Mortgage with poor credit history

ACrook

Good afternoon,


This is my first post and I am hoping to get some advice.


I'll start from the beginning. My husband and I are looking to get a mortgage. We are buying his parents home undervalue Market price £220k and purchase price is £180k (gifted equity deposit of £40k and placing an extra 4k on top to equal 44k which is an 80% LTV).


We unfortunately ran into some trouble late 2013 where my husband was made redundant and we entered into a DMP with Pay Plan to pay our creditors off. This resulted in a default each to our name in the early part of 2014 (one for £835 and another for £500) as Pay Plan failed to contact two of our creditors after we had originally advised the creditors of the situation. All accounts were paid and satisfied early 2014 and financial business was resumed.


We have gone with a FA as we knew that getting a mortgage might be tricky given our previous circumstances. Having disclosed all of the information to our FA, she advised that we try Halifax - so we went ahead, got an AIP, however declined by the underwriters. Fair enough - I was sceptical about being accepted by a high street lender.


Our FA has now submitted an application in with Kent Reliance having spoken to them over the phone and explained our situation; she seems hopeful. (But she was hopeful about Halifax, so you can imagine my slight scepticism)


Has anyone applied for a mortgage with Kent Reliance? I would like to know if they actually consider and more importantly accept applicants with a less than perfect credit history.


Any information or experiences would be greatly appreciated.

amnblog

This is one for the underwriter to consider and it hangs on that decision.

Each case on it's own merits so another's experience won't inform your position.

obay

We just got approved by Kensington with pretty much exact same details as you. 1 default in my name.. really hindered the process though. Always seek advise from a MA. your paying the to work for you.

ACrook

Thank you for the responses.
I'm just antsy and nervous about the whole thing. I have stubs where my nails were! lol

obay

ACrook wrote: »

Thank you for the responses.
I'm just antsy and nervous about the whole thing. I have stubs where my nails were! lol

We tools 5 weeks to finish this off nearing 6. And we got told today we have passed affordability. They are now saying we're agreed subject to valuation. So the property we're buying is an absolute bargain! So I hope all goes well!

ACG

Im not sure Kent would have been my first choice for this, however if it fits criteria I would by far and away prefer to go to Kent over who would have been my first choice.

I noticed your other thread about Kent, I quite like them. Theyre not the quickest but I have never had a bad experience or declined application with them.