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FTB Poor Credit History
Comments
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Presumably someone has done an affordability calculations with NW before your application went in and you also got a decision in principle?
That being the case, your biggest worry is lack of patience. A week is no time for lenders to make progress on a case in todays market - it often takes them that long to make their first assessment.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes MA did that about 2 weeks ago and I was accepted. He said affordability is a bit tight and told me to try and pay 2k off cards before comletion, I paid 4 just to be safe. You are right about being impatient, I do have a builder imposed deadline to exchange on 12th Aug, so a abit panicky.Presumably someone has done an affordability calculations with NW before your application went in and you also got a decision in principle?
That being the case, your biggest worry is lack of patience. A week is no time for lenders to make progress on a case in todays market - it often takes them that long to make their first assessment.0 -
Yes MA did that about 2 weeks ago and I was accepted. He said affordability is a bit tight and told me to try and pay 2k off cards before comletion, I paid 4 just to be safe. You are right about being impatient, I do have a builder imposed deadline to exchange on 12th Aug, so a abit panicky.
If you have provided your adviser with everything they have request in full you should be OK.
Builder deadlines are there to be changed. It is not all in your control on a H2B scheme anyway.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Try Barlcays/Woolwich
I've just got my keys to my new house, have 4 defaults on my credit history and only a 10% deposit but managed to get it all approved for a property valued at £127,500
Good luck!0 -
Love your enthusiasm iammrt but getting a 90% mortgage from Barclays Woolwich with defaults on your credit record is a result most brokers will bet against every time.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Wow, thanks again.
I am starting to feel a little bit more positive now. My job means I am away from home right now with no access to telephone. but once I am back I will get straight on to finding a broker.
Thankyou everybody, I really am feeling positive now.0
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