First time buyers - big worry

kerrimillar

No not attached to an estate agents . It's a chain in Northern Ireland

I will check someone else . Thanks

I've read that having 40% plus deposit helps a lot but we only have 20% could maybe get to 25%

Stressful stuff this trying to buy a house

kerrimillar

Sorry just one more question

With these advertised companies everywhere for a bad credit mortgage are any legitimate ?

Thanks for all the help

GMS

kerrimillar wrote: »

Sorry just one more question

With these advertised companies everywhere for a bad credit mortgage are any legitimate ?

Thanks for all the help

Which companies have you seen?

You are assuming the worst before you have even ha an answer. If you don't get through with your current application then get your credit files to a broker.

kerrimillar

Accord , Leeds , ge money have seen loads advertising

Yes I am totally just preparing myself for the worse result at first I was delighted to get the desision it was pre approved but after reading what this means with Halifax not a lot and alot of Applications still fail on the full check . I am just so worried we won't be able to get a mortgage at all. We have spent the past 10 years moving around with my husbands job and I'm desperate to settle in our own home . Which we can definatly afford

melj16

if you believe the default has been placed wrongly.....you could always write to the company and see if they can remove it. Might not have any luck but surely its worth a try.....best of luck!

kingstreet

Here you go. Pick the bones out of the Leeds BS criteria on adverse credit issues;-

Definition of Prime

Acceptable borrowers are defined by the Society’s definition of prime, which is given below:

• No missed mortgage payments in the last 12 months.

• No arrears on any previous (or current) unsecured loan (including credit / store cards, mail order credit and mobile phone contracts) within the last twelve months, where the cumulative amount overdue at any point reached more than one monthly payment.

• No arrears on any loan (unsecured or secured including credit / store cards, mail order credit and mobile phone contracts) within the last three years, where the cumulative amount overdue at any point reached more than two monthly payments.

• No more than one county court judgements (CCJs) or default, which must have been satisfied within 3 months of issue, with a total value not greater than £500, within the last four years.

• Unsatisfied CCJ’s / defaults are not acceptable.

• Not being subject to an Individual Voluntary Arrangement (IVA) unless discharged over six years ago.

• Not being subject to a Bankruptcy Order unless discharged over 6 years ago.

• Not being subject to a previous property possession within the last six years.

kerrimillar

Okay so that looks like a definate no

It was on a comparison site when you entered the bad credit box . I've seen 2 threads with similar circumstances that the mortgage has completed do I have a little shred of hope . I just want to have a plan b if Halifax turns out to be a no goer

Thanks for the help

Ps I'm really wanting someone to say , this company lends based on affordability , 15% and does not focus on credit file to much lol I can dream .i don't mind paying a bit more for 2 years until rating improves for a better rate

ACG

There are companies who lend based on affordability. They credit check (not credit score), so if there is a bit of a blip a human can look at it and say genuine mistake we will ignore it.

15% is the bare minimum you will need to get that sort of underwriting.

The lenders we would look at are companies that you cant go to on the high street and only deal with brokers.... this is why im suggesting you speak to a decent broker who is happy to look at adverse. Im not going to guarantee you will get the mortgage (its unfair of me to do that), but i would be 99% sure you can get one.

ch3101

As melj said, if a company has done something wrong and it has affected your credit history then they can file what's called a CAIS form to get that removed.
The only problem is that it is with 3 and they don't have british call centres, and not to sound horrible, but it's extremely difficult to get anything done with them.
Having said that, i'd expect that if you've had other, larger types of credit then the lenders would look more at how you handled them instead.