Broker Advice Please

Baggies16

Hi everyone, long time lurker first time poster....


Ok so I hit a financial issue 5 years ago and picked up mortgage arrears and 5 defaults. Partner picked up 1 default. All defaults dated May 2011 so will drop off next May.


Joint income of 67K. About 20K in equity and savings of 6K. Currently saving £1300 - 1500 PM.


My credit card is paid in full every month and all my credit accounts are fully up to date and have been since any of them started. No missed payments. All green lights.


I have checked on Precise mortgages website as I would like to do a help to buy and I seem to meet all criteria. With the exception of my current mortgage. Although I have made every payment in the last 36 months it doesn't show on my credit file. It shows that I haven't missed any payments in 28 months, all green lights. but month 29 to 36 is red 6 payments outstanding.


Now this wasn't missed payments, it was charges that my mortgage lender added to my mortgage but classed them has payments outstanding. I have bank statements to prove payments was made. I have complained to them but they are slow in trying to resolve with me.


Can I put this to Precise Via a broker or do I wait a further 7 months to show 36 months on credit file?


Thank you in advance.

ACG

If it needs 36 months then its pretty black and white. Lenders tend to accept whatever is on the credit report as gospel(gospal?).

There are lenders who may look at it but only up to 85% LTV and not using HTB.

Baggies16

Thanks ACG, that was my take too, so here is another question.


If I sell my property in 3 months time to prepare for moving, my mortgage account will be closed. Would a lender look at only the last 36 months, so 6 months renting then the rest from my old mortgage if that makes sense

ACG

Its just no mortgage arrears in the last 36 months. Its not the last 36 months of having a mortgage. Its a good thing that those sorts of lenders do, its ery black and white you either fit or you dont, there is no real middle ground.

They may request a landlords reference for the rental period.

Precise can be a bit picky at times.

Baggies16

Thanks again ACG, least I can sell. I am happy to short term rent. Then in May I am 36 months clear, no defaults and all accounts up to date.


I might be edging close to a 15% deposit so maybe will not need HTB.


Thank you

ACG

If you can get to 15% you will have more options.
Precise have their place but they can be a nightmare.

amnblog

Technically if you are 6 missed mortgage payments in last 36, all between month 29 to 36 you only need 3 to drop off to meet the wider criteria.

Depending on where the missed payments are on the file that may be as soon as December this year.

(Losing a further two of the other three, does considerably reduce your potential rate however).