Adverse Credit Mortgages - do they even exist?

bigfin47

Hello all from a long term reader, first time poster.

The facts:

- My wife and I earn a combined £52k per annum
- We have a deposit of £28,000
- We are looking to buy a house in the region of 180k
- I have had some defaults on my credit score in the past
- Nobody will give me a mortgage

We initially used L&C as per the recommendations from Martin Lewis but the mortgage that they recommended (Halifax I believe) turned us down. Since then our broker at L&C has gone suspisciously quiet.

We are absolutely desparate to move into our first home togther after years of throwing money down the drain on renting and saving our socks off for our £28k deposit.

Does anyone have any advise? Are there certain lenders we should be going to who have a reputation of being more lenient with defaults on credit reports?

Thanks in advance everyone

ACG

When are the defaults dated?
How much are they for?
Are they satisfied and if so when?

bigfin47

When are the defaults dated?
11/03/2009 is when the default started

How much are they for?
£1965.00

Are they satisfied and if so when?
Yes - from last month

Many thanks.

GMS

Is it only one default? Any other issues?

ACG

Speak to a different broker, if that is the only issue then there will be a place for this.

bigfin47

The below is a cpy paste job from my experian (where my core is classed as 969 "Excellent"). THey all harp back to my travelling days and have all been settled/satisfied but the lenders dont appear to care?

Lender LLOYDS TSB BANK PL... LLOYDS TSB BANK PL... O2 LLOYDS TSB BANK PL... MINT LLOYDS TSB BANK PL... EGG BANKING PLC Type Current Account Loan Communications Credit card / S... Credit card / S... Credit card / S... Credit card / S... Status Satisfactory Satisfactory Default Satisfactory Default Default Default Balance £0 Settled Satisfied Settled Satisfied Satisfied Satisfied Updated 11/08/2013 28/02/2010 10/05/2009 13/02/2011 11/08/2013 29/10/2012 06/11/2011

bigfin47

That looked horrible in the text box. Essentially, 7 'Accounts' all classed as satidfies or settled

GMS

Can you break down amounts, default date and satisfied dates for each one.

Make it easier to read.

Thrugelmir

bigfin47 wrote: »

THey all harp back to my travelling days and have all been settled/satisfied but the lenders dont appear to care?

Lenders will set their own criteria regarding defaults. What they are looking for is a good length of time with an acceptable credit record.

If you have a £28k deposit you should have settled the default quicker. May seem clever to extend repayment as its an interest free loan. Lenders are totally aware of this game. So correspondingly play hard ball when it comes to applying for new credit.

bigfin47

On top of the one above there are three:

02 - £136 - Satisfied 10/05/2009
TSB - £3809 - Satisfied 23/02/2009
EGG - £2548 - Satisfied 27/11/2008

bigfin47

Thrugelmir wrote: »

Lenders will set their own criteria regarding defaults. What they are looking for is a good length of time with an acceptable credit record. QUOTE]

Dont I know it. TSB quoted to me that I'd need 6 years of default free credit history? This was in the same letter that they gave me £100 to stop complaining direct to their CEO.