Broker said there wasn't a snowballs chance

hoops77

About three weeks ago we sold our house in surrey making us £180k
We have adverse credit files 2defaults each.
Spoke two brokers and both said I have no chance porting our mortgage with our current lender the halifax.
We have a mortgage of 170k and would look to reduce it to £110k and have enough to pay all our creditors off and have a bigger house to boot!
The brokers were useless tried placing with any adverse lender they could and scatter gunned our credit file.
We decided to give the halifax ago as we have had our mortgage with them 8 years and never missed a payment and make regular overpayments.
Broker told me no chance you won't even get a dip!!
We have had our dip
Booked our valuation
Have gone to full valuation, computer never failed us and is now with the underwriters to process with a covering letter on how we intend to pay all creditors, which halifax have said has to be done before completion.
Might decline but feel more confident than I did with the brokers.
Fingers crossed

kingstreet

As Halifax DIP is soft search, most experienced brokers would have at least tried it, before ignoring existing lender.

When you found these brokers, were they adverse credit specialists? They may work on the basis you have exhausted all "high street" possibilities before approaching them.

Is there any reason you didn't approach Halifax in the first place?

ACG

How old are the defaults?

hoops77

If I'm honest wasn't sure they would go near it due to defaults on our credit file, am I right in thinking that when they push the button at full application it does a full cderit check then goes to underwriters to process?
Still think we're get a decline if I'm honest.
But hoping £160k deposit on a £270k house, and a perfect history with them on our mortgage might swing it.
Had an awful three weeks of stress and heartache.
But we've decided not to worry anymore, the buyer for our house has said we can rent off them for a year so we're have a big deposit and three of our four defaults drop off next year

hoops77

ACG wrote: »

How old are the defaults?

1 is 5years 9months
2 are 5 years
1 is 8 months but is being appealed

hoops77

kingstreet wrote: »

As Halifax DIP is soft search, most experienced brokers would have at least tried it, before ignoring existing lender.

When you found these brokers, were they adverse credit specialists? They may work on the basis you have exhausted all "high street" possibilities before approaching them.

Is there any reason you didn't approach Halifax in the first place?

Got sucked in by quotes like *im the best*
And have good relationship with some lenders
Passed our credit files and both said no problem

ACG

The first 3 are unlikely to have any great impact due to the age of them and your deposit.

The last one whether being appealed or not is likely to have the biggest impact. If its a small default (say under £100-150) then the size of your deposit may be enough to overcome it.

hoops77

ACG wrote: »

The first 3 are unlikely to have any great impact due to the age of them and your deposit.

The last one whether being appealed or not is likely to have the biggest impact. If its a small default (say under £100-150) then the size of your deposit may be enough to overcome it.

It's for £300 and paid it last week
As I said I'm not overly hopeful
What % chance do you reckon?

suziqqq

Knowing whats in your credit file just wondering why you would sell your house without first seeing if you could get another mortgage

Thrugelmir

Underwriter will base decision on what's best for Halifax not your credit file. Given that you are reducing the size of your mortgage and clearing your creditors (totally) then the Halifax may well play ball. As their risk is reduced considerably. The alternative is for you to remain on their books with warts and all. Posing a potentially high risk.

ACG

melhuish77 wrote: »

It's for £300 and paid it last week
As I said I'm not overly hopeful
What % chance do you reckon?

£300 isnt a huge default. It could be better but it could be significantly worse.

I would not want to say it will go through, but I certainly wouldnt say there is no chance.