Joint mortgage with a default

guestiee

Hi all,

I'd appreciate some advice please.

My partner and I are planning to buy a home together. Roughly £200000 in value with a 90% LTV.

Ideally I would have liked to arrange the mortgage myself, however I'm a little concerned about doing this as my partner has a default on her account from January. The payment was missed by her ex on their joint loan. The agreement was he would uptake payments. He has since cleared the loan as part of the settlement through solicitors.

My question is, am I ok today arrange the mortgage myself with this criteria? And if so which lenders should I approach that would allow for this unfortunate default?

Or would you recommend a broker? I was put off this as it seemed an additional cost .

Many thanks

Adj29

May seem like an extra cost but if the default was only registered in January, your probably going to need that broker. It will save you a lot of stress in the long run as they will know best who to try and place the mortgage with. With a default in the last 12 months it will be difficult so you need to speak to a (good) broker.

kingstreet

A single late payment is not a default.

A default is three consecutive missed payments, or more.

Obtain all three versions of credit file and put in front of broker to establish your options.

guestiee

Thanks, I was not aware of this. The default notice simply stated one date, so we presumed it was this date that had the missed payment.

If Mortgage broker is the only way forward does anyone have any recommendations. We are in the West Midlands. I'd seen online about Which 'Telephone' Mortgage advisors. They were recommended. Are they good?

Thanks for all your help folks. This is a mind field for my first house move! Would you recommend sorting the mortgage before viewing/offering on a new home? Or Vice Versa?

GMS

guestiee wrote: »

If Mortgage broker is the only way forward does anyone have any recommendations. We are in the West Midlands. I'd seen online about Which 'Telephone' Mortgage advisors. They were recommended. Are they good?

Have a look at this thread https://forums.moneysavingexpert.com/discussion/5324739

kirtsypoos

Hi Guestiee,

We are in the West Midlands also and have been using a guy called Richard at Homebuyers Helpline in Wolverhampton - he has been fantastic (I too have some adverse issues) he has been very patient with me during my numerous stress outs, kept us updated and is always available by phone or email (01902 757499) not sure if I'm allowed to post the number but there it is.

Hope you manage to get sorted!

kirtsypoos

Sorry, would also say that I'd advise meeting your broker and getting a decision in principle before viewings as we were told an offer wouldn't be considered without this by 2 estate agents locally.

guestiee

kirtsypoos wrote: »

Hi Guestiee,

We are in the West Midlands also and have been using a guy called Richard at Homebuyers Helpline in Wolverhampton - he has been fantastic (I too have some adverse issues) he has been very patient with me during my numerous stress outs, kept us updated and is always available by phone or email (01902 757499) not sure if I'm allowed to post the number but there it is.

Hope you manage to get sorted!

Thanks for this. How much are they charging you for the service Kirsty? Which mortgage company are they finally using with adverse credit and what rate if you don't mind me asking?

kingstreet

guestiee wrote: »

Thanks, I was not aware of this. The default notice simply stated one date, so we presumed it was this date that had the missed payment.

Yes, a default notice is not a default.

It is a warning that if action isn't taken to rectify the account a default could be registered.

As I said, get all three copies of the credit file and put them in front of an independent broker.

In response to your PM, please see signature.

Senior_Paper_Monitor

You are in urgent need of 2 things ....

1) Your credit reports

2) Some advice and guidance from a professional mortgage adviser

You appear to be hurtling towards a complete Horlicks !

guestiee

kingstreet wrote: »

Yes, a default notice is not a default.

It is a warning that if action isn't taken to rectify the account a default could be registered.

As I said, get all three copies of the credit file and put them in front of an independent broker.

In response to your PM, please see signature.

Fabulous, just checked on Noddle. It simply shows as one month late - early arrears. Is this a lot less damaging than a default. And also will that open up the opportunity to more lenders? Maybe HSBC, Virgin, Yorkshire BS. etc