Does my mortgage advisor actually have any idea??

littlelost

The other thing I was thinking was to try if possible to get a sub-prime mortgage on a 2 year deal and then look to re-mortgage in 2 years when all the Defaults have dropped off??

littlelost

I decided to phone nationwide today as I read on their lending criteria that they accepted the average of the last 3 months bonus' as income. Anyway they did an affordability calculation and said that we could potentially borrow just over 190k subject to a credit check. I did ask if they would accept defaults etc and they said that without looking at the record they couldn't say.


Does anyone have any idea?


I spoke to the Woolwich too and although they also take bonus into account they wouldn't go near us with the defaults registered.


We received an offer on our house today and have an appointment on Monday morning with the broker.... I have a feeling that it is all going to go wrong but will stay positive.

ACG

Your looking at this from an affordability point of view.
You need to overcome the adverse also.

No point having one without the other and making applications without ensuring you pass ALL of the criteria is going to do more harm than good.

Make sure you read the criteria surrounding adverse and fit it - I seem to recall Woolwichs being a little ambiguous and could be read in a few different ways, although its been a while since I used them.

littlelost

I don't think Woolwich would touch us to be honest as having had a preliminary discussion with their mortgage advisor they advised me that based on what I told them it is unlikely.






We are currently with GE money therefore it may be a case of obtaining another sub-prime lender (if they still exist). I did call GE money and discussed it with them and they advised that I would have to go through the broker to make the application however when I described my credit difficulties the advisor response was that it wasn't actually that bad and I may get a mainstream lender.
I really don't know but the stress of it all is driving me nuts....god knows what I will be like by Monday!!

Dave_Ham

You are wasting your time looking at lenders like Woolwich.


You have engaged a broker so suggest they do the work, or have a chat with another broker.


Depending on the absolute detail, your requirements are the very top end of what you are likely to achieve with an adverse sympathetic lender.


Best of luck

littlelost

ok, thanks..... sorry to be a pain I am just really panicking about it all at the moment.