Mortgages and rebuilding credit history/problems

Jambo5

Anybody Success stories with Similar credit and High Street lenders?

Madbags

Jambo5 wrote: »

Anybody Success stories with Similar credit and High Street lenders?

Watch this space. I had a Debt Relief Order which cleared August last year. Me and my partner applied for a mortgage recently with Nationwide on a £145,000 property and she is prepared to put down £45,000 deposit so we get a nice LTV.


So far, Decision in Principle has been approved. Valuation was booked today. I guess next on the list is the mortgage approval or decline itself. So we'll see. I've been very nervous about the whole thing myself.

amnblog

Nationwide Criteria
'
The applicant must not be an undischarged bankrupt.
Applicants who have been discharged for at least 3 years can be considered.'


I assume they treat DRO the same.

Madbags

amnblog wrote: »

Nationwide Criteria
'
The applicant must not be an undischarged bankrupt.
Applicants who have been discharged for at least 3 years can be considered.'


I assume they treat DRO the same.

Well that's what I thought initially but that's not what the mortgage consultant from Nationwide told me. We'll see.


EDIT: Just to add, the case did go to "Refer" on the DIP stage and it has been looked at by an underwriter as well, who approved it. Assuming if there was 0% chance of anything, they'd have told us there and then

Jambo5

Thanks Madbags...

Hope it works out for you both. I'm not quite sure what a 'Debt relief order' is? And whether or not they have same effect as a 'Default and Ccj's'?
As off next July I will have nothing except 5 missed payment and paydays loans...again all along time ago! Just hope missed payments 5 years ago wont make it fail!!
Plus that is a large deposit, we only have a 10% at moment.

My fingers are crossed for you!

amnblog

I suspect this will need another two years gap before Nationwide will accept it, but I hope I am wrong.

Madbags

Thank you Jambo and good luck to you too.


A DRO is very similar to bankruptcy, I don't know exactly how to put it but "less serious?" in the sense I didn't owe as much as is required to file for a bankruptcy (£15,000 or more).

amnblog wrote: »

I suspect this will need another two years gap before Nationwide will accept it, but I hope I am wrong.

Me too amnblog, me too.

Jambo5

Thank you....I just hope that my recent credit history(3-4 years)....will he good enough!
Just sods law my wife has perfect history over last 10 years but earns 15k a year...
And I earn 28k with a poor history.....because she could of got a Mortgage on her own for the property value we want.

Does any body know how lenders look at joint mortgages?

Madbags

Here's an update on this case.


Just had an email from Nationwide saying they have issued a formal mortgage offer. So there is light at the end of the tunnel after all.

Jambo5

Great good for you!!