woolwhich adverse credit advice

niafitnesspt

Hi all

I hope I'm in the right section. Looking for anyone with dealings or knowledge of woolwhich lending criteria.

Situation is we currently have an off set lifetime tracker (0.03 above base) mortgage with woolwich at the moment soley in my husbands name. We are looking to move but porting the mortgage to keep the deal we have and will need to borrow additional to buy the new property, I now need to be added to the mortgage so my salary can be taken into account for the additional borrowing, but I checked my experian report and it shows 2 settled defaults one egg credit card £1800 which comes off June this year (defaulted June 2008) and one for o2 £280 which comes off next year (defaulted Sept 2009) with a score of 770-fair section

My report shows other satisfied credit paid off and closed with no missed/late payments on them, I have a dfs 12 month 0% sofa loan £316 left finishes june this year, no missed/late payments and a Halifax credit card balance £1860 which is close to its limit but make the minimum payment every month with no missed or late payments so my total owed is shy of £2200 but I'm at 97% of my available credit based on my credit card balance, pay more off I know didn't realise how it effected credit scores until now . I earn £22k take home with minimal outgoings, £600 give or take monthly, our LTV will be 68%

Now, woolwhich lending criteria says

Adverse credit as detailed below must be declined:

Any unsatisfied CCJ and/or

More than 1 satisfied CCJ and the latest is registered within the past 3 years and/or

Satisfied CCJs totalling more than £200 and the latest is registered within the past 3 years and/or

More than 3 satisfied defaults* and the latest is registered within the past 3 years and/or

Satisfied defaults* totalling more than £200 and the latest is registered within the past 3 years and/or

Any outstanding default, irrespective of amount.

*Includes partially settled defaults

Does that mean because my defaults are over £200 I will be declined, or the fact they are over 3 years ago am I likely to be ok?

Thanks

Thrugelmir

In terms of the defaults you should be ok. As are over 3 years old and you have less 3.

While you mortgage outgoings are low you should take the opportunity to clear off your other debt.

kingstreet

What's the loan to value?

niafitnesspt

Thanks thrugelmir - I guess it will be a month'ish from when any large payments are made off my credit card before it will be updated onto my credit report?

Kingstreet ltv is 68%

Thanks

kingstreet

If this was my case, I'd speak to my BDM before submitting, rather than waste a credit search with a blind application.

Under 70% will help.

niafitnesspt

What is BDM ?

Thanks

amnblog

A BDM is a business development manager, the mortgage broker's liaison with the lender.

Get a broker to assist you with this. You will not get a definitive answer by simply posting your background on this forum.