Mortgage query

omoplata_2

Hi all,

I wonder if you can help.

Does anyone know of a mortgage company that uses humans to make lending decisions?

I want to buy a house, of which the purchase price is not much more than my annual salary.

Sure I have a poor credit history, but thats from many years ago. I have not missed a payment on anything in about 4 or 5 years.

I am completely reformed. Everyone gets paid on-time. In fact, this year some of the defaults will be 6 years old and hopefully will fall off my credit record.

In the meantime, do any of you know a sensible mortgage company I could enquire with?

Thanks,
Om.

ACG

There are plenty, but how much deposit are you putting down? 5% for instance wouldnt be enough, 10% may be difficult.

We (as in qualified advisors) cant make suggestions on the forum. Your best booking an appointment with a mortgage advisor who can probably help (subject to deposit etc).

omoplata_2

The thing is, there are no shortage of people who are willing to TRY for me, but when they fail, many don't even have the courtesy to call me back and tell me.

It's a buy to let mortgage I want as I don't want to live in the house, its rented out and I have been looking after if for about 3 years. I can buy it as soon as I can get a mortgage. I am flexible on deposit. 20% would be convenient but I could go up. I just need a lender with human underwriters not a dumb computer.

GMS

What was the poor credit, how much and when? Has it been satisfied?

Property purchase price? Monthly rent?

ACG

Do you not know anyone who can recommend an advisor to you?

omoplata_2

The poor credit was lots of credit cards, around 5 or 6 years ago. Some marked satisfied (even though I didn't pay them) and some not. No CCJ's. I refused to pay based on suspect credit agreements. Total was multiple 10's of thousands. As I said, some should fall off the file in April / May. I have just ordered my file from the 3 agencies.

Property PP is £65K, monthly rent is £550 via housing benefit and has been let almost constantly for the last few years.

I wasn't looking for a broker really I was hoping somone could recommend a lender. The brokers I have experienced have only been interested in the easy cases so they don't bother calling me back after having me spend hours filling in forms. (Although its been over a years since I last spoke to one).

ACG

Lets hope you dont get a tenant that thinks your contract is suspect.

bigadaj

Well that's honest but having avoided paying back tens of thousands then its no great surprise that borrowing is proving a bit of a problem.

omoplata_2

ACG wrote: »

Lets hope you dont get a tenant that thinks your contract is suspect.

I've had plenty. Thats life.

omoplata_2

bigadaj wrote: »

Well that's honest but having avoided paying back tens of thousands then its no great surprise that borrowing is proving a bit of a problem.

Oh yes, I forgot the banks were honest and law abiding. NOT.

And I didn't break any laws.

GMS

Few points:

• Plenty of adverse with seemingly no concern or intention of paying. Citing badly worded contracts to justify money you knowingly spent and had benefit from. Sound like somebody you would lend to?
• 65k value. Below minimum valuation for many lenders
• Housing benefits. Not allowed by most lenders

Buy to Let lending require squeaky clean applicants (aside from a small amount of products). Most want home ownership and some want experience of landlords.


You will struggle if not find it impossible.