Adverse Credit Mortgages

TimTheBear

Hi all

Me and the wife have completed a DMP a month ago and paid everyone (finally) since 2010.

Now we want to change our mortgage providers as I am with NRAM - however our credit file is riddled with defaults due to the DMP.

With increasing rates looming - we thought its wise to start planning for the future.

any advice would be appreciated

I'm not going to dream that a high street lender is going to welcome us in open arms and I know Sub primes are around, but who? any recommendations?

I called London and Country days ago, gave my details and noone has called us back..

House value I reckon 160k
NRAM balance 115k
Disposable income since we are off the DMP is around £1500/month

Thanks all

ACG

Speak to another broker, there should be options.

TimTheBear

Any reputable ones to be recommended?

ACG

Were not allowed to recommend brokers.
General rule of thumb - avoid estate agent based brokers, if any fees are chargeable only pay on offer or completion.

If they are only getting paid if they get the job done, then they are taking on the risk and are showing that they have some confidence of getting it through.

expatsmortgages

There are a couple of lenders available with options for you. Simply input the 'bad credit' and 'lenders' into google and it will throw a few out for you. They will generally had a DIP form to complete and send in online

amnblog

Don't try to apply direct to Lender.

Absolutely waste of time and potential complication.

As ACG says, use a broker.

ACG

expatsmortgages wrote: »

There are a couple of lenders available with options for you. Simply input the 'bad credit' and 'lenders' into google and it will throw a few out for you. They will generally had a DIP form to complete and send in online

Im not so sure I agree with this.

It might be possible to get this through with a high street lender. I would expect a broker to ask for all 3 copies of your credit reports and go through them as depending on how your reports appear, high street rates could be an option with 1-2 lenders.