Large gifted deposit but adverse

Missmaye01

Hi everyone.

Wanted some advice. Me and my partner are looking to get a mortgage. Have a combined income of 50k no debts.. Only problem is back in 2008/2009 we struggled meeting some of our bills (boyfriend had an accident and was in hospital for months) we both have 4 defaults. They are all settled and since then we have had no issues with our credit report. I have checked experian and equifax, it does show the 4 defaults.

We have saved £10,000 and kindly my partners mother has gifted us £100,000 to help us get on the ladder. We are looking at a couple of properties but nothing over £250k.

I know this something which will most likely have to be done through a broker but is it possible to get a mortgage?

I'm also worried with my partners mother gifting us the money.. Because we are not married can she do that?

Any advice would be greatly appreciated.
Thanks

Edi81

How much were the defaults for? When were they defaulted and when settled?

Missmaye01

£89, £50, £100, £6000. The £6000 one defaulted back in 2008 we set up a payment plan and for the last 3 years have been paying it off monthly. We got a settlement figure in January for the balance outstanding and paid the rest off.

The rest where settled in 2009.

We both have has credit since. Personal loan but that's been fully repaid now along with a credit card that we pay off in full every month.

Edi81

The brokers on the board will know best but the large one that was only satisfied 4 months ago may be an issue.
Definitely need to see a whole of market broker for this.

amnblog

This sounds doable. It depends on what the credit files look like.

See a mortgage broker with experience on adverse cases.

ACG

Missmaye01 wrote: »

we set up a payment plan and for the last 3 years have been paying it off monthly.

Surprisingly this is going to cause you more problems than the defaults. If you had defaulted and not paid it, it would have been easier to get a mortgage.

That being said, with a near 50% deposit, there will be lenders for this. But your right, you will probably need a broker.

Also it does not matter that the deposit is gifted, all your partners mother will need to do is sign a document that says its a gift its non repayable and she holds no rights to the property.

ethank

Have you asked the people who you defaulted against if they would be willing to release the default markers, but when I had some outstanding defaults - I offered full and final settlement on the basis of a discount and for all negative markers to be removed - which everyone accepted.

Missmaye01

£6000 default is from black horse. On the credit report (only shows on equifax none of the others) it has the date my boyfriend default in 2008 then nothing all the monthly squares are blank till January this year and it has a green settled. On his overdraft one (£500) on it's has he defaulted in November 2008 but was settled 2009.

My main worry is the black horse one. They won't remove the default.

We haven't found a property yet but we have been looking. I know I have seen people saying not to use estate agents. The one we have been recommend is whole of market and from our family / friends we have heard she is brilliant but she is based in an estate agents. Do you think we should try and find someone who deals with adverse?

Thanks for all your replies been really helpful

Missmaye01

Sorry the £500 overdraft has it was settled December 2008

ACG

The reason we say do not use EA based brokers is because they are typically poor (but not always). If you have been told of a decent one, there is nothing stopping you using them.

Assuming they really are whole of market then you should be ok. If they are part of countrywide for instance I think they have about 15 lenders they deal with rather than the actual whole of the market.

Thrugelmir

Missmaye01 wrote: »

My main worry is the black horse one. They won't remove the default.

There's no reason for the default to be removed. As the whole purpose of markers is to inform other lenders as to the how the account was conducted.

Whatever the reason behind non payment. Ultimately the account should be cleared as quickly as possible to limit the damage. Stretching out repayment has no benefit at all.