Defaults & Temp Contract

Sparkletoes35

I'm just venting my anger... Been in employment for years but currently on a temporary contract. I have 2 defaults from RBS back in 2009 due to my own stupid fault and lifes problems. Have had mortgages in past with no problems and now renting as moved area.

Can't get a mortgage anywhere!

Even murderers get more help to rebuild their lives :mad:

So really, what is the point of working (which I am), saving (which I am), have a deposit of 30% (which I was told to get) and paid off all debts (because I was told it would help)?

kingstreet

Is this your first fixed contract or have you been on one before?

How long left on your current contract?

What was the amount of the defaults and the dates they were registered?

On which version(s) of your credit file do the defaults appear? If you have not already done so, obtain all three versions of your credit file;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

then speak to a whole market broker.

Thrugelmir

Temporary employment is not the stability lenders are seeking when granting 25 year mortgages. What's the nature of your current contract?

Sparkletoes35

Been on current temp contract since Apr 13 and was before for 1yr and no breaks in employment ever. £1200 default in 2009. All three credit files checked, appears on all. Broker wasn't helpful in slightest.

I fully understand "temp contract & risk" however a permanent position is not always that great lets face it, I could get a "permanent" job in the chinese take away and it shuts down in a week!

The fact I have £10,000 in savings to cover for redundancy, basically giving me almost 12 months to find a job, albeit eating rice n beans, the mortgage would still be paid and I'd have time to get another job even if it was the lowest of low in job terms!

What protection in this day and age does a permanent job give you? Surely they need to re-look and take the whole picture of your employment history in!

Thrugelmir

Sparkletoes35 wrote: »

Been on current temp contract since Apr 13 and was before for 1yr and no breaks in employment ever. £1200 default in 2009. All three credit files checked, appears on all. Broker wasn't helpful in slightest.

I fully understand "temp contract & risk" however a permanent position is not always that great lets face it, I could get a "permanent" job in the chinese take away and it shuts down in a week!

The fact I have £10,000 in savings to cover for redundancy, basically giving me almost 12 months to find a job, albeit eating rice n beans, the mortgage would still be paid and I'd have time to get another job even if it was the lowest of low in job terms!

What protection in this day and age does a permanent job give you? Surely they need to re-look and take the whole picture of your employment history in!

Not the way lenders view the situation unfortunately. Employers use temporary workers when there's short term plans and the employees are expendable. While permanent work is not guaranteed, statistically it's far more secure. so forms a planl of lending policy.

Sparkletoes35

Exactly though... There is redundancy everywhere, everyday yet people who have a full 20 yr work history no matter what contract, are still denied the privilage of owning their own home. Surely half the country is on a temp contract?

Dave_Ham

Ok, whilst I appreciate the vent; it is not going to achieve anything as they will not change criteria on a few opinions.

That said, with 30% deposit, track record of contract employment and the defaults being in 2009; I would fancy a solution.

Get your credit files to another broker for a 2nd opinion, the detail will be important on placing this case.

All the best