First time buyer Mortgages

Frogmorton_2

http://www.bbc.co.uk/news/business-21585450

Dont know who the hell is getting mortgages. I have a settled default over 3 years old and a £30,000 deposit available and I can't get one. I presume these people have gold plated credit histories. Probably smug little 20somethings who have never experienced unexpected financial difficulties. Have been told to go away and wait a further 12-18 months building a solid credit history with new credit and try again. V frustrating

ACG

How much are you looking to buy for?
When was the default registered and settled?

Ive placed a mortgage this morning for someone who has a £2500 default with a similar sized deposit.

If your looking at a 10% deposit and the default was last month then your going to struggle. If the default was 2 years ago and you have a 25% deposit then its a whole different ball game.

Not enough info on your post to say whether its possible or not.

Dave_Ham

I would suggest this is easier than you are finding, purchase price will be key...

So long as everything else stacks up, I would fancy you will be able to get this through..

kingstreet

Frogmorton wrote: »

Have been told to go away and wait a further 12-18 months building a solid credit history with new credit and try again. V frustrating

It was a whole market broker who told you this?

Frogmorton_2

ACG wrote: »

How much are you looking to buy for?
When was the default registered and settled?

Ive placed a mortgage this morning for someone who has a £2500 default with a similar sized deposit.

If your looking at a 10% deposit and the default was last month then your going to struggle. If the default was 2 years ago and you have a 25% deposit then its a whole different ball game.

Not enough info on your post to say whether its possible or not.

I have been told by a mortgage broker not to even bother trying. My message was a bit of a rant really although any advice gratefully received.

The default is from October 2010 and is for £847 (settled). There are one or two other issues though to be honest. Both my partner and I encountered periods of job loss over the perior 2005 and 2010 experiencing unemployment at points nd financial hardship. I have a loan that whilst paid off in full last year does have some missed payments at periods and this is on my experian report. I also (with hindsight stupidly) have taken out PDLs - all paid on time - in the past - last one Jan 2012 and the broker had a fit about that. She also said that whilst I have a gift of a deposit £25,000 and I am looking for a mortgage upt o £125,000 that I still need to evidence saving of my own and make sure my current account lands heavily in creift before each pay day. I appreciate that a lender would have to be persuaded that you could cope if interest rates went up but surely you jsut cut spending elsewhere if you need to? I just managed to obtain concusmer credit and know that my score on experian is about 810

Frogmorton_2

Dave_Ham wrote: »

I would suggest this is easier than you are finding, purchase price will be key...

So long as everything else stacks up, I would fancy you will be able to get this through..

I have been told by a mortgage broker not to even bother trying. My message was a bit of a rant really although any advice gratefully received.

The default is from October 2010 and is for £847 (settled). There are one or two other issues though to be honest. Both my partner and I encountered periods of job loss over the perior 2005 and 2010 experiencing unemployment at points nd financial hardship. I have a loan that whilst paid off in full last year does have some missed payments at periods and this is on my experian report. I also (with hindsight stupidly) have taken out PDLs - all paid on time - in the past - last one Jan 2012 and the broker had a fit about that. She also said that whilst I have a gift of a deposit £25,000 and I am looking for a mortgage upt o £125,000 that I still need to evidence saving of my own and make sure my current account lands heavily in creift before each pay day. I appreciate that a lender would have to be persuaded that you could cope if interest rates went up but surely you jsut cut spending elsewhere if you need to? I just managed to obtain concusmer credit and know that my score on experian is about 810

Frogmorton_2

kingstreet wrote: »

It was a whole market broker who told you this?

Yes it was. I have been told by a mortgage broker not to even bother trying. My message was a bit of a rant really although any advice gratefully received.

The default is from October 2010 and is for £847 (settled). There are one or two other issues though to be honest. Both my partner and I encountered periods of job loss over the perior 2005 and 2010 experiencing unemployment at points nd financial hardship. I have a loan that whilst paid off in full last year does have some missed payments at periods and this is on my experian report. I also (with hindsight stupidly) have taken out PDLs - all paid on time - in the past - last one Jan 2012 and the broker had a fit about that. She also said that whilst I have a gift of a deposit £25,000 and I am looking for a mortgage upt o £125,000 that I still need to evidence saving of my own and make sure my current account lands heavily in creift before each pay day. I appreciate that a lender would have to be persuaded that you could cope if interest rates went up but surely you jsut cut spending elsewhere if you need to? I just managed to obtain concusmer credit and know that my score on experian is about 810

Dave_Ham

Think we could have all managed off the same message, still gave me a chuckle first thing which is always good.

You just need a better broker, this is achievable subject to the detail although is crucial no more payday loans hit the credit files in the coming months.

Everything else can be sorted with that deposit/purchase price.

All the best

ACG

I agree with Dave, this should'nt be a major problem.

Frogmorton_2

ACG wrote: »

I agree with Dave, this should'nt be a major problem.

Can you reccomend someone or what is the name of your company?

Frogmorton_2

Dave_Ham wrote: »

Think we could have all managed off the same message, still gave me a chuckle first thing which is always good.

You just need a better broker, this is achievable subject to the detail although is crucial no more payday loans hit the credit files in the coming months.

Everything else can be sorted with that deposit/purchase price.

All the best

can you reccomend someone or what is the name of your company