Mortgage with defaults please please help!!!

Sol-09

Hi there,

I really need some advice please.

What are the chances of getting a mortgage with the following credit rating:

Experian score of 701
1st default:capital one £417 dated 13 months ago settled 3 weeks ago
2nd default: Lowell £850 drops off file this November Not satisfied
Orange phone bill with 4 late payments, up to date for the last 3 months
Bank accounts up to date etc and on electoral role

Call credit score of 573
1 default showing, Lowell as above
On electoral role
Settled finance agreement
Orange as above
Bank accounts as above

Score of 333
Defaults showing as with experian
Orange & bank accounts as above
Registered on electoral role

I earn £56k pa, have a 15-20k deposit and the vendor will except £135k

Please help as I'm at a lose end. Just been refused by Halifax so pulled my credit reports from the above CRA.
Initially I had an AIP from Halifax so put an offer in on the above property and now don't have a mortgage in place.
I have gone through a broker, he has had copies of my CR but is not giving me feedback nor moving forward with this.

All help, advise and previous situations would be much appreciated

Many thanks

Dave_Ham

You have done the right things getting these reports, although the broker has gone for the soft option..

If your bank account is clean and looks nicely funded and well conducted, I would fancy this at 85%

Some additional questions

On Call Credit, was the finance settled in full or part settled as a deal?

Which bank account does your salary go into?

Thrugelmir

An underwriter will question why a £417 default took 13 months to settle.

Yet only 3 weeks after clearing the default you wish to borrow a sizable amount of money.

An underwriter will be uneasy. Given you've a £20k deposit as well.

Becky7176

Hi Dave

Had problems logging in on my account so using my partners, not good with the pc!

The account was a finance agreement and was settled in full however, I was in arrears of 2 months, ongoing for the last 3-4 months. No defaults on this account only the ones listed in my original thread.

My wages get paid into Natwest but my CR always shows a zero balance??? Not sure why as I'm never overdrawn!

Also, I only knew I had the default when I obtained my CR, and so, settled in ASAP.

Would I be looking at a subprime lender? And you said a possible 85% deposit, how likely is this. Reason I ask is what I have already is seriously pushing it. Family members have helped etc, I would struggle to raise any more capital.

Thanks for your help, it's really appreciated!

Dave_Ham

Do not worry about the 0, this will only show borrowing and therefore if you go into an overdraft (or overdrawn position) it will show on your file so 0 is just fine.

What are your partners credit files like?

Its impossible to say without seeing the detail, but this may well require a building society application at 85% so that they can manually underwrite now based upon recent history and not that of the adverse in the 2 years + bracket..

The Capital One recent default is likely to be the biggest hurdle and as a previous post said, to default on this sort of amount so recently and then have a deposit of substance will not delight the banks.

Suggest you need a decent broker and if yours is lost now, they will be lost mid application. Would ensure they do not start applying on your behalf here, there and everywhere.

All the best

Wh05apk

Personally with an un-satisfied default, and another only just cleared, I would be amazed if this succeeded at 85%, I would like to know who you feel might consider this, maybe at 75% a smaller lender may consider, but surely not at 85%?

Dave_Ham

Wh05apk wrote: »

Personally with an un-satisfied default, and another only just cleared, I would be amazed if this succeeded at 85%, I would like to know who you feel might consider this, maybe at 75% a smaller lender may consider, but surely not at 85%?

Next you will want Saturday's lottery numbers I suppose.

I would be confident of achieving success, but then we do have some direct relationships with smaller building societies and satisfying may well be pre-requisite.

Without more facts and full disclosure impossible to guarantee, but the OP was asking if possible and I believe so yes..

Conrad

Becky7176 wrote: »

And you said a possible 85% deposit, how likely is this.

85% is in theory possible but such lenders will usually want to see 3 months Bank statements and they need to look darn good.

Sol-09

Dave_Ham wrote: »

Do not worry about the 0, this will only show borrowing and therefore if you go into an overdraft (or overdrawn position) it will show on your file so 0 is just fine.

What are your partners credit files like?

Its impossible to say without seeing the detail, but this may well require a building society application at 85% so that they can manually underwrite now based upon recent history and not that of the adverse in the 2 years + bracket..

The Capital One recent default is likely to be the biggest hurdle and as a previous post said, to default on this sort of amount so recently and then have a deposit of substance will not delight the

Suggest you need a decent broker and if yours is lost now, they will be lost mid application. Would ensure they do not start applying on your behalf here, there and everywhere.

All the best

Really appreciate your help Dave. Could you recommend a decent Mortgage broker as ours has well and truly let us down. we are still no further ahead and are contemplating whether to withdraw our offer due to not being able to get a mortgage

Thrugelmir

Sol-09 wrote: »

as ours has well and truly let us down.

Unfortunately I fear that they may not be the case. The reality may be closer to home.

Sol-09

Thrugelmir wrote: »

Unfortunately I fear that they may not be the case. The reality may be closer to home.

You may be right and I appreciate your comments but why would a broker inform you from the beginning that a mortgage would be no problem... We're absolutely gutted at the moment...