A Steer Needed Please.

aero1

Hello all.

Wondering of anyone can point me in the direction of a mortgage advisor or lender that can think outside the box for people with less than perfect credit.

So far the advisors my husband and I have seen, seem to fixate on Nationwide and we are getting nowhere.

Situation is as follows:
- Mortgage is to be in my husbands name only.
- Affordability is up to £199000. Can provide deposit of up to £50k (though would rather not really as that would leave us with no savings).
The problem is as follows:
- He was discharged from bankruptcy in Oct 2011.
- Has 2 CCJs on his credit report from before then which were wrapped up in bankruptcy petition but appear on credit report as obviously NOT satisfied. (has put a Notice of correction on to advise that CCJs are settled)

All other entries on credit file show default satisfaction date of 2011 with the exception of 1 which is Oct 2013.
No credit cards, no loans, no new defaults, no overdrafts or anything.
So far he is getting knocked back and we just need to know - is there someone out there that can help, or should he wait until Oct 2016 for bankruptcy and CCJS to fall off report?
OR, is it because the property we want, is right up to his max (its £250, 000 so £51000 deposit required)
Should he just go for a cheaper property and then would he be approved for a mortgage?
Have seen the name Aldermore pop up a few times....

Many thanks indeed.

Aero

PS forget to say, I cannot go on mortgage as my earnings are tinchy and have adverse credit myself.

GMS

Aldermore won't do because of the bankruptcy.

Find a broker to look at this for you. Expect to pay as not a straight forward case by any stretch

Verix

Is there a reason the CCJ's are not showing as satisfied with Experian? The notice of correction isn't something the lenders will look at so they will just show it as outstanding. With the bankruptcy on top this wouldn't be an easy one to place.

Dave_Ham

Firstly ensure your credit files correctly match the situation as you are likely to need them all showing accurately

You are almost certainly going to need to be on the mortgage and even then this will be a borderline impossible place here and now

Can only think of 3-4 potential lenders now and that is without the knowledge of what may be on your credit file

Experienced broker and all 3 credit files for you both are going to be required

Best of luck

maninthestreet

£50K deposit in the bank, but with a bad credit history - what's going on?

amnblog

maninthestreet wrote: »

£50K deposit in the bank, but with a bad credit history - what's going on?

Businesses fail.
Marriages fail.
Health fails.
Breadwinners die.

aero1

amnblog wrote: »

Businesses fail.
Marriages fail.
Health fails.
Breadwinners die.

Thank you Amnblog, yes exactly - our circumstances changed.

Maninthestreet - yes we both have bad credit history from years aso and we have very much learned our lessons and now we have been lucky enough to get some money behind us.

Verix - The CCJs are still on there because the two companies involved both refuse to send a Letter of Satisfaction. The debt is gone but they are saying as it was not actually paid, it was not satisfied. The court has told us that without a letter of satisfaction they cannot mark a CCJ as zero and settled. So its a bit of a vicious circle, any guidance on how to have them changed would be great if you do know a way? Thanks.

Ok well it all seems pretty hopeless now then. Have seen two different brokers and I wish they had been as upfront about the likelihood of getting a mortgage as you have been Dave Ham, so thank you, I appreciate the heads up about the three credit files, we have only been checking Experian.

Do you think we should wait then til next year, or should we try once again bit with that elusive creature, the epxerienced broker?;)

Thanks all

amnblog

An experienced broker like Dave, even if they cannot place your lending now, will be able to tell you how long you will have to wait.