santander

allialfie

I have a similar problem never missed a mortgae payment have adverse credit history over 10 years ago due to divorce and have ben a customer with santander for over four years wanted to transfer my exisiting mortgage which has a year to go and was willing to put down 50k equity so riak even less on similar property literally swapping house as I need to relocate but computer says no as I no longer fit the lending criteria. So where do I go from here try and get a mortgage which will charge more with adverse credit lender sell my house and rent for three years until my credit repaired as suggested by one mortgage broker I spoke to or sell my house buy a camper van and live off the equity until it runs out tempting !

Wh05apk

allialfie wrote: »

I have a similar problem never missed a mortgae payment have adverse credit history over 10 years ago due to divorce and have ben a customer with santander for over four years wanted to transfer my exisiting mortgage which has a year to go and was willing to put down 50k equity so riak even less on similar property literally swapping house as I need to relocate but computer says no as I no longer fit the lending criteria. So where do I go from here try and get a mortgage which will charge more with adverse credit lender sell my house and rent for three years until my credit repaired as suggested by one mortgage broker I spoke to or sell my house buy a camper van and live off the equity until it runs out tempting !

Adverse 10 years ago, unless a bankruptcy will not be the reason, as it would drop off after 6 years.

You mention one year, were you trying to do the mortgage over 1 year to fit in with an endowment or something? if so that will likely be the reason, as most lenders have a minimum term of 5 years, so you would need to do 5 years and repay early.

javorb

Thrugelmir wrote: »

The logic is very easy to understand. So in a generic reply rather than any comment on the OP's circumstances.

Customers who default on debt in any way cost the banks money in some form. So a customer who subsequently borrows ever increasing amounts in the future in a short space of time will be considered a higher risk than other borrowers. The bank has a choice who to lend to. As only has limited funds. So the message is very clear manage your personal finances in a responsible way or we won't be interested in your future business. At least until a suitable time has elapsed for us to have some assurance that you won't repeat the default.

I should add that statistically people who default once are highly likely to do so in some form again in the future. That's called human nature.

the biggest problem of my debt problems were partly my fault and the banking industry ripping me off with excessive charges and ppi insurance !!

javorb

Thrugelmir wrote: »

The banks management has changed so have their policies. They no longer take the same risks with lending.

What a lender wants to see is you inject your own money into the project. Not borrow an ever increasing sum.

We have invested ,the cottage had not been lived in since 1979,we purchased it for £95k,deposit of £40,spent £60k so far now worth £200000,with a mortgage of £78k + £15k secured loan ,so at moment we have £107k equity we need mortgage of £145k to pay off loan and finish house with finished valuation around £300k for our 5 double bed ,3 bathroom country cottage with clear hill/sea views stretching over 20 miles