Struggling to escape my past

ACG

As above, I would get yoru reports in front of a good broker.
I reckon your current rate could be beaten although it may well be btter to wait until the mortgage arrears drop off in a few months - a broker will be able to give you a more definitive answer as it will depend on the details of your reports.

Florida68

Thanks ACG How long till the mortgage arrears drop off the report?

Florida68

You all raise very valid points.

All defaults were recorded around April 2009, the amounts were then frozen until I started paying them off monthly from July/August 2009 (I initially looked at getting help through a debt management firm but ended up ditching them). There were no CCJs, IVAs or bankruptcy

In terms of the property it is a detached house of standard build in a residential area. Affordability was not an issue at all for Nationwide when we applied, and we were looking for a repayment motgage, to be paid by the time I reach 65 (so no doubt well before retirement by the time I get there)

However as you indicate above, I defaulted on the mortgage, 5 credit cards and 2 personal loans. Both loans and one of the credit cards were with Nationwide, so despite the credit score/records they will have their own record of those defaults, won't they?

Would I be better trying with a bank/financial institution that I didn't default with? Regarding this, back in 2009 under advice from the debt management company I closed my bank account and moved it to Lloyds as i hadnt defaulted with them. But as late as August last year Lloyds would not offer me a personal loan (didnt turn me down, wouldnt even start going through the process due to my record. I had loan approved by M&S bank at under 4%), so not sure that going through such a bank would be of any help either

Florida68

Just a quick update for anyone who finds themselves I a similar situation

Following Nationwide advice I tried again through them in October but was rejected again. However this time they confirms it was due to past performance (7 yrs previous) with their credit card

That was the missing info that made sense of everything else. I applied through HSBC in November and was approved with no issue whatsoever. Our mortgage has been transferred across from NRAM/ Whistletree and we are paying much less than previously

Glad to be able to put this behind me finally

Thrugelmir

Florida68 wrote: »

Just a quick update for anyone who finds themselves I a similar situation

Following Nationwide advice I tried again through them in October but was rejected again. However this time they confirms it was due to past performance (7 yrs previous) with their credit card

That was the missing info that made sense of everything else. I applied through HSBC in November and was approved with no issue whatsoever. Our mortgage has been transferred across from NRAM/ Whistletree and we are paying much less than previously

Glad to be able to put this behind me finally

Pleased to hear that you finally got there. :beer:

FAPUMA

Always think ahead.
not immediately embark