Mortgage with Defaults

J_blondie

FTB after some advice!

Currently have a financial advisor who is trying to obtain us a mortgage, he has both our experian credit files and all the info he needs. We have found a house to buy and have a 15% deposit. Both have full time jobs that we have been with the companies a total of 7 and 13 years. However we have 2 defaults between us both totalling £385 and I'm so worried we won't get a mortgage even with a building society or adverse credit lender.

Only wanting to borrow £106,250 and we earn a total of £39k so affordability is fine.

Anyone have any advice, or experience of something similar and have obtained a mortgage.

Thanks

Westminster

I would be a bit worried if your adviser (broker) has only asked for your Experian files as not all lenders will report to Experian.

My guess is one of the following:
1. They are not an independent advisor and are planning to put you in front of a lender who only checks Experian. In this scenario, you are not necessarily getting the best deal for you.
2. They may unwittingly (if they didn't think to ask for the other 2 CRA files) submit your application to a lender who doesn't use Experian &/or includes 1 or both of the other agencies. This may be absolutely fine - but you won't know unless you check your files with Call Credit (Noddle.co.uk) and Equifax. There may be stuff on there that you have no idea about - i.e. fraudulent accounts - that would cause you significant difficulty and a wasted credit search.
3. Maybe they did ask for the other 2 files but you didn't mention it in your post - in which case, disregard my post ;-)

One more thing - I believe it is the date of your defaults which will be of much more interest to a potential lender than the amounts. When are your defaults from?

J_blondie

Thanks for your reply.


He hasn't particularly asked for the Experian one only we just printed those off and took them to the last appointment with him. We have a subscription for that one and have checked our other files also.



Im mainly concerned of lenders turning us away due to defaults, they are just under 3 years old.


I know every application is on an individual basis I just fear we wont find a lender

duggan1

J_blondie wrote: »

I know every application is on an individual basis I just fear we wont find a lender

I'm in a very similar situation (possibly worse) so I share your concerns. My credit history is colourful, but my partners is fine. I've been upfront with our broker and she has targeted a lender or two who tend to look at the bigger picture rather than automatic decline for adverse history. She's confident but of course there are no guarantees!


Don't really have any advice other than good luck!

J_blondie

I wish you luck also, our mortgage broker seems confident too but I on the other hand am incredibly stressed about the situation :mad:

amnblog

What is more worrying is that the Adviser has only just started the job and our Poster appears to have little faith him.

There should be options available for the circumstances you outline here - give the adviser some time to address this matter.

glentoran99

J_blondie wrote: »

Thanks for your reply.


He hasn't particularly asked for the Experian one only we just printed those off and took them to the last appointment with him. We have a subscription for that one and have checked our other files also.



Im mainly concerned of lenders turning us away due to defaults, they are just under 3 years old.


I know every application is on an individual basis I just fear we wont find a lender

cancel that immediately money down the drain

J_blondie

glentoran99 wrote: »

cancel that immediately money down the drain

It's already cancelled just had to pay the fee to get the up to date report as we were both already signed up and weren't eligible
For the free trial

J_blondie

amnblog wrote: »

What is more worrying is that the Adviser has only just started the job and our Poster appears to have little faith him.

There should be options available for the circumstances you outline here - give the adviser some time to address this matter.

I do have faith in the advisor sorry if that came across like I didn't. He has been fantastic so far and had given me reassurance he will find us a mortgage (obviously I know there are no guarantees) perhaps it's my full situation i didn't go into detail about which is why I'm very stressed, we currently rent and are moving out and back into parents house in the next weeks to come and we have a baby so a lot is at stake to be able to buy this house.

Westminster

J_blondie wrote: »

It's already cancelled just had to pay the fee to get the up to date report as we were both already signed up and weren't eligible
For the free trial

Not true - you could have picked up your statutory credit file for £2 each. The only thing you lose is the credit rating number which is only ever visible to you, is purely Experian's view of your file (who cares - they are not the ones who will be lending you anything) and that score will have 0 impact on the outcome of any credit application.

I can understand your nervousness - I've been there myself. However the broker was fully confident - and a good one really knows their stuff - and we had the expected offer with no surprising terms applied etc.

We've been in our current place 8 months now ;-)

J_blondie

Westminster wrote: »

Not true - you could have picked up your statutory credit file for £2 each. The only thing you lose is the credit rating number which is only ever visible to you, is purely Experian's view of your file (who cares - they are not the ones who will be lending you anything) and that score will have 0 impact on the outcome of any credit application.

I can understand your nervousness - I've been there myself. However the broker was fully confident - and a good one really knows their stuff - and we had the expected offer with no surprising terms applied etc.

We've been in our current place 8 months now ;-)

Wish I would of known that advice before! Oh well thanks though

That's reassuring to know, glad you got there in the end. If you don't mind me asking did you also have decent salaries, deposit and downfall was defaults? I'm hoping these don't hinder getting on that property ladder.