In Debt and need a mortgage help please

stupid007

£5000 but as previously stated that a relative has agreed to loan me the money. Which obviously i wont be telling mortgage company so they dont factor this in.

As far as they are concerned this will be a gift. I am more than happy i can afford mortgage and all bills and repay this loan and still have plenty money left over.

stupid007

I forgot to mention that i will be contatcting the card company to negotiate a settlement? Is this a wise idea and will it affect (Worsen) my credit score any more?

CLAPTON

stupid007 wrote: »

I forgot to mention that i will be contatcting the card company to negotiate a settlement? Is this a wise idea and will it affect (Worsen) my credit score any more?

I'm not sure the full facts are here.

I would say successfully negotiating a 'settlement' (i.e. a default) with the card company will trash your credit rating for the next 6 and totally rule out a mortgage for some considerable time too.

Your whole approach seems a little crazy

you have had an overdraft for 8 years and yet you have savings for a deposit? Unless this is an interest free OD then that's is a little mad; or maybe the deposit is gifted from some-one?

you have allowed the phone problem to drag on for 3 years; this could take months and months more to resolve.

erimus1

Stupid007 sorry to hear about your problemsv- lots of great help on here. Like most, I believe that the default is your biggest hurdle but these are difficult to remove. Have a search on the Internet for 'mortgage underwriting' you will see a few mortgage company policies coming up - I've looked at some and they accept defaults from communications companies under a certain amount - do the leg work or get a broker o do it for you.

Without taking the default off, I think your best option would be to find mortgage companies that only use Call Credit (see about your Experien also). The Skipton building society own Call Credit so I am lead to believe this is the only file they search.

stupid007

My girlfriend has the majority of the deposit saved up and i have contributed to that too but she has done the majority of the saving and has received a lot off relatives.

My overdraft is from my student days and is an interest free one.

Regarding the phone problem it was sorted initially and i thought nothing of it once i had paid the agreed amount.

However i was refused for a mortgage and then decided to check my credit profile only then did i see the default from 3 years ago.

Vodafone

Hi stupid007,

Thanks for your time on the phone during the weekend.

As discussed, as soon as I have an update regarding your case I'll get back in touch with you.

Kind regards,

Lee

Web Relations Team

Vodafone UK