Declined what now? 5% or 10%? joint or single app? deposit source?

katty2010

I wanted help but now understand 1 default is extremely bad and I won't get one so that's case closed.

amnblog

You are not going to get lending with a 5% deposit with those credit histories, and probably not with 10% deposit either.

The higher loan to value products are aimed at clean credit first time buyers.

katty2010

Not even with him going in alone and having no missed payments at all (apart from the 1 default that was settled a month later)?

DpchMd

katty2010 wrote: »

Not even with him going in alone and having no missed payments at all (apart from the 1 default that was settled a month later)?

From your description, he has a terrible credit history.

katty2010

katty2010 wrote: »

We are putting the app in my boyfriends name as I have been told due to my bad credit we wouldn't get one if we went in together. (By bad credit it's: 1 unsettled ccj for £1200 from 2012, 2 accounts with natwest totalling approx £5k which are both defaulting (1st default registered 2012, and the account which the ccj is registered with is still defaulting me). Also, i have a creation account which I owe £600 and is showing late payment never defaulted).

My boyfriends credit is ok, (comes up as 2/5 on noddle report) we can't understand why it's not great because the only problem he's ever had is 1 default recorded in Dec 2012 for £326 which was then fully settled Jan 2013. He has a loan from his bank which is always paid on time in full, a 2k overdraft which he has used in the pas but it is now paid off, a t-mob account, never had any missed payments at all. He's on the electoral role, never moved address in his life, has no financial associates, nothing obviously wrong on it apart from that default. Our basic salaries are both £15-16k each per year. We have no dependants and the only credit commitment my boyfriend has is £150 per month payment for his loan.

I haven't said he's got a terrible history, I it's me that's got bad history, I have got the ccjs ect, he has good history apart from 1 default in Dec 2012 which was fully settled Jan 13.

amnblog

A payment has to be missed a number of times before it is a default Katy.

katty2010

amnblog wrote: »

A payment has to be missed a number of times before it is a default Katy.

Correct, to be exact 6. And then a default was registered and the very next month it was satisfied and paid in full.

amnblog

You make it sound like a positive thing Katy. Lenders will only see that a debt was not managed for half a year.

katty2010

I know it's not a positive thing, I am merely asking a question and stating the obvious isn't helping. please do not judge. you don't know the circumstances and i did state it defaulted on a small amount of £326.

Thrugelmir

katty2010 wrote: »

i did state it defaulted on a small amount of £326.

If your partner cannot manage his finances for small amounts. No lender is going to trust him with thousands of pounds for a mortgage. When dealing with financial matters it's not just the amount that matters. It's the credibility of the borrower. Profiling of a potential borrower forms part of the credit checking process.

DpchMd

katty2010 wrote: »

I haven't said he's got a terrible history, I it's me that's got bad history, I have got the ccjs ect, he has good history apart from 1 default in Dec 2012 which was fully settled Jan 13.

Right, that is terrible. A default is very, very bad.