Post office lending criteria

christologymum

Morning

Just a quick question if anyone knows, they list on there website lending criteria as:

No missed payments on mortgage/loans in 3 years- check all fine there

No more than 2 consecutive late payments on credit cards/store cards in last 3 years- where would mobile phone contract go? Hubby has 2 missed payments in last 3 years, but not consecutive.

No ccj's over £250 in last 3 years- all fine there.

Tempted to get dip but just wondered where the phone bill would sit.

Also it says they do help to buy 95% but the lending criteria seems to be the same for all ltv surely the 95% criteria is more strict.

Anyone any experiences.

ACG

Ask them?

The criteria will be the same (it is for all lenders I believe), although when they score your application the score will probably need to be higher than that say of a 75% LTV mortgage of 85%.

Conrad

Always impossible to second guess what a lenders own credit score system will spit out but from what you've told us it would be more likely to pass than fail, but of course there are many more factors to consider in addition to those you mention.
Post Office usually require sight of Bank statements in order to make a judgement in full.


Note, brokers do not get paid commission by this lender in case for example you happen to enquire with a broker.

kingstreet

Conrad wrote: »

Note, brokers do not get paid commission by this lender in case for example you happen to enquire with a broker.

They do now.

http://media.postoffice.co.uk/News-Releases/Post-Office-To-Widen-Mortgage-Distribution-ec.aspx