FTB Mortgage Decline due to default

Smith15

harvey115 wrote: »

I am afraid it is your decision.

Rent >= Monthly mortgage repayment

Even if the above is true it does not mean that buying a house is better, it simply means you can make ends meet if you are to buy a house. As a house owner there are far more responsibilities as compared to renting i.e. maintenance, selling if you do not need it etc. However if you are renting, you can simply serve a notice of a month or two and leave no need to worry of bad neighbours, maintenance etc.

Hope this helps in your decision.

Thanks for your comment, yeah need to have a think about this. Rent is so expensive at the moment in London but obviously having a house has additional costs...

Dave_Ham

Is the default showing on Experian, Equifax and Call Credit files - this is important..

I would suggest a specialist broker, L & C are fee free and not always that experienced. It is likely that you will need to pay a fee for this level of service..

Good luck

Smith15

Dave_Ham wrote: »

Is the default showing on Experian, Equifax and Call Credit files - this is important..

I would suggest a specialist broker, L & C are fee free and not always that experienced. It is likely that you will need to pay a fee for this level of service..

Good luck

Thanks Dave, yeah itd showing on my credit reports as settled in March 2010. I have gone with a specialist broker who is charging around £400 if my mortgage completes. He is giving me details of a sub prime lender at 6.5% 2 year fixed. Just not sure what is best to do. Current rent is £800 and mortgage be £670 but obviously there are added costs to a mortgage.

Dave_Ham

£400 on completion is a good price in my opinion. Not sure on the rate mind you...

Is the default definitely on Experian, Equifax and Call Credit. They are different credit reference agencies and you have to check each one individually?

Additionally, who do you currently bank with?

handytips

You will be ok with a number of lenders come march 2013, however you need a solution at present. I know of atleast one lender that will consider you (High street) however would need alot more info on the property that you are purchasing. Good Luck.

Smith15

handytips wrote: »

You will be ok with a number of lenders come march 2013, however you need a solution at present. I know of atleast one lender that will consider you (High street) however would need alot more info on the property that you are purchasing. Good Luck.

Im purchasing a 2 bed flat in Chelsmford for 129k with 15% deposit £19350. Property is 9 years old with 89 years left on leasehold. FTB and have the default £427 and £97. Tried with Halifax, got survey done and then they declined.
Salary is £30,700 basic. I've tried two brokers but second one definitely thinks I will need a subrpime lender
Thanks,
Sasha

handytips

How many stories in the block of flats ?
Exact dates when the defaults were satisfied ?
you will also need to explain why the defaults happened.

One thing i am certain of you will be very very lucky to be placed with a sub prime lender with only a 15% deposit.
Send me a PM should you want anymore information.