Getting a Mortgage with defaults

Teaandtoast0124

They can check all three

kingstreet

TakeItAsRed wrote: »

Not that i doubt you, as you always seem to be very helpful in a lot of posts i have read, but where does it state you cannot use the HTB EL or MG with adverse credit in the last 3 years?

I referred specifically to HTB - Mortgage Guarantee, where the Treasury scheme rules prohibit adverse in the last three years.

Having done over 100 HTB - EL cases since April 2013, I don't think any of the lenders offering products will lend where there's a default less than three years old and I don't think it would be a good idea to have speculative credit searches to find out when we're less than a month away from the default becoming three years old.

Tommo565

kingstreet wrote: »

I referred specifically to HTB - Mortgage Guarantee, where the Treasury scheme rules prohibit adverse in the last three years.

Having done over 100 HTB - EL cases since April 2013, I don't think any of the lenders offering products will lend where there's a default less than three years old and I don't think it would be a good idea to have speculative credit searches to find out when we're less than a month away from the default becoming three years old.

[FONT=&quot]Thanks for your help so far - we both really apprecaiate it and had a long chat about things last night. From what you're saying we're best off waiting until the default is over 3 years old - how significantly will this affect things? Ideally we would want the HTB - EL. Do we have a realistic prospect of success or would we be better going for a 'normal' 95% LTV? [/FONT]

[FONT=&quot]Having checked our credit reports, the default isn't showing on Equifax. We've cross-referenced with the Credit Check thread and Leeds Building Society use only Equifax (allegedly) and offer HTB - EL mortgages. Could this be a viable option for us?[/FONT]

[FONT=&quot]For the record we haven’t done any applications so haven't had any creadit searches and don't intend to until we're sure of what we want to do.[/FONT]

amnblog

Tommo


It sounds like you have had more help from KS on here than you have received from your current broker.


If the default is 34 or 35 months old it is definitely worth waiting for the 3 year window to close.


The market for H2B EL with adverse is slim but we have managed a few through the process.


Don't go submitting applications to Leeds BS or anyone else unless recommended to do so by a competent broker or you will shoot yourself in the foot.

Tommo565

amnblog wrote: »

Tommo
It sounds like you have had more help from KS on here than you have received from your current broker.

I was thinking exactly the same thing. Our existing broker has recomended us to apply for HTB - MG and made no mention of the 3 year default 'window'!

amnblog

You can't mention what you don't know Tommo.