in an ideal world....adverse credit

Jambo5

I struggle to find answers since the one and only Mortgage Advisor said to me there are not many options.

My CR as off July 2015.

●Up to 5 late payments in car finance early 2010
●21 PDL last one May 2012

All else is green, never missed anything else. Had phone contract 5 years, got a Barclaycard initial they have raised the limit from 1200 to 2300. Only bad thing us I had some cash advances on it in 2013.
All bills, utilitys etc are set up with DD. Everything is smoothly ran.

Now a mate of mine, same salary etc just bought a house directly through HALIFAX, he had more PDLs on his CR than me.
His wife also had a default 4 years old.

THIS IS HYPOTHETICAL!!!!!

My 5 late payments does not equal a DEFAULT.
I also have less PDLS than he did.

He was excepted straight away with HALIFAX.
I also spoke to a bloke exactly same minus late payents but with same wage that just been excepted with NATIONWIDE.

Are my missing something? Is this broker talking crap?

All you guys say on here is find a broker? I did...and I have very few options if any...apperently?

This mortgage will be by myself....house around 100-110k with 10% deposit. I earn 27k basic and have Zero debt.

ACG

90% of the mortgages I do are adverse, thats the market I actively go after - im not sure I would consider yours adverse.

I would be very surprised if this could not be placed on the high street. Whether or not Halifax/Nationwide are the right lenders for you is something I cant answer but if your broker is struggling they should admit it and let you find another broker more up to the job.

Jambo5

AGC thank you. I have posted the same old boring stuff before. But my head is baffled. Can you advice where I can find a broker? I am in NE Scotland currently and want to relocate to NE England. Not sure how to go about it. Cheers

ACG

Call up a few and have a chat with them, explain the situation and see if they seem concerned by it or not.

If they start talking about adverse lenders straight away rather than as a backup then I think I would probably find another.

GMS

Do you have a job to move in to?

Jambo5

GMS I am in the Army.
My wife works up here, but from what I gather her wage won't be taking into account as she will be given up her work, however she can get work back in our home down.

This is proving to be yet another obstacle as her CR is perfect and I was hoping her CR would drag me through if need be.
Now it looks like im going it alone, so she may be classed as a dependant...theres another hoop to jump through.

Malmo

Jambo5 wrote: »

Can you advice where I can find a broker?

Have you tried starting a local broker search with unbiased.co.uk?

On the home page, next to the search box, select Mortgage Adviser and enter your postcode and hit search.
When the search results are displayed, in the filters on the left hand side, un-tick the Only show sponsored results box, expand the heading More filters and under Adviser restrictions, tick the box for Mortgage Broker (Whole of Market). This should give you a list of potential brokers to contact in your locality. Make sure you understand from the brokers you speak to what fees will be charged and at what point in the process. Ideally (based on my personal experience), they'll email you a couple of documents; 1) their Key Facts Illustration, which will outline/summarise the service they provide and their fees; 2) a Fact Find document that you need to complete to help them understand your full circumstances & requirements.

ACG

A key facts illustration is the document you get from the lender that breaks down the product chosen (rates, fees, payments etc) - you would not get that before a factfind... or shouldnt.

What you are talking about used to be called an IDD (Initial disclosure document) but is now known as a terms of business.

ViolaLass

Your wife doesn't have to be classed as a dependent and she can be on the mortgage.

We have a joint mortgage but my husband's income was disregarded (he's self employed, saved us having to bother proving the amount and I earned enough for how much we wanted to borrow anyway).

Jambo5

Violalass, that's interesting. So are you saying my wife can be on mortgage? I have never seen this, can any body elaborate further?
See at moment I am in forces on 27k and rising.
She is working full time on 15k, so even if she could be accepted by herself, she may only get 60-75k on her wage.
So its not enough, but still, We want to relocate so she would not be able to buy back home as she would still be giving up her job.

It would be great if she could come on to mortgage with be as her CR is gleaming. But just not sure how it works, and with respect your husband was still earning. Any help on this please.

Thanks for the advice on brokers guys. I will be looking hard.

This recent broker has knocked stuffing out of me.

ACG

Your wife can go on the mortgage, just her income would need to be entered as £0.