Mortgage success

mrjohnmiles

Hi All,

Just wanted to drop a note in this forum to say its not impossible to get a mortgage if you have not had the best credit history.

Through a broker found on this forum we managed to get a mortgage offer despite me being on a DMP until 2012/2013 and the rate although a little high a 6.09% for a 95% mortgage it worked out cheaper than saving every month to get a bigger deposit.

The mortgage was under the help to buy scheme also for existing properties which in effect acts as a 20% deposit guarantee by the government on top of our 5% although we pay for a 95% mortgage.

For those who want to know anymore

Combined income of £61k

Purchase price of 205k

So if you want to buy a house, have a deposit and are working to improve your credit score it is not impossible. Our mortgage is with Aldermore who don't credit score. They assess based on risk and a review of the submitted information.

ACG

Nice to see your happy.
We will sort out that 6% in 2 years .

TBeckett100

I assume your mortgage adviser from here responded above.

:rotfl:

ACG

I dont know what your talking about :P

mrstick

ACG wrote: »

Nice to see your happy.
We will sort out that 6% in 2 years .

TBeckett100 wrote: »

I assume your mortgage adviser from here responded above.

:rotfl:

ACG wrote: »

I dont know what your talking about :P

It's clear to me that you meant the royal 'we'.. as a mortgage advisor...

csgohan4

That interest rate looks eye watering


but +1 to Mortgage brokers


+1 to ACG

Landofwood

I doubt that's the best rate you could have got. Sounds like you took the path of least resistance, rather than the path of best value.

dimbo61

Overpay every penny you can afford or are allowed over the next two years.
Make sure you pay all bills on time and learn to live the MSE way and you should be in a much better financial position in a few years.

Dave_Ham

Landofwood wrote: »

I doubt that's the best rate you could have got. Sounds like you took the path of least resistance, rather than the path of best value.

Absolutely no substance to suggest this is the case, unfair to OP & ACG

ACG

6% is not ideal but its 2 year pain. When I first started as an advisor (only 3-4 years ago) it was not uncommon to see people already fixed into rates of around 6%.

Landofwood - Your entitled to your opinion but you are wrong. Without knowing the details you can not really comment. I have no need to go down the path of least resistance as I only take on a certain number of clients at any one time by choice. It means I can dedicate more time to each case in order to find the best deal I possibly can.

Also if you could see what I have to do to satisfy my compliance people I have recommended the best deal possible you would realise choosing easy is not as simple as it sounds. I have to write my clients a letter detailing every lender who offered a cheaper rate and why I did not use them. I have to have a list of those lenders on file and evidence as best I can why they were not chosen. If I am found to have not done that, they castrate me. Cutting corners is just not worth the hassle.

csgohan4

ACG wrote: »

6% is not ideal but its 2 year pain. When I first started as an advisor (only 3-4 years ago) it was not uncommon to see people already fixed into rates of around 6%.

Landofwood - Your entitled to your opinion but you are wrong. Without knowing the details you can not really comment. I have no need to go down the path of least resistance as I only take on a certain number of clients at any one time by choice. It means I can dedicate more time to each case in order to find the best deal I possibly can.

Also if you could see what I have to do to satisfy my compliance people I have recommended the best deal possible you would realise choosing easy is not as simple as it sounds. I have to write my clients a letter detailing every lender who offered a cheaper rate and why I did not use them. I have to have a list of those lenders on file and evidence as best I can why they were not chosen. If I am found to have not done that, they castrate me. Cutting corners is just not worth the hassle.

It is an informed choice after all. I got a decent rate considering self employment and only 0.1% difference form the best buy tables on L+C at the time.


It's also about risk of not having your mortgage offer complete in time or at all and face rejection due to your one's own personal circumstances.


Or maybe we should all refer clients to HSBC because they are the best rates, but that's not the whole story is it?