3 Defaults and 60% LTV

sweetjudy21

HI

I currently have a mortgage for £60k which i have had for 6 years. All payments have been made on time and never missed any

in 2011 I got 2 defaults from British Gas which I didnt pay as the amount they billed was incorrect and they refused to fix it

I also have 1 satisfied from Three from 2010

Im looking at putting my house on the market this month and moving to a larger home.

I have a £40,000 deposit and want to borrow £60000. The house will be worth £100,000

Now I can see little to no risk to a lender as they would make a profit repossessing the property as the LTV is so low


Would I be able to get a mortgage? My current lender RBS says I wont get a mortgage with them, even though im a current customer with no missed payments in 6 years !


Look forward to your replies

GMS

The deposit will overcome the defaults.

Speak to a broker. Get copies fo credit reports from Experian, Equifax and Call Credit

Dave_Ham

From the information provided you are likely to achieve a mortgage yes, but unlikely to be high street.

Subject to the details, rates will be a little higher but not crazy high.

Likely to require a broker and Experian, Equifax and Call Credit reports will be useful..

sweetjudy21

thanks for your replies, Ive applied online to two broker sites for a no obligation quote so I will see what they say

fingers crossed

Dave_Ham

Don't left either credit check you until you know the parameters.

Pay little or no fees upfront unless refundable on no mortgage offer received

sweetjudy21

well no call back yet from any brokers, any idea how long I should wait?

ACG

When did you leave a message?
Its very rare i would not call someone back within an hour, 2 at the most.

sweetjudy21

I filled out online forms on Thursday, so far only one called back

ClicknGomortgages they apparently deal with bad credit lenders but were quite rude and said they couldnt help me!

still waiting on the others to call back ! Happy if anyone can suggest any other brokers to help me

Dave_Ham

Hi, this annoys me as gives the industry a bad name.

Did they give a reason for inability To help as deposit and adverse are achievable.

Income enough?

kingstreet

Is suspect they don't think the case is worth enough.

No excuse for lack of courtesy though.

sweetjudy21

hi

the man basically said you've got a default you wont get a mortgage, but they can help people with IVAs and Bankruptcy? seems odd but i made my feelings known in their twitter :P

Ive found some helpful people who are 99.9% sure they can get me a mortgage at a decent rate so fingers crossed

thanks for all your replies ill let you know how i get on