Mortgage query

edited 30 November -1 at 1:00AM in Mortgages & Endowments
23 replies 1.1K views
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  • There are ways to clean up your credit record, you should go onto the debt forums and ask for information. It could make a big difference to your mortgage application.
  • kingstreetkingstreet Forumite
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    Problems here;-

    - deposit borderline/low for BTL lenders
    - valuation/purchase price below many lenders minimum for BTL
    - adverse credit
    - sitting tenant
    - sitting tenant on benefits
    - no owned private residence?

    Who owns the property and what is your connection to them? You are "looking after it," how exactly? Where do you live and what is your residential status? What's your employment/income situation?

    As pointed out, lenders use the lower of purchase price or valuation for mortgage purposes, so the higher value will mean nothing if the property purchase price is lower...

    On the whole, I think this proposition is bound to fail. There are lenders who may accept one or two of the issues, but none will accept all of them, IMHO.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • edited 1 February 2013 at 11:54AM
    holly_hobbyholly_hobby Forumite
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    edited 1 February 2013 at 11:54AM
    Thrugelmir wrote: »
    Application fraud takes many guises.

    In respect to the Hunter system being discussed, members merely record applications with the system comparing info given between them for any inconsistency - raising discrepencies as they come about.

    It does not, and is not designed to record adverse credit history (which doesn't necessarily indicate a fraudulent app) - so therefore no "black marks" are recored against anyone in relation to defaulted accounts. Additionally being on the hunter system doesn't necessarily mean an automatic decline - but is a heads up to the Firm to essentially go through any app with a fine tooth comb/thoroughly verify all data, given a history of anomalies with the individuals historical applications.

    In relation to the OPs question, there is no where to currently go (at least till the several recorded defaults have expired) with this for several reasons, as discussed in depth.

    Hope this helps

    Holly
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