Arrangement to pay marker and mortgage app

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
«1

Comments

  • kingstreet
    kingstreet Posts: 39,191 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Some lenders won't want to lend, others will.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Westminster
    Westminster Posts: 1,004 Forumite
    Part of the Furniture 500 Posts Savvy Shopper! Debt-free and Proud!
    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
    sdh2903 Posts: 29 Forumite
    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
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    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..
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    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
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Westminster Posts: 1,004 Forumite
    Part of the Furniture 500 Posts Savvy Shopper! Debt-free and Proud!
    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
    sdh2903 Posts: 29 Forumite
    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
    Westminster Posts: 1,004 Forumite
    Part of the Furniture 500 Posts Savvy Shopper! Debt-free and Proud!
    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)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.7K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 452.9K Spending & Discounts
  • 242.7K Work, Benefits & Business
  • 619.4K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.