What do you think

devilweed666

Me and my wife are in the process of selling and buying a new house. Due to some changes we currently only have a 5% deposit which is where the problem is. If I list our details any advice would be appreciated, we do have a broker but I am still worrying.


Purchase price £170, combined salary 50k


credit files, wifes all fine 1 missed payment on credit card from 2012, everything else good, has a visa and car on finance.


Me- 2missed payments from last year, almost a year ago a genuine mistake on a phone bill. Loads of settled accounts, have car on finance, 4 pay days loads 2 from 2012, 2 from 2013, oct time so about 9 months ago, plus between 2012/2013 went over credit card limit a hand full of times, but always paid on time and either paid off in full or well over min payment.


Apparently affordability is fine.


We got a DIP from Halifax in Jan when we fist starting thinking about moving, and they said would need 15% deposit.


Got a dip from Aldermore, but apparently that is not to be relied upon, broker is suggesting Halifax help to buy.


Help. We could stretch to 10% deposit if had to but that would be max.

amnblog

Who got the Aldermore Dip. Who said it is not to be relied on?

devilweed666

My wife did it off her own back. Broker said not to rely on it too much as only a soft credit check.

GMS

Broker is a clown. Estate Agent based by any chance?

devilweed666

No he's not an estate agent one.
What shall we do then?

It isn't going to happen is it?

amnblog

Not if:

You do stuff off of your own back

or

You stick with this broker

devilweed666

So we need to ditch the broker, no credit checks done yet thank god.

Wife only approached aldermore as soft check to give us an idea, looking back prob wasn't sensible, but it's done now.

Can anyone recommend a decent broker to give us a chance of getting this through

GMS

Your wife appears to know more than the broker.

devilweed666

So you suggest we stick with aldermore? Can the dip be relied upon then?

GMS

I'm not suggesting anything as I do not know your circumstances.


Any DIP is only as good as the information provided. The payday loan is going to cause an issue for Aldermore. Any in last 12 months is a no no usually.


DIP isn't sophisticated enough to pick up every part of criteria. Brokers tend to pick the parts of the case which are unusual, adverse, out of the norm etc and match to criteria.


If I am to be blunt you are not an ideal application for a 95% mortgage. Recent missed payments and payday loans indicate poor financial management.


I hope I am wrong but I wouldn't be too optimistic with this application.

devilweed666

Ok thanks, what about at 90% ltv or does it need to be 85%?