Apparently we are "untouchable" to lenders

kazwookie

I'd start saving some of this £100K you earn.

dunstonh

MJP43 wrote: »

I'm confused by this thread.

I've seen many brokers say that late payments can be circumnavigated if not too severe, now this guy is being told he is being blackballed by the mortgage lending industry for relatively minor adverse.

Its a combination of things stacking up.

1 - Short employment history (shareholding director for just 2 years). So, no income consistency over the long term.
2 - debt consolidation
3 - only a small amount of equity (20%)
4 - 5 late payments in 2 years (the two years of trading) suggests income is not as good as being made out or poor money management.

It may not be impossible but there is enough there to get much of the mainstream market concerned.

northerner999

It's hard to give useful advice without knowing how much debt you have and how much you are looking to borrow.

If you look at the debt-free board, there's no end of horror stories about people who have consolidated debt. Perhaps you should see this as a blessing.

Dave_Ham

Seems weird, I too would have there would have been a solution.

As you say, I do not believe there is any merit in hiding anything on here, although you may be misinterpreting the reports.

Best of luck

Thrugelmir

MJP43 wrote: »

now this guy is being told he is being blackballed by the mortgage lending industry for relatively minor adverse.

Without knowing the full facts it's difficult to comment. Borrowers look at their credit profiles in a diametrically opposed view to that of lenders. Lenders obtain datasets of the past 72 months activity from the CRA's. This provides an insight into the borrower(s) behaviour and forms part of a fairly accurate profiling exercise.

amnblog

The posts here suggest there is a solution but the credit files may be a sea of orange and red.


It sounds like two brokers have decided it is a non-starter - it would be unusual for both to be wrong.


The OP might request a third opinion but would definitely benefit from focusing on paying everything in full and on time and learning from the consequences of 'going to war' with a credit card provider.

dekoder

muppetscotland wrote: »

It makes me fear for our future as it effectively means we can't even move to follow work etc. Scary!

Also why so melodramatic?
You have 100k joint income, different options if you want to move (rent/rent out yours etc.) and 2 years will pass sooner than you'll notice.

muppetscotland

dekoder wrote: »

Also why so melodramatic?
You have 100k joint income, different options if you want to move (rent/rent out yours etc.) and 2 years will pass sooner than you'll notice.

One person's melodrama is another person's way of expressing themselves....personally I always strive to be polite to people online especially when they are obviously anxious and looking for advice but I guess we don't all have the same standards.

Foxy-Stoat_3

I don't see how anyone can fear for the future if the only issue is moving from a £400,000 house to a £300,000 say, which may well sort out your debt/credit problems and leave you with more money in your pocket/bank/mattress.

I think Dekoder is about right in what he said.