Would we be okay in 6 months time to apply?

Bonfire_Bride

After looking at a new build, we were given the contact details of a mortgage broker. Before giving her our details I advised of our credit issues and told her we would probably need a sub prime lender. Needless to say, she took one look at our files (that I had printed - so no searches) and told us she couldnt do anything for us and that we would not be able to get a mortgage at all. I feel upset now as she literally told us we had no hope at all.

When I posted previously, I really didnt realise what would crop up on my husbands file. :eek: These debts are from before we met (over 9 years ago) but as he made it his goal to pay them off, the defaults are still listed on his file. They are all now satisfied (apart from one) and have been since 2011.

In 6 months time, he will be left with the following:

Car finance - no missed payments. 2 years old.
Loan - default 30/01/2010 - settled in full 01/09/2014 (£17 left to pay)

CCJ - £424 - date 18/08/2010 - satisfied in full 08/11/2011. (We are looking into this as we have no idea what it is for - plus, on the 08/11/2011 we were in Mexico on our honeymoon and the address on the CCJ is his ex wifes house. I have no memory of having a CCJ to deal with back then...although this could change)

I have a credit card that will be completely clear in 6 months time - current balance £720 - no defaults.

My next account defaulted whilst I was on maternity leave and this will be satisfied by the end of next month. £400.

We will be looking to purchase a house worth approx £180k.

We will have a deposit of approx £100 to £100k from the sale of our current property that has no mortgage. (we pay mum the mortgage each month as she remortgaged her house to purchase ours outright) £440 per month.

Hubby earns 30k (before bonus) and I earn 18k (before bonus)

Is there really no hope for us?

Thank You in advance - this forum has been keeping me sane and giving me hope recently.

Thrugelmir

As an observation not a judgement. Why has it taken you so long to repay the defaulted debts?

Is this what you meant to type?

We will have a deposit of approx £100 to £100k

£100 deposit won't get you far.

Suggest you speak to a broker that deals in adverse credit. Only time will heal your credit record.

Bonfire_Bride

It's 100k to 110k

I was a full time student between 2009 and 2011 and needless to say running a home on one wage (which was far from 30k at the time) was tricky. The debt came with by husband when i met him. We could have just ignored them I suppose, but wanted to get them cleared. The loan default was for £2500 so we have been paying it off £60 per month which has taken time, but finally over.

I suppose the only positive factor would be the LTV percentage. But I am not hopeful!

MLSY

hi bonfire bride

with a deposit that size I think you have some hope. There are lenders that may consider this some brokers don't like adverse cases.

Bonfire_Bride

That sounds a little more hopeful.

Thanks MLSY

I think the mortgage advisor had a panic attack when she saw our report. Nothing charged and no credit check done. I did advise her that we would need sub prime...but she didnt even acknowledge.

does anyone know of any subprime lenders that would consider this? I understand we would need to see a broker.

Thank you.

MLSY

see a good broker with your credit file they will point you in the right direction

to start naming lenders on here without the facts could point you in the direction

GMS

What is the date of the latest default?


Deposit is in your favour. Income would appear to be sufficient.


Try another broker.

Bonfire_Bride

Default happened Nov 2013 when I was on maternity leave from a temp employer. £400. I now have a permanent role. Previous default to that was my husbands which was in 2010.

Before I approach a broker, we will wait 6 months for history to improve.

My broker told me mortgage companies only go with good or excellent ratings? I thought scores were only for personal tracking?

Kirstyb1987

Broker is talking rubbish....lenders have their own criteria and an Experian credit score is not one of them. They don't see the score they just see the raw data.