Is There Such A Thing As A Lenient Mortgage Company?

wrkactjob

Are some mortgage lenders easier than others?...EG do some just search just one CRA where as others may search them all and National Hunter etc and go back 10 years+ through your history rather than 3 etc?.....

ACG

There are lenders that will ignore certain things over 2-3 years old. There are lenders that will ask about the last 6 years, lenders who will ask if you have EVER had various things.
Some lenders use one credit agency, others use a different agency or multiple.

I know that is very vague but without knowing more about your circumstances the answer to your question would be yes - however those lenders are varied in what they are prepared to overlook/ignore so there could be one of a dozen lenders available or none.

What is it your trying to overcome? (Type of issue (CCJ/Default etc)Amounts/Dates would help).
How much is your deposit as a percentage.

This should give us the basic info to say whether its possible or not.

londonTiger

credit reference agences only keep stuff on file for 6 years after the credit file was closed. So they will never ask for your entire credit report from 18 (unless you're very young).

Even bankruptcies - I beleive you only disclose that for a certain number of years after declaring bankrupt.

ACG

They may not ask for your entire credit report, but they may ask if you have ever had certain things (Bankruptcy, repossession etc).

This is why we need to know more about what the issue is and possibly most importantly how big the deposit is. If its a 10% deposit and adverse is anything more than the odd late payments your going to struggle.

If its a 50% deposit and bankruptcy 12 months ago then it could be overcome.

Im going to assume its somewhere in the middle of those 2, the details will be needed.

The alternative is to get your credit reports and speak to a decent broker (best to avoid estate agent based brokers).

holly_hobby

londonTiger wrote: »

credit reference agences only keep stuff on file for 6 years after the credit file was closed. So they will never ask for your entire credit report from 18 (unless you're very young).

Even bankruptcies - I beleive you only disclose that for a certain number of years after declaring bankrupt.

Whilst CRA records only show accounts for 6 yrs post closure or delinquency (default/ccj/bankruptcy, and repossession since the closure of the CML reposessions register) - IF any application, and thats employment or finanical, asks if you have ever been subject to one or all, then as ACG quite rightly states, you have a duty to declare or be cited for a best non-disclosure at worst fraud.

So, there is no actual cut off point when you don't have to delcare if asked, however if cleared from your CRA records then you MAY get away with denying the history and crossing your fingers ..... however there are so many finanical institutions and groups now intertwined with each other that it may still come up on an internal sweep through their own financial group records ... and then you're in for non-disclosure and a Hunter and CIFAS registration issue to boot ...

What I would say, is undwriters when considering prev bad credit/blips etc, want the applicant to be able to demonstrate a change to the financial and/or personal circs that led to the defaulted account, with a reasonable reason why the defaults (whether leading to CCJ, Bankruptcy or repossesson) occured in the first place.

Now obviously if there is some reasonable daylight between the mge application and the declared/revealled events (and 6 yrs is cetainly a decent amount), the individual may be able to more easily demonstrate that the situation(s) surrounding the financial difficulties they had resulting in the blips, have overtime now been resolved, putting them on a more stable financial footing. Such events could be loss of job, sudden and unexpected reduction in hrs or salary ( which has been addressed/job changed), finanical fallout from divorce, etc, etc - what the underwriters are looking for, is a case of an unexpected financial change, resulting in an unavoidable case of "couldn't pay" not "wouldn't pay", ie what we don't want is a case of the individual simply getting in over their head from total finanical mis-management/irresponsibility.

So, no there is NEVER a period when you don't have to delcare IF ASKED, but as many lenders will tend to cap their digging to 6 yrs due to the 6 yr pursuance term as used by CRAs, and from the Limitation Act 1980 - and even if you are asked if you've EVER had issues, you can see that depending on underlying circs, having prev bad credit isn't always a complete no-no ..... and of course the older the better, and the lower the LTV (esp under 75%), all helps in the mix - and in such circs you really can't ever beat the experience of a good mge broker, whom understands and knows how to present/package such cases for the best chance of success.

Hope this helps

Holly xx