Advice on Kent Reliance DiP

usmn

Hi,

I am having a bit of a sleepless night and was wondering if I could get some advice on thr following from brokers who may have dealt with a similar situation to mine.

I am applying for a shared ownership mortgage DiP tomorrow on the advice of my mortgage broker (who previously helped my sister get an amazing rate) with Kent Reliance. My circumstances are a little more difficult due to my credit file being a little blemished to hers. And was hoping I could get some insight from you all…

I am looking to buy a share of the value of £108750 with 10% deposit of £10875.

My salary is £55k

I have 2 defaults on my file

1st for £ 528 due to an extremely high mobile phone bill from 2011 which was settled on in April 2014.

2nd £1528 for a HP loan from 2011 on a car that was written off following an accident and this was the gap in the payment. I did bury my head in the sand and it is my fault for doing so. Now I’m beginning to see it was probably not my wisest decision. I will clear this first thing in the morning as soon as the debt collector’s office opens.

My broker without pulling any punches said I have no hope with a prime lender but may have an outside chance with Kent. Other than the above I have maintained my other credit commitments impeccably and have access to £18k across a few CC’s and a further £2k overdraft which has never been used. No missed payments on my file other than the ones mentioned above. Both Experian and Equifax reports submitted to the broker. All he has said is to keep my fingers crossed for the DiP but I hate leaving things to chance. I’d rather know if Kent would or have in your experiences accepted someone in a similar situation to mine?

Sorry for the long post and thanks for any responses in advance.

ACG

I like Kent. They tend to accept those who fall outside the norm.
They can be hit and miss as to it being easy/difficult (ie documents required) to get a Mortgage but once a DIP has been agreed every case I have submitted to them has gone on to complete.

I used to use tem far more than I do at the minute as their criteria has tightened up a little in the last year or so, but their DIPs are manually assessed so assuming you have been honest there is no reason for it to get declined down the line.

WorriedFTB_2

We just got approved by Kent for a SO .
They were good , rates are much higher than high street off course . I had an "arrangement to pay overdraft " mark on my credit reports in 2014 (little did I know other lenders wouldn't touch me due to this )

Nevertheless it took a while for my offer to be issued . They asked a lot of evidence but we got accepted at the end .
I personally think they are great !!!
Just prepare to wait