Examples of mortgage offers with adverse credit?

ambc

I'm not after advice.

I've just had a half hour chat with the Adverse Credit team at London & Country who are now on the case for me. As ever, I'm not hopeful, even though they didn't explicitly say that I'll never get another mortgage again for as long as I live.

Anyway. I was wondering (and looking for something to cheer me up) about other people who've had a mortgage offer with adverse credit against them - especially after bankruptcy.

Anyone got any stories to tell?

amnblog

That's a bit like asking if anyone has ever had a pair of jeans that fitted them - everyone is different.


If you have had a bankruptcy discharged within 6 years you will have few options, within 3 years hardly any.


Outside of 6 years, provided your current history is good you should be sorted out OK.


If L&C let you down, don't assume that is the end of the story.

ambc

amnblog wrote: »

That's a bit like asking if anyone has ever had a pair of jeans that fitted them - everyone is different.

Ok, fair point.

Bankruptcy discharged over 6 years ago, and was essentially caused by my wife leaving (by that, I mean leaving me, the kids aged 1&4/the house/the bills/the lot ).

I made the stupid decision of 'trying' again with her a year or so later, but she did exactly the same thing again after a couple more years. So, in 2010, I also winded up with one CCJ (settled within a month and 5 days of being recorded), and one default (also settled very soon after in 2010).

And then for the last 5 years, it's been 100% green boxes all the way.

So, I think the biggest issue for me is going to be those two cases in 2010.

Unless there are ways around those, too? Higher rates, etc.

I can see me having to wait another 12-18 months until they're gone, tbh.

ACG

How much are you hoping to purchase for?
How much is your deposit?
When wasthe bankruptcy discharged?
When is the default dates?
When is the CCJ dated?

amnblog

If you have a deposit of 15% or more, L & C should place this all day every day.

Foxy-Stoat_3

If your cash deposit is 25% minimum and other numbers work out, then you have a good chance of a mortgage or a chance of a good mortgage.

ambc

Ok, hoping to purchase for between £170k and an absolute max of £200k. I'd rather stick to the lower end of that range, but choice of available properties is very limited where we are.

We have a £30k deposit, courtesy of a parent gift, and could potentially top that up to £35k with savings (it would have been a £15k or more topup, but my other half has just gone back to work after 12 months' maternity leave which pummelled our savings!).

So that's a deposit range of 21% ish to 17.5% depending on purchase price.

- Bankruptcy June 2007, discharged June 2008.
- CCJ recorded in July 2010, satisfied in August 2010.
- Default recorded July/Aug/Sep 2010, same account.

But... while writing this, I have just had a reply from L&C who say they 'would expect a few lenders to offer a mortgage', based on all the info they have.

I don't know whether to laugh or cry!

amnblog

What they have said makes sense, although taking half an hour of your time on the phone to decide this does not.

ambc

amnblog wrote: »

What they have said makes sense, although taking half an hour of your time on the phone to decide this does not.

Yeah, I had to give some details to the main switchboard first, then go through some stuff with a normal adviser, and was then handed off to the adverse credit team.

That last part of the call only took 10 minutes or so.

amnblog

20 minutes wasted

ACG

If L&C cant place this then I would find another broker.
There is the potential for this to be placed at high street rates with a bit of effort I think.