Help finding a mortgage - Probably Adverse

JCR1987

Hi,

I've been on here before so I know there are lots of you mortgage broker types out there who may be able to advise on my situation and best next step to take.

We're now debt free after paying off £24,000 worth of debt over the last 6 years, largely due to going with Payplan who I regard very highly.

Myself and the wife are renting a property from friends who have been in negotiations to sell the property to developers. Much to our surprise they've now come to us stating they need us out by the end of April (although we'd been told July/August at the earliest to vacate) as the sale of the property has been agreed with the developers who want the demolish the house and build new ones and are demanding vacant possession. Not an ideal situation for ourselves but it may be the push we need to get onto the property ladder as we don't want to rent again.

Our main problem is that we obviously still have a somewhat tainted credit history. We've a couple of thousand in the bank with the possibility of a loan from the mother-in-law to get us a 5% deposit.

The reality is that we've probably made every payment over the last 4 years on time, we owe no-one any money and we've got more spare cash per month than anyone we know. Unfortunatley our credit rating won't reflect this for a while yet and we imagine mainstream lenders will take one look at our credit file and show us the door regardless of how much money we now have.

We need to get a mortgage but are unsure as to what is available to us without us getting ripped off. I know there are some whole of market brokers such as L & C and Moneyquest, etc but before submitting a quote request to them I thought I'd source out the MSE's to see what you all recommend.

Like I said, we've got around £2,000 savings, with hopefully the potential of a loan of another £7,000 from the old drago.... sorry, wonderful mother-in-law.

Wife and I have a combined income of £49,000.

Who would be the best providers of mortgages to speak to about our needs and get a quote from, whether they are high street, sub-prime or any other type of lender. We've got the deposit, we can make the monthly repayments, we just need to know who'll provide the mortgage.

Any help you can give much appreciated. (apologies for the long shpiel)

maytaurus

Hi,
try Regency mortgages
http://www.rmcgroup.co.uk/
0800 652 3030
Good Luck!

herbiesjp

What kind of purchase prices would you be looking at?

If you have had a clear credit history for the past 4 years (all on time etc) and you no longer owe any money to anyone, you may be able to look at high street lenders.

Have you got up to date copies of your credit files?

JoeK_3

JCR1987 wrote: »

Hi,

I've been on here before so I know there are lots of you mortgage broker types out there who may be able to advise on my situation and best next step to take.

We're now debt free after paying off £24,000 worth of debt over the last 6 years, largely due to going with Payplan who I regard very highly.

Myself and the wife are renting a property from friends who have been in negotiations to sell the property to developers. Much to our surprise they've now come to us stating they need us out by the end of April (although we'd been told July/August at the earliest to vacate) as the sale of the property has been agreed with the developers who want the demolish the house and build new ones and are demanding vacant possession. Not an ideal situation for ourselves but it may be the push we need to get onto the property ladder as we don't want to rent again.

Our main problem is that we obviously still have a somewhat tainted credit history. We've a couple of thousand in the bank with the possibility of a loan from the mother-in-law to get us a 5% deposit.

The reality is that we've probably made every payment over the last 4 years on time, we owe no-one any money and we've got more spare cash per month than anyone we know. Unfortunatley our credit rating won't reflect this for a while yet and we imagine mainstream lenders will take one look at our credit file and show us the door regardless of how much money we now have.

We need to get a mortgage but are unsure as to what is available to us without us getting ripped off. I know there are some whole of market brokers such as L & C and Moneyquest, etc but before submitting a quote request to them I thought I'd source out the MSE's to see what you all recommend.

Like I said, we've got around £2,000 savings, with hopefully the potential of a loan of another £7,000 from the old drago.... sorry, wonderful mother-in-law.

Wife and I have a combined income of £49,000.

Who would be the best providers of mortgages to speak to about our needs and get a quote from, whether they are high street, sub-prime or any other type of lender. We've got the deposit, we can make the monthly repayments, we just need to know who'll provide the mortgage.

Any help you can give much appreciated. (apologies for the long shpiel)

Lenders are more interested in your present circumtances rather than the past and looking at yours, there are no issues. Some lenders will not concern themselves with anything longer than two years ago.

You need a good whole of market mortgage adviser to marry up your circumstances with a lenders criteria.

JoeK

JCR1987

Thanks guys,

I had a CCJ in my name back in 2002 but have paid it off now. It was for £7,000 with IF but the last payment was made on it in 2006. I realise it'll stay on my credit record until mid 2008 so am attributing that to the reason we can't get credit for love nor money.

I've had a copy of my credit file recently from all the agencies and most of them are showing the good payment stuff, i.e a basic Capital One card which I religiously pay a chunk off each month, mobile phone contract which is paid on time every month, etc. However, there still is the former CCJ which, because of the way it was repaid, still shows loads of late payments even though we were making the agreed monthly payments via payplan on time.

Is it possible, or rather, worth my while, to go into a high street lender and explain my financial situation when applying for a mortgage? Do they consider mortgages based on more than merely what the computer says, such as when you apply for a credit card or loan through them. If we could sit down with a mortgage adviser, show them our monthly income and outgoings, would they make a decision based on our ability to repay from this rather than past mistakes?

We're looking at a maximum purchase price of £150,000. We'd be first time buyers so realise we'd be in quite an advantageous position as regards getting the property we want, if we can find it. It's just this 'small' matter of a mortgage.

toonfish

See a broke rwho will try th ehigh street lenders first, rather than jump in to th eadverse (high fees, higher rates) unless it is absolutely essential. Ensure the broker doesn't charge you a fee too.

JCR1987

So, to get hold of a decent 'whole of market' broker, am I best to go through the sort of ones Martin recommends (Chase de Vere, Savills, L & C, etc)? I got a quote about a year ago via Moneyquest, the mortgage provider was Accord who are a subsidiary of Yorkshire BS.

toonfish

I'm biased, but I always think face to face dealing is best, particularly with more complex cases. See if any of your friends/family can recommend a local broker.

herbiesjp

JCR1987 wrote: »

So, to get hold of a decent 'whole of market' broker, am I best to go through the sort of ones Martin recommends (Chase de Vere, Savills, L & C, etc)? I got a quote about a year ago via Moneyquest, the mortgage provider was Accord who are a subsidiary of Yorkshire BS.

Whichever route you take, make sure to ask plenty of questions, about why certain lenders were provided over others.

HTH

Leon_W

JCR1987

Ignore maytaurus' post above (now changed to a financial promotion, hope the FSA are watching !).

Minimum fees of over £2500 !.

Oh, by the way, that is the same Regency Mortgage Corporation that was recently fined by the FSA for misselling.

http://news.bbc.co.uk/1/hi/business/5316142.stm

JCR1987

Thanks Leon,

I clicked into that website, took one look at it and clicked out, you can spot em' a mile off. I'm just surprised there wasn't a picture of Carol Vorderman on there.

Think I'm gonna fill in the online forms for L & C, Savills, etc. Don't really have time to source out a broker to see face-to-face, was notified yesterday that we've only got 4 weeks till we need to move out of our current property.