Mortgage Application with Defaults

Dave_Ham

Hi there,

If your deposit represents 15 percent of purchase price, subject to the information provided there will be a fair solution.

5 and 10 percent deposit will be virtually impossible.

If 15 percent and broker cannot find solution, find a broker that can..

Good luck

Evans1882

The Deposit shoould be around 22% to 26% will this give us a fare chance

Evans1882

Hi

my partner sold her house and we found a very nice home to buy, we had a mortgage offer in principle so went ahead and put a offer in that was accepted. on application the mortgage was turned down due to my credit history:eek: the broker went off and found another deal with GE Money but the fees and rates are very high it is the only lender that will give us the money we need to purchase the house..

it has now been three weeks since the offer was accepted and I am starting to worry as the survey has been done on my partners house and solicitors have started the process of dealing with the sale. we meet with the broker today to sign the paperwork for the application but he said it will take a long time to go through as it is all done on paper not online.

gizmo111

AliceBanned wrote: »

lindsloo wrote: »

In that case one of mine has been on for way too long.

I was told by checkmyfile.com that mine would drop off six years after settlement. Which means it has been on for about ten years - can't be right..

If a default is registered it drops off 6 years later regardless of if it is settled or not.

Has a defautk actually been registered on this account?

Evans1882

Evans1882 wrote: »

Hi

my partner sold her house and we found a very nice home to buy, we had a mortgage offer in principle so went ahead and put a offer in that was accepted. on application the mortgage was turned down due to my credit history:eek: the broker went off and found another deal with GE Money but the fees and rates are very high it is the only lender that will give us the money we need to purchase the house..

it has now been three weeks since the offer was accepted and I am starting to worry as the survey has been done on my partners house and solicitors have started the process of dealing with the sale. we meet with the broker today to sign the paperwork for the application but he said it will take a long time to go through as it is all done on paper not online.

any advice on my situation above will be greatly received thank you

Dave_Ham

Appreciate you may be stressed about this, but who did you think would be up between 2am and 2.30am qualified to offer an opinion.

GE Money is almost a lazy broker selection, given what you have stated in the detail previously.

There are quicker/cheaper lenders that potentially you would qualify for.

So long as your recent bank statements will look good on a manual underwrite and therefore not over any limits, poor banking control or multiple missed payments I would suggest you get your credit reports to another broker for a 2nd opinion.

Good luck