Arrangement to pay marker and mortgage app

sdh2903

Hi All


Myself and my partner are looking to buy our first home together in the next few months. We have a combined income of 60-70k and currently have around a 7% deposit which is growing month on month, towards a 200k house. We currently have around 3k in debt between 2 credit cards which again is reducing rapidly. So financially we are in a pretty good position and I can't see the new affordability rules causing us too much bother.


The thing is I encountered financial difficulties in 2006 when I was made jobless after my apprenticeship and had to move 250 miles for work. All debts were paid and are all settled, however Creation finance placed AP markers on my file for a period of 2 years between 2007 and 2009 and the account was settled and closed in 2010 so these markers will stay visible until 2016.


My question is how much detriment will these AP markers have on any mortgage application? Does it rule out high street lenders and the best rates?


I fully intend to go and see a broker to find the lie of the land but for now I'm that busy at work I thought I'd ask the collective on here first.


Cheers
Steve

kingstreet

Some lenders won't want to lend, others will.

Westminster

I'm in a similar position and currently sat on the discounted NRAM SVR so without even speaking to a broker, I am assuming I won't beat 4.54% with AP's remaining on my CRA until Jan 2016 so I have resigned myself to sitting tight until then.

Would be interested to hear if you get anywhere with your investigations.

sdh2903

Are we talking mainstream lenders here or sub prime with higher rates?

If its going to a big percentage jump i may well just keep stocking the savings until 2016. I've tried to get the markers removed but creation wont budge. I will take it to the ombudsman but i'm not holding my breath.

Steve

Dave_Ham

I would fancy a detail solution here, subject to the absolute details.


Some lenders have AP markers hit their automated credit score harder than others.


Do have a chat with a broker though..

chanz4

sdh2903 wrote: »

Are we talking mainstream lenders here or sub prime with higher rates?

If its going to a big percentage jump i may well just keep stocking the savings until 2016. I've tried to get the markers removed but creation wont budge. I will take it to the ombudsman but i'm not holding my breath.

Steve

if they are factual, your just wasting the ombudsmans time

Thrugelmir

Westminster wrote: »

I'm in a similar position and currently sat on the discounted NRAM SVR so without even speaking to a broker, I am assuming I won't beat 4.54% with AP's remaining on my CRA until Jan 2016 so I have resigned myself to sitting tight until then.

Would be interested to hear if you get anywhere with your investigations.

Your signature says that you are in a DMP. A vastly different different situation. If 2021 is when you exit.

Thrugelmir

sdh2903 wrote: »

If its going to a big percentage jump i may well just keep stocking the savings until 2016. I've tried to get the markers removed but creation wont budge. I will take it to the ombudsman but i'm not holding my breath.

No point in wasting your time if the data is factually correct.

Westminster

Your signature says that you are in a DMP. A vastly different different situation. If 2021 is when you exit.

Not really - the signature is out of date. The only account that still appears on my CRA is the one I reference above and I have the funds to settle the balance of the DMP before Jan 2016

sdh2903

chanz4 wrote: »

if they are factual, your just wasting the ombudsmans time

Can I ask what brought you to that conclusion? ICO guidelines state AP markers are to be used for a maximum of 6 months. I've been hit with over 2 years worth.

I am now being financially disadvantaged for paying back my debt rather than ignoring the problem and being defaulted. It's not fair or right.

Westminster

Can I ask what brought you to that conclusion? ICO guidelines state AP markers are to be used for a maximum of 6 months. I've been hit with over 2 years worth.

I am now being financially disadvantaged for paying back my debt rather than ignoring the problem and being defaulted. It's not fair or right.

Those are the old guidelines (and they are only guidelines and not law). The ICO did not uphold my complaint for 2+yrs of AP and I am waiting for the FOS to (rather inevitably) agree with them. You can search 2 years of past FOS decisions and will find it is very common for them to side with the creditor as long as the markers are factually correct (fairness does not come into it when you are disadvantaged over someone who sticks two fingers up and makes no attempt to pay)