Monmouthshire Building Society Query

TakingControl

Hello,

a friend of mine has had in the past some debt problems and completed at the beginning of last year successfully a DMP and has been busy saving for her first house purchase. As she is in her mid 40's, she realises she needs to get onto the housing ladder asap.

She currently has a 5% (and legal costs) deposit saved, however she has the following on her credit reports (all 3 checked):
-Default March 2010 for £1200 with BarclayCard Loans, F&F done in November 2010, report states Satisfied
- Default Capital One CC, March 2010, satisfied 100% in March 2012
- AP with MBNA CC, was £11K roughly, she paid off 4K, then did a F&F, they never defaulted and CRA reports only partial settlement February 2011
- AP with Barclay Card CC, paid 100% in March 2011, never defaulted and reported as satisfied.

Now she realises this really has an impact but was hoping that a Building society might be a bit more lenient in lending? She does live in the Monmouthshire BS catchment area for the better deals.

She earns £45K pa, no kids, no debts and has for the past year used a RBS Gold card paid off in full eac month to boost her credit rating as well as a mobile phone contract.

So, she was wondering what her chances were to get a mortgage at 95% with the BS. Anyone who knows?

Thank you and happy new year

kingstreet

Does Monmouthshire BS offer 95% mortgages?

If it does, it is likely to apply the same kind of stringent underwriting other lenders do at that loan to value level.

I think it's highly unlikely to be successful with two defaults less than three years old, but the only way to find out is to ask them.

kingstreet

I can see a direct-only 5 year fix at 5.49% for 95%, but there is no indication they will accept adverse credit.

I stick to my last comment and suggest a call to them, without permitting them to carry out any search at this stage.

TakingControl

Thank you