which lenders should I choose from?

Mortgage_Applicant

Hi, I'm looking for what I think is some simple advice from a mortgage advisor. Happy to pay for the advice as long as it's fully independent and accurate. I'm planning on moving area, and don't want to go shopping for houses until I first establish that the mortgage is all guaranteed to be there.


I just want as accurate as possible a list of mortgages open to me given my credit history, so I can apply for one of them directly myself (unless the most suitable one has to be applied for via a broker)


I have recent copies of statutory credit reports from callcredit, Experian and Equifax for both myself and wife


I need a joint mortgage of ~£195,000 on a 75% LTV


my gross earnings £50k + £7.5k bonus (major uk plc, been there 3 years)


wife's gross earnings £17k (part time public sector, been there 12 years)


both on electoral roll at current address 10 years


unsatisfied default credit card £12k dec 2010


a single 1 month late payment on a mortgage 41 months ago (2 other mortgages on same property have never missed a payment)


10x 1month late markers on a bank current account in the 2 years between oct 09 and aug 11


good points:
fair amount of settled and current credit with never a late payment


have done some reading and seem to fit criteria for lenders like precise, but want to see what other alternatives are out there for me


how do I choose a broker, and what should I expect to pay for the required advice?

GMS

Why is the default unsatisfied?

Are you retaining the current property or selling it?

Definitely a case for a broker. The default will eliminate almost all lenders so be wary of where you apply.

Fees would vary from broker to broker.

Thrugelmir

Mortgage_Applicant wrote: »

unsatisfied default credit card £12k dec 2010

To confirm. You still owe £12k.

ACG

Unsatisfied default is going to be a bit of an issue.
A lot of lenders will want to see that satisfied.

Is the default showing on all 3 credit reports?

I think you are best getting all 3 reports and speaking to a broker. There may be lenders with better rates. Some lenders can deviate from their listed criteria depending on the overall case - this is where a broker can come in handy as you may be paying for their advice but you coudl end up with a normal high street lender rather than the likes of precise.

Mortgage_Applicant

Thrugelmir wrote: »

To confirm. You still owe £12k.

Correct. (dispute/matter of principle. not that anyone's interested in stories!)

Will satisfy it if I must in order to get a mortgage, as getting the mortgage must come before principles.

Mortgage_Applicant

ACG wrote: »

Unsatisfied default is going to be a bit of an issue.
A lot of lenders will want to see that satisfied.

Is the default showing on all 3 credit reports?

I think you are best getting all 3 reports and speaking to a broker. There may be lenders with better rates. Some lenders can deviate from their listed criteria depending on the overall case - this is where a broker can come in handy as you may be paying for their advice but you coudl end up with a normal high street lender rather than the likes of precise.

have all 3 reports, and the lender did record the default with all 3.

Mortgage_Applicant

GMS wrote: »

Why is the default unsatisfied?

Are you retaining the current property or selling it?

Definitely a case for a broker. The default will eliminate almost all lenders so be wary of where you apply.

Fees would vary from broker to broker.

current property will be sold. if it helps, could sell current property first and satisfy those mortgages, would just be some inconvenience renting for a few months I guess..

does anyone really care about stories as to why I've left the debt unsatisfied? did it as a matter of principle.

Mortgage_Applicant

Any help on how I go about picking a mortgage advisor? MSE only suggests to make sure the adviser is whole of market and fee-free

I'm not sure I agree with their suggestions, from my perspective, fee-free isn't important, surely if they're fee-free, they've got to have preferred mortgage products to earn their money off, and the advice then becomes not impartial?

I'd sooner pay the fee for impartial advice?

how can I possibly know which broker has a better knowledge of the mortgage products currently on the market, and the exact criteria each require in relation to credit scoring? really seems like a black art!

ACG

Mortgage_Applicant wrote: »

have all 3 reports, and the lender did record the default with all 3.

Gutted!

Your right in that the reason behind it wont matter.

It might be possible to get rates of under 4% with no fees. Its a lender you can apply to yourself but being a broker im not able to say who on a forum as it could be seen as leading.

I say might as im not 100% the lender im thinking of would be happy if it was unsatisfied. They do not want to see any registered within the last 2-3 years.

Its probably worth speaking to a broker though to let them research it all properly - as it stands im just thinking of lenders i know about off the top of my head.

GMS

Principles are great until you need to apply for something.

Deposit will open up lenders but for some the current property would need to be sold upon completion of the new one.

Get your reports to a broker and see what they suggest.

Thrugelmir

Mortgage_Applicant wrote: »

does anyone really care about stories as to why I've left the debt unsatisfied? did it as a matter of principle.

Lenders won't care. The debt remains unpaid.