Woolwich/Barclays mortgage app Help please!

Bruce18

Hi,

So this is my first post on here please be gentle!

My partner and I have just been to see a whole of market mortgage broker as we are looking to buy together. This is the situation:

Partners deposit: £33000
LTV: 85%
Partners Credit: Excellent
My credit: poor
We will be doing a tenants in common aggreement and paying half the mortgage payments each.

Our combined income: £56000

I have been repairing my credit for the last three years and started with a score on checkmyfile.com of 176 I now have a score of 492. However, I have 2 defaults from 5 years ago which are dropping off next June. I have 3 satisfied accounts and I have been accepted for a Barclays current account in the last 6 months.

My question is this; how strict are Woolwich with the credit check and will the defaults affect our application? We are both now waiting for the broker to get back to us after trying to negotiate a mortgage in principle.

Thanks so much for any advice.

welliesrgreat

We are in a similar position, although it is my b/f with poor credit file. I have applied on my own but Barclays have taken his earnings into consideration. I had a 'mortgage certificate' from them today. It might be that I am a Barclays customer but it all seemed very straight forward. I have also got a DIP from the Halifax through a mortgage broker.

My advice would be to keep improving your credit and let your b/f apply on his own. This takes a lot of trust, I know but you stand a better chance of being accepted and getting a decent interest rate.

Good luck...

mkmini81

I am going through woolwich and have my mortgage offer and complete 29th Nov. We done a single application under myself and i had 3 defaults that have just fallen off. During the application these were showing and the only requirement around these were they were settled for more then 3 years.

fleetbabe

Hi,

I have a question in relation to Woolwich/Barclays. Partner and I are first time buyers, have a healthy deposit for the price range we're looking at, but one of us has 2 defaults on the credit file. I was told by a Barclays MA that because one of them is over £250, they wouldn't consider a mortgage application. One default is due to disappear at the end of this month, and the other has been settled for over 3 years.

Any advice please?

mkmini81

dont know if things have changed since my application but 2 out of the 3 defaults were over £250....

fleetbabe

Thanks for the reply. As first time buyers, we're looking at a 90% LTV, that's the max we can go to. Would that make a difference?

welliesrgreat

Fleetbabe, wait until the default 'drops off' - you stand a better chance then.