Mortgage sucess stories

kellsm

We are really lucky and have a 25-30% deposit (depending on the house price we choose) we are hoping that might Spring it in our favour!

Jennifer_Davey

Hopefully!! I'm hoping we'll manage ours on the fact that the default is from EE! I've heard they're lenient towards mobile phone defaults or at least i'm hoping so!

kellsm

Yea I think they're more lenient on that sort of thing than loans etc.

MaebyJade

We recently had a mortgage offer from Halifax despite my not so perfect credit history. I have 2 settled defaults on my file, both 5+ years old and both settled in 2011. Granted we rates of our mortgage aren’t market leading rates 3.3%, but it’s still a big reduction on what we pay for rent at the moment. We didn’t experience any issues, DIP was accepted within a few hours and then a week later we made a full application which was also agreed subject to a satisfactory the same day we submitted it.

Having a good broker is worth its weight in gold, ours was awesome. He knew the market very well and told use from the get go which lenders wouldn’t touch us so we didn’t waste time applying to them. During our appointment he made sure he had all the relevant documents, probably went a bit over the top we didn’t mind and insured any potential questions the lender might have were answered in the application.

According to our broker the two major factors were the age for default and settled date and our repayments are only 25% of our combined net pay.

Just a note out LTV is 70%, 10% deposit and 20% HTB.

kellsm

My settled dates were all 2014 so I'm hoping that won't be an issue we spoke to our broker today and it's on his desk ready to do the dip today and he will call once done. I do feel sick with worry I must say

cwaless100

Hoping to hear some success stories. I bank with NatWest. Struggled a lot in my student days as HSBC gave me a £2000 credit card at 19 knowing I was becoming and student and that got me in to a lot of trouble. Haven't had any adverse credit/defaults etc. for 4+ years and have settled all debts. just had an offer accepted on a house for £95000, hoping for a mortgage of £75000 and have applied with NatWest. just about to send them back all required paper work so fingers crossed. Any advice/info about NatWest underwriting would be good, although I'm wondering if Halifax would maybe have been a better move, but they declined me 2 and half years ago.

Jennifer_Davey

Ah interesting to hear that you could use HTB Jade! I was told there was no chance with previous bad credit so that's a lesson learnt!

I feel like there's a lot surrounding poor credit and mortgages making potential homebuyers more wary than they should be. I get it alot on here that i should just wait or save more but i think there are always options out there!

MaebyJade

Jennifer_Davey wrote: »

Ah interesting to hear that you could use HTB Jade! I was told there was no chance with previous bad credit so that's a lesson learnt!

Maybe someone with a better understanding of the HTB scheme can clarify, but I thought as long as you past the credit checks done by the lender then that's the HTB requirements passed as far as credit history is concerned. I doubt the HTB would turn someone down on the basis of poor credit if the had a mortagage offer.

kellsm

Mortgage in principle accepted. Can't quite believe it ��

Jennifer_Davey

Aw that's great news!!! :j:beer::T

Really happy for you!!