a copy of your credit reports to check whether there are any inaccuracies there. If not, I'd chance Northern Bank.

A work colleague even got approved for a Northern Bank mortgage recently with a 95% LTV, i.e. a 5% deposit. The rate however, is 5.99%.

shopaholic232

Hi Just a quick update, broker rang today and said RBS have called the past two days in a row as they wanted to query the defaults, they said they will give us an answer tomorrow but so stressed and feel like they are going to say no as it seems the defaults are an issue even tho 4 years ago what do u all think?

DVardysShadow

shopaholic232 wrote: »

Hi Just a quick update, broker rang today and said RBS have called the past two days in a row as they wanted to query the defaults, they said they will give us an answer tomorrow but so stressed and feel like they are going to say no as it seems the defaults are an issue even tho 4 years ago what do u all think?

While they are still asking they have not said No.

The_J

Unsure, historically RBS have had a love/hate relationship on credit score. They can dig their heels in, just have to wait and see.

shopaholic232

thanks dvardysshadow its just so hard to know as keep thinking why do they come back and ask and what they will say tomorrow

shopaholic232

we have just got word that our mortgage application has not been accepted due to defaults :(