Any Options?

Dave_Ham

Ribbons473 wrote: »

Dave Ham, thanks so maybe we need to lower our sights a bit, difficult where we are as would struggle to get a decent house in this part of Essex for less than £300k!!

Tell me about it!

Brentwood/Shenfield way?

You may be close to what you require, but devil in detail with dependents, commitments etc..

Jason_Bourne_2

ACG wrote: »

It depends. If you are clearing the DMP with the sale of the house then i think it would need to be in full. If you have already cleared it in the past then full and final should be fine.

Thanks mate. I've just cleared mine with a mix of settlements and paid in full. All defaults are 2010 except one which is March 2012.

Leaving it a year until I take my files to a broker. Try save for 12 months and get some time between settlement dates.

I have around 20% of my deposit in equity and trying to save enough to get me over the 25% mark which should make things easier for me.

Ribbons473

Dave_Ham wrote: »

Tell me about it!

Brentwood/Shenfield way?

You may be close to what you require, but devil in detail with dependents, commitments etc..

Yep Upminster, 2 kids, one at a good school and one due to start September when I plan to go back to work, don't really want to pull them out of school and move miles away and don't really want to rent round as here as rental prices ridiculous!

ACG

Jason_Bourne wrote: »

Thanks mate. I've just cleared mine with a mix of settlements and paid in full. All defaults are 2010 except one which is March 2012.

Leaving it a year until I take my files to a broker. Try save for 12 months and get some time between settlement dates.

I have around 20% of my deposit in equity and trying to save enough to get me over the 25% mark which should make things easier for me.

I would not want to guarantee this but once you hit march this year the most recent will be 2 years old. There could be a lender at fairly normal rates available, possibly 2-3.

Dave_Ham

Ouch..

With 2 dependents you may need to slightly lower price expectations, but appreciate this does not work well with upminster area.

We have just had a client buy in Springfield Gardens and Estate Agent was on our case immediately as typically they wanted the quickest moving client progressed. Vendor had the pick of 3-4 buyers at asking price.

Mix this level of demand and a sub prime/adverse lender Agreement In Principle and going to be stressful

Be easier when you return to work , but may need to be in situ for 3-6 months subject to lender.

Good luck

Jason_Bourne_2

ACG wrote: »

I would not want to guarantee this but once you hit march this year the most recent will be 2 years old. There could be a lender at fairly normal rates available, possibly 2-3.

Thanks for that info. I Missed an important point though, sorry.

Barclays had me with AR markers for 3 years which I'm fighting. At present they are there until December 2013 and I paid it back in full. They've refused to change it after several calls & letters. Next up is the ombudsman.

A default in December 2010 would be much better for me going forward?

Many thanks again.

ACG

Assuming the AR is part of the DMP i dont think that will get removed... but its worth a try.

I still think it should be fine.

Ribbons473

Dave_Ham wrote: »

Ouch..

With 2 dependents you may need to slightly lower price expectations, but appreciate this does not work well with upminster area.

We have just had a client buy in Springfield Gardens and Estate Agent was on our case immediately as typically they wanted the quickest moving client progressed. Vendor had the pick of 3-4 buyers at asking price.

Mix this level of demand and a sub prime/adverse lender Agreement In Principle and going to be stressful

Be easier when you return to work , but may need to be in situ for 3-6 months subject to lender.

Good luck

Hhmm, got 2 friends who live down Springfield, very nice!


Do you think we would be better off trying to stay here till the defaults drop off and how long after they are removed would be looked favourably by a mainstream lender?


Not sure the best approach as want to ride the higher house prices to achieve the maximum in equity release but nervous of waiting and interest rates creeping up thereby forcing us to move, currently on C&G SVR.

Dave_Ham

A lot will depend upon what C&G SVR you are on, as they have a few depending on what type and when you took initial mortgage out.

Defaults off file will certainly help, but obviously depends on how much you need to move..

All the best