Mortgages that take OTE in to account

softie

I've done a check on the site you recommend and it has Equifax as Satisfied in Dec but CallCredit recorded only partially satisfied in July the following year.

Whats the difference between the two?

holly_hobby

As in post #10 - although you have made payment, this was under a repayment offer and for a lesser amount than the original default was registered for.

As such the original default (sum), has only been partially satisified i.e you, with the lenders agreement, only repaid some of the monies legally owed, to effectively close the "dispute" and avoid further legal action, such as a court order being pursued by the creditor.

So, the "satisfaction" has been recorded, you could contact Capital One and see if they will revise the "partial settlement" registration - but to do so would be entirely voluntary on their part, although the fact they have recorded it as fully satisifed with Equifax, may give a little more weight to your request.

Hope this helps

Holly

softie

holly_hobby wrote: »

As in post #10 - although you have made payment, this was under a repayment offer and for a lesser amount than the original default was registered for.

As such the original default (sum), has only been partially satisified i.e you, with the lenders agreement, only repaid some of the monies legally owed, to effectively close the "dispute" and avoid further legal action, such as a court order being pursued by the creditor.

So, the "satisfaction" has been recorded, you could contact Capital One and see if they will revise the "partial settlement" registration - but to do so would be entirely voluntary on their part, although the fact they have recorded it as fully satisifed with Equifax, may give a little more weight to your request.

Hope this helps

Holly

Its the difference in the time thats the concern. The post office have just told us that we'll be fine once its reached 3 years so waiting 6 months isnt necessarilly a bad thing but next July's a long way off.

Conrad

I think there' a good chance this could be done with other main lenders, but be careful, you just can't say your'e not on the mortgage as many underwriters won't accept this and will even deem you as an expense whilst ignoring your income.

You can't just put your getting divorced as lenders may ask for proof.

Find a GOOD broker for this one. It is doable.

Pointless me getting into the ins and outs of the default, you either pass or fail a score, period. The problem is if you try in your name again and get another decline that weakens your chances elesewhere.

holly_hobby

You would need to take up any discrepancy in dates, amount of default registered etc with the Cap One themselves, as the CRAs only act and record the information provided to them. Defaults must be registered within a "reasonable" time of the default action - however its woolley as whats deemed as reasonable - within 6 mths certainly, longer would depend on the Judge on the day (if the OC refused to amend the date, and you pursued this throught he courts).

Having said that, it all depends upon which CRA the lender actually uses for their status checks (experian and equifax are most widely used), and the LTV. One of the active advisers on here may be able to advise if the PO (whom have only discussed the default in general, and not actually performed any AIP/DIP/UW credit check on you) use Equifax where you say it is registered as fully satisfied.

Again, I would say to use the services of a broker, as although there may well be a fee, the time and professional experience they can give will be priceless if they secure you a mge without you "doing the rounds" and the resulting credit checks everywhere - as mulitple applications you may submit on the "off chance" will further weaken any credit score. Indeed a decent broker will usually advise up front if they think the enquiry is unplaceable, which I personally don't think is the case here - if presented/packaged correctly.

Alternatively, contact a none credit scoring lender such as Ipswich BSociety whom may be worth a chat with (although new applications are currently suspended due to os processing volumes) - but at least they could give you an idea on their view wout a full app, and may well save you the professional fee you presently seem so intent on avoiding ...

Hope this helps

Holly

Conrad

softie wrote: »

I'll try a broker although i honestly don't know where to start. Ive been recommended a couple by friends and acquaintances but they are all charging up front and I'm reluctant to part with what isnt a small amount of money if I'm flogging a dead horse.

Understand your reservations here softie, but just to give balance, most clients expect thier own employer to pay for time spent at work, a good broker (not a desperado) is also of this same mind. You have to keep in mind that no matter how serious a client thinks they are, for all manner of reasons a proportion decide not to move (for example someone suddenly taken ill), so a good broker cant risk not being paid for time.

I know some fees free brokers but in my own experience they don't commit that extra bit of effort because in the back of thier mind 'they may not get paid'.

Thrugelmir

softie wrote: »

The underwriters disagreed.

The decision lies with the underwriters no one else.

So may be other factors as well.