Self Employed and a defaulted payment

MindBodySold

Hi Guys,

Thanks for taking the time to read this;

I'm a self employed Director of a Limited company, coming up to two years - 2nd year books to be submitted end of April 2015. Both year net personal take home is around £40k.

I've been trying to get a mortgage for some time but with the mixture of not having two years books (soon to not be an issue come April) and having a defaulted payment from British Gas two years ago. The payment is settled, it was due to miscommunication which they initially admitted fault for not making me aware of the defaulted payment, but then a CAIS Data dispute task was raised through Credit Expert and it ended up in a different department at British Gas where they said it was my fault for not providing a suitable forwarding address. I only found out about 8 months after the missed payment when I tried to rent a flat and was denied credit. I've battled this for a long time and it isn't going anywhere.

Does anyone know of a broker that doesn't have obscene rates that would take my case on board? I'm looking at houses around the £180k mark with a 25% deposit.

The only company I can find is called 'BadCredit' and their interest rates are sky high even with a 25% deposit.

Any help would be greatly appreciated.

Thanks

ACG

This can be done now on the face of it.

Interest rates are unlikely to be fantastic but I wouldnt say sky high... I would say under 4%.

Find a broker with some experience in adverse and you should have 2-3 lenders who will look at it.

MindBodySold

Sorry, probably a silly question - but I'm not sure what you mean by find someone in adverse?

The best rate I have found is over 6% with a 25% deposit, can you name any brokers / companies that would be suitable? I've been in touch with the majority of high street lenders and a few mortgage brokers but none which will be willing to accept an application.

Thanks

amnblog

MBS If you British Gas issue was two years ago you should be able to place this at under 4%.

That is of course subject to the rest of the case fitting.

Any broker with adverse credit experience should be able to do this for you.

ACG

Adverse its another word for bad credit.

If you find a broker who has experience in bad credit mortgages/adverse credit mortgages it could be achievable at better rates than that.

I cant name companies but a search on google for adverse credit mortgage brokers in your area or just in general should point you in the right direction.