Bad / Poor Credit Mortgage. Brokers?

lolly3fh

We're looking into getting our very first mortgage, but my credit rarting is poor. I have been a "perfect payer" for the last 2 years but I have a default on my file, so my rating is understandably poor.

First, we neeed to see someone to see how much we can borrow, so we can start looking at properties, nothing in mind yet.

Second, how does it work? I know I risk being turned down, if we're applying together will they look at our scores together and use the average, or will they write us both off because of me? (we have also considered that him being linked to me financially will affect him too, but my rating will improve over time so he is ok with this).

Are there any brokers that genuinely specialise with poor credit? I don't want to go and see someone who will just ignore everything I've said and run a credit check on me and turn me down anyway, leaving me with an unnecessary recent credit check on my report.

Dave_Ham

Ok - speciality subject..

Take a step back please. When exactly was the default registered and how much was it for. Additionally, has it been repaid?

What deposit do you have, what purchase price (approx.) and what are your individual incomes.

Also, is the default registered on Experian, Equifax and Call Credit?

Most brokers who undertake adverse credit will usually only charge a fee based upon success. These are the ones to go with and it always has to be transparent upfront.

They will not take an average of your credit scores and dependent upon the above the default will rule you out most of the high street lenders credit scores, although depends upon value etc..

lolly3fh

Hi Dave,

You've had some helpful comments for me in the past, on a similar thread. My default was registered October 2011, for £14.00, and was satisfied in December 2011. It is on Experian and either Equifax or CC but can't recall which right now.

We have a £10k deposit, target of £150k LTV, annual household income £38,666k, mine being the lesser at £18,666. We're looking at Halifax due to the scheme we want (Firstbuy) but if this doesn't pan out I have been recommended a building society who only manually underwrite mortgages, rather than the automated credit scoring system, I just didn't know if brokers specialised in this sort of thing.

Dave_Ham

I remember - £14 honestly!!!

Pretty much as I said, there will be options although likely to require a broker.

Not sure the options will involve a specialist scheme like newbuy, but keep fighting the default in the background..

Best of luck

aimzrabbit

lolly3fh wrote: »

Hi Dave,

You've had some helpful comments for me in the past, on a similar thread. My default was registered October 2011, for £14.00, and was satisfied in December 2011. It is on Experian and either Equifax or CC but can't recall which right now.

We have a £10k deposit, target of £150k LTV, annual household income £38,666k, mine being the lesser at £18,666. We're looking at Halifax due to the scheme we want (Firstbuy) but if this doesn't pan out I have been recommended a building society who only manually underwrite mortgages, rather than the automated credit scoring system, I just didn't know if brokers specialised in this sort of thing.

£14 ? is the default for a fixed communication package or a proper cca regulated act like credit card

the reason im asking if its for a comms default you could possibly have it moved from experian , and that would increase your chances significantly

lolly3fh

Dave Ham - thanks, as always. Think we're going to go with the developer's recommended broker, less chance for me but worth a try for the lower interest rate.

Aimzrabbit, it was a catalogue company, so I've probably got no chance but I'm going to keep trying. They're ignoring me now, persistance is key!

Pott5y

lolly3fh wrote: »

Are there any brokers that genuinely specialise with poor credit? I don't want to go and see someone who will just ignore everything I've said and run a credit check on me and turn me down anyway, leaving me with an unnecessary recent credit check on my report.

Lolly3fh

I can certainly recommend that you speak to Dave. I thought I wouldn't be able to get a mortgage let alone one at a decent rate and I know have an Agreement in Principle so am out looking for a house. :j

His contact details can be found under his personal profile (click on his name)

Good luck

Pottsy

lolly3fh

Guess who got her default removed house hunting begins next year! Thanks for all the advice

Dave_Ham

I don't think I need 2 guesses...

Well done.. !

Just ensure it gets removed from all 3 credit reference agencies; Experian, Equifax and Call Credit