TSB Mortgage - Joint Application - 35% deposit - Bad Credit

du_lac

Hi there,

My partner and I just received an "agreement in principle" from TSB. We're both on 27K plus bonus, both got student loans and we have around 60-70K for deposit.

This agreement was given to us after a "soft search" and thus I'm worried. I got around £1000 debt in default from 37 months ago. Both Noodle and Equifax tell me I'm basically worthless, so how comes we got this 'pre-appoval'?

Should I pay back the debt in full, start monthly instalments or just leave it be?

It'd be great if someone could shed some light on the situ. I'm freaking out that our actual application will be declined due to moi and my wife will kill me! :eek:

Cheers

dgtazzman

You have 60k sitting on the bank and have a default open for a 'mere' grand? You'd be wanting to pay it back in full, wait for the default to be marked as settled, I would imagine that would give you a far better chance at a mortgage...

mrsammyp

You should probably engage with a mortgage broker before going any further.

I believe that TSB use Experian for credit checks, it's probably worth getting your credit report from them.

amnblog

How did you come to apply to TSB?

Did you declare the default on application?

du_lac

We both bank with TSB and didn't want to share all our finances with 3rd parties, so this was the quickest, nicest way of doing it.

Yes I declared the default to be around £1000. However, Equifax and Experian only state a single default of £500. Noodle (Callcredit) does state the rest, 3 additional small defaults.

The £500 is due to overdraft charges and the rest is payday loan interest basically. I didn't pay these back firstly because I believed they're unfair, secondly I didn't have the money.

Would it make sense to clear it now though?

amnblog

If you have declared the default they will consider the case.

This does not mean you will automatically get a yes.

OW0809

DU_LAC, Sorry to jump on your old post, but do you mind me asking how did you get on with TSB? Did you get your mortgage offer with them in the end?

[Deleted User]

The OP posted twice and hasn't been on for 20 months.

You're more likely to get a reply using a Ouija board.

YHM

OWO you got a Mortgage application to discuss?

OW0809

YHM we are going through a mortgage application with TSB through a broker at the moment (I can't get a straight answer out of them). I had some credit issues over 4 years ago and all been disclosed to TSB and we had our DIP. TSB instructed valuation (which was on 30/10) but I don't know if they done credit checks too and therefore are happy with our files. Or did they wait for the valuation to be done first and then carry out credit file checks. I know all lenders work differently, but I can't fine anything on how TSB do things