Refused mortgage because of default

galz1985

Hi

I am based in N.Ireland and have been refused a mortage with the Nationwide/Progressive because of two defaults in 2008.
Amounts are £1566 and £230

I earn 34k and have a deposit of 20% on a house £165k.

Is there anywhere else I can turn? Student overdraft and store card over 4 years ago are coming back to haunt me!!!

Any help would be appreciated

Thanks

ACG

The good news is that you should be able to get a mortgage. The bad news is that £1500 default is going to limit your options.

Speak to a broker, this will be possible but im not sure how far you will get on the high street. A rate of under 5% should be possible.

Thrugelmir

Were the defaults settled?

galz1985

Yes both are settled. One was settled in 2010 so maybe this is the problem. Just wondering who i cud use that will weigh up this all rather than a computer.

Thrugelmir

galz1985 wrote: »

One was settled in 2010 so maybe this is the problem. Just wondering who i cud use that will weigh up this all rather than a computer.

A smaller lender, i.e. a regional building society.

Bubbles87

I got a mortgage with 2 defaults with Halifax both 5 year both under £250.. Worth trying the Halifax...

sheilds

Hi Galz.

I am also in NI and found myself declined a while ago-not for a default but by a bank I had banked with for a long time. Found out later they were "cherry picking" the very best applications.
I went to an independent broker (there are some with outlets on our High Streets) and they got us sorted with a really good deal-so worth a try.

Best of Luck,
S.

Thrugelmir

sheilds wrote: »

Found out later they were "cherry picking" the very best applications.

Not cherry picking. Good old fashioned banking practice.

Cherry picking applies to borrowers with unblemished records. Where lender is targeting very specific market.

sheilds

I stand corrected Thrugelmir-we were told that at the time-maybe to ease our pain as we had banked with them for over 20 years with no issues-in our opinion-for what its worth!

We still were able to get an excellent deal with a High St lender so happy outcome in the end.
The bank in question went into meltdown a few months later....