Mortgage problems

spamiad

Hi all

My other half has been declined for a mortgage, his experien credit report was showing no defaults, after the decline the mortgage broker aske us to raise one with equifax which brought up one defalut with BT from 4 years ago.

He also had a house reposessed but this was over 20yrs ago, there are no other defaults,iva's,ccj,s on his file!

Are there any lenders which are more lenient with defaults or would accept a deafult of under £200

Just thought i should mention that he is self employed, has three years accounts we also have the SA302 forms

Much help appreciated

sam

ACG

Yes.
What has your broker said? Is he looking into it or has he said it cant be done?

There is no reason you have mentioned which should prevent you getting a mortgage, but as always it will depend on the finer details. We have limited info to go at. Your broker should be able to place this though I would have thought.

spamiad

Hi Thankyou for your reply

This is what my broker has said

As this isn’t yet satisfied (i.e. paid off) then you will struggle with most lenders and with the repossession you will also find that the ones that where left will also decline because of the repossession. If what you say is correct then I would advise that firstly you contact BT and get them to remove it if you don’t get anywhere if you go direct to Experian then they will look into it for you, if they decide it is unjust it normally takes around 28 days to remove it and I can re-try with the lender. If they decide that it is a justified default then I would advise that you pay it off and you will probably need to wait 12 months in order to get a mortgage.

sam

ACG

Find a new broker.

Im sure there will be a lender for this based on what you have said - but it will come down to the rest of the case,

spamiad

Ok

That sounds good

Do you have any in mind that be worth giving a go ?

This is the second broker, the first one was not interested at all, he was someone my does books for.

Im finding it hard to find one that will try and give us an honest answre, as we allready have a property in mind

sam

GMS

How much is the property?


How much deposit do you have?

spamiad

The property is shared ownership valued at 130000 priced at 65000 for 50% share

We are fairly flexible on the deposite but the less the better!
we can arrange probably 10%.

ACG

Aaaah, that might be the issue.
I dont do shared ownership so I dont know lenders criteria. The lenders I had in mind do not do shared ownership.

I think kingstreet (a member on here) might be best placed to answer this question.

Thrugelmir

Get the default settled asap.

kingstreet

spamiad wrote: »

The property is shared ownership valued at 130000 priced at 65000 for 50% share

Speak to the broker recommended by your Housing Association.

You will need at least 10% deposit, possibly more!