Mortgage AIP trouble!

kezz_17

Hi all

So I am in total quandary. Today we had an offer accepted on our first home... Well in budget and within the amount we potentially could lend.

We engaged with a mortgage advisor weeks ago and have been guided by their advice throughout.

Our concerns were always my partners credit history. He has 4 settled defaults from oct-Dec 2010 and a 7.5 yr old CCJ which no longer appears on his file (but we have given all info honestly from meeting 1) Whilst we were advised lenders had tightened up- we were always assured a deal would be acheiveable (they are Whole of market broker) which is why we have continued. My credit is excellent.

Today we were advised we can not get a AIP based on several factors one being my partners credit. There are a few lenders apparently waiting a response but it doesn't hold much hope. We are devastated.

We passed affordability fine and we have discussed applying myself solely but I just don't earn enough to meet affordability with the deposit we have.

We have 15% deposit based on the property found but have been advised we would need more like 30% to have a chance of being accepted.

Is it worth seeking another broker? Is there point? Should we wait till Dec when his files completely clear? We were advised any history even over 6 yrs is relevant so this concerns me.

Appreciate some advice!

Thanks

ACG

Find another broker.
How many AIPs has your current broker done?

5 year old defaults and a 7 year old CCJ can be placed all day long with a 15% deposit. Potentially even high street rates. If your broker has done more than 2-3 AIPs if hard footprints they have risked doing more harm than good.

csgohan4

kezz_17 wrote: »

Hi all

So I am in total quandary. Today we had an offer accepted on our first home... Well in budget and within the amount we potentially could lend.

We engaged with a mortgage advisor weeks ago and have been guided by their advice throughout.

Our concerns were always my partners credit history. He has 4 settled defaults from oct-Dec 2010 and a 7.5 yr old CCJ which no longer appears on his file (but we have given all info honestly from meeting 1) Whilst we were advised lenders had tightened up- we were always assured a deal would be acheiveable (they are Whole of market broker) which is why we have continued. My credit is excellent.

Today we were advised we can not get a AIP based on several factors one being my partners credit. There are a few lenders apparently waiting a response but it doesn't hold much hope. We are devastated.

We passed affordability fine and we have discussed applying myself solely but I just don't earn enough to meet affordability with the deposit we have.

We have 15% deposit based on the property found but have been advised we would need more like 30% to have a chance of being accepted.

Is it worth seeking another broker? Is there point? Should we wait till Dec when his files completely clear? We were advised any history even over 6 yrs is relevant so this concerns me.

Appreciate some advice!

Thanks

London and country?

The_Real_Cheddar_Bob

id find a new mortgage advisor. If possible avoid any bad debt adivsors, my experience with them is they demand more and so do the mortgage companies.

i paid a lot for my mortgage advisor, but got a mortgage.

csgohan4

kezz_17 wrote: »

Heya thanks all

No hard searches have been done so all fine in that respect.

Ive heard of L& C so may give them a shot. I maybe wrongly assumed as my broker is whole of market if anyone could get me one he could!

He is concerned ref current lending particularly with interest rates how they are.

Thanks

I would avoid London and Country if you have bad credit. They are conveyor belt brokers and deal with high volume to get their money in, hence your not going to get the service of a good paid broker.


You need an adverse credit broker and they don't come cheap, they will be able to match you with a lender with your history.

csgohan4

kezz_17 wrote: »

Thanks- so much conflicting info its hard to know where to go!

I dont know if my partner is classed as 'bad credit' in view of how long ago this was. Yet looking online it seems people in worse financial situation can obtain what we cannot!

Make sure the broker you get, you pay on mortgage offer, that is best for both parties.




Good luck with your mortgage and let us know how it goes.