Mortgage sucess stories

Candyapple

Thanks Steameh, so it looks like Noddle are the only ones who report the data differently. A shame really because you are being punished up to an additional 6 years (depending on when you close your account) over and above the normal 6 years!!

Good luck with your mortgage application.

Steameh

Candyapple wrote: »

Thanks Steameh, so it looks like Noddle are the only ones who report the data differently. A shame really because you are being punished up to an additional 6 years (depending on when you close your account) over and above the normal 6 years!!

Good luck with your mortgage application.

Yea, kinda sucks but hopefully a couple of missed payments 8 years ago won't have much of a negative effect.

I'm submitting the application on Tuesday next week, fingers crossed.

lauravenue

This thread is a great help - I am going to wait till November to apply for a mortgage as 4 out of 5 defaults/CCJ will be removed from my report as 6 years old this year. Now earn more than enough to get a mortgage and have roughly 30% deposit for house but still so scary that something from my past will mean it's not accepted! It is all I think about, what I would do if I can't get a mortgage at the end of the year! When you're 18 and realise you can get credit, you don't think about buying a house in the future!

MuddyFunster

I'll be going through this end of this, start of next year.

My Wife's history is perfect, but her income is less than mine - £25k ish, and because of my issues in the past all our borrowing is in her name - a £8k low cost graduate loan.

My income is better, c£36k a year but I'll have 2 defaults, a 3 year old one from EE for £160 which was caused by a dispute and my stubbornness - settled, and possibly a 5 year old £390 default from Lloyds - again, we fell out, I was stubborn and ended up with a default - we're negotiating with debt collectors at the moment - accept my argument, I'll pay it in full, they remove the default marker - it's a tough thing to do, but I do have a decent chance - Robinson Way has actually refused to take any money from me whilst the dispute in in progress, 3 months now... Anyway, apart from that I'll have 5 years perfect history with my bank, a couple of utilities and 2 years of perfect repayment on some credit builder cards.

We'll be looking at a £200k house, 5% deposit - with Help to Buy guaranteeing another 20%. We've gone through a couple of income/expenditure calculators and they always offer much more than that in principle.

I'm hoping that best-case, a single, small default from 5 years previous that settled shouldn't be too much of a barrier.

Jennifer_Davey

Hi MuddyFunster. 5% with any sort of credit blip may be a struggle. Those lending with just 5% are incredibly fussy and they also tend to multiply your Annual earnings by less too, so you lose some affordability!

Let us know how you get on however!

Oakdene

I came out of a debt management programme 18 months ago after re-paying £3500 & have just got the keys to my house

Jennifer_Davey

Offer put in yesterday morning! Waiting to hear if its been accepted!

mildredalien

Does anyone here know how quickly a default will stop showing up to lenders after it theoretically drops off your record? Do you have to wait for all of the credit agency records to update or would it be correct for lenders immediately?

My husband has one settled default about to drop off in a few days time, but we're unsure whether to start trying for a DIP straight away or wait until his credit records update (no idea when they do that though!) I had a default which dropped off last year, and apart from that our records are pretty good in recent years. We have a 10% deposit but our combined earnings mean that the mortgage would be very affordable - likely less than 25% of combined monthly pay.

I've been with HSBC for years and could possibly get one of their fixed rate mortgages with a decent interest rate, so I'm tempted to try them first ourselves rather than go with a broker.

cwaless100

I managed to secure a mortgage with NatWest a few weeks ago but as my dad is a premier HSBC customer, they offer some friends and family rates so I applied with them,. My defects (2) are from 4 years ago. everything since that has been perfect but my score is so low.
Initially HSBC declined me online, wouldn't even do an AIP. So I booked an appointment with the mortgage advisors in store. They declined me too as expected, however said that they could appeal to the underwriters as I was an ideal candidate (I think the fact NatWest are willing to lend is on my side). So hes getting his area managers signature to support the application and I should hear from the underwritters in a week or so. Its a slightly longer process and I was always against spending time going into a branch when you can do it all on line and over the phone these days, but it is worth while potentially in this case.

Steameh

I need to vent!

I'm getting seriously stressed with my broker now. She's been great up to now. Sorted my AIP in a jiffy but now I'm ready to apply she doesn't call. Had a call booked at 11am, it's now 12:15.

I don't really wanna have to start again with a new broker but I need my mortgage application in asap. Starting to feel the stress already and I'm only 3 weeks in from having my offer accepted.

I'm thinking I'll give her the rest of the day to call me, then I'll go elsewhere.