Mortgage Application with Satisfied Defaults

Canwedoit

Hi. Very new to all this and looking for some advice.

My husband and I are currently looking for a mortgage for a property in guernsey. At the moment most lenders here are still offering 5 x joint salary. Our combined salary is 84k and we have a 130000 gifted deposit. We are looking for a mortgage of about 210000, perchase price in the region of £330000 - cheap for Guernsey prices.

The problem is we have two defaults dates over three years ago and settled. We have one credit card balance of 1500 which we will be paying off next month. I won't go into our sob story about how we got into this mess but I have explained n the application and have a notice of correction on experian.

W are applying to Skipton International Bs and during the initial enquiry I was totally honest with the advisor. she advised us to apply regardless of the defaults but would not say whether we would get approved as it would go through two underwriters.

We have two dependants but my grandmother will be paying the child are fees if we buy a house.

I know we can afford this but do you think we will get a mortgage with our credit history? Any thoughts would be great.

Really want this to happen but will not have my hopes up at all as I know it is a slim chance.

Thanks

Thrugelmir

One for an underwriter I feel. Will be influenced by your credit history in the past 6 years. Given the other issues you've highlighted.

Canwedoit

Thanks. Do you mean for someone who is an underwriter and comments on here or that we will just have to wait until the underwriters at Skipton look at it?

Accounts have been clean for last 3+ years since the defaults.

Fingers crossed. Application goes in on Tuesday and should have an answer in 10 working days!

FTB nerves

Dan-Dan

Canwedoit wrote: »

during the initial enquiry I was totally honest with the advisor. she advised us to apply regardless of the defaults

Well she would !

Thrugelmir

Canwedoit wrote: »

we will just have to wait until the underwriters at Skipton look at it?

The underwriter will know the boundaries under which they are permitted to make a mortgage offer. Lenders differ so not possible to second guess.

Canwedoit

Looks like we're playing the waiting game. :eek::(

2013 is a bad year so far. Just hoping that the huge deposit and perfect bank account for 4 years will count for something.

I've seen lots of threads on here saying that even with defaults, even though they are terrible, some people are being approved. I just want to make a good home for my family.

billybear1

We managed to get a mortgage with GE Money with a set of defaults on my account... the interest rate is pretty awful, but we got one, so I am sure you can.

kingstreet

I would not presume to guess how lending works in the CI.