How strict are Advantage on lending criteria

huskypup

I posted early for some advice on Advantage mortgages, as they seem to be the only way I can afford a mortgage.

I have noticed on their lending criteria that they will only accept 2 late payments on your credit file, I have three, and before anyone bites my head off by saying its written there, has anyone had a success in negiotiating this with them, the late payments where due to me being on holiday, and as there was a postal strike before we went we never received our statements - they were for catologues, all were settled in full went we got back, I was 5 days late in paying.

Apart from these I have a good record - (I think I do), all credit cards apart from one are cleared, I owe £6000 on that, but have the means to get another £17k should I wish to (would it better to cancel these cards or leave them open whilst applying for a mortgage). My secured loan on my current house will be cleared when I sell my current house, along with the mortgage.(obviously)

I have pulled an experian report, my broker has looked at it and thinks it should be ok, but Im really worried. I have just seperated from my HB and Im anxious to get things sorted.

Conrad

I found this lender to be very inefficient and immature. They are a new lender so all sorts of bugs have to be ironed - out. As an example thier illustrations showed the client the fees were added yet on completion they said this was an error and no fees could be added.

This lenders derives it's funding from America where the credit crunch is creating hovoc. You'd better be quick as many such lenders are increasing rates, withdrawing funding and stiffening criteria.

The lenders online application system is appauling.

Sorry to be such a neghead, but I'm not one of those idiotic brokers for whom the glass is always half 'full'. Better to be prepared than to be let down out of the blue.

Good luck, and again......... hurry up. Make sure the broker posts items the same day 9many leave things for days sitting on thier desk).

luckyfool

huskypup wrote: »

I posted early for some advice on Advantage mortgages, as they seem to be the only way I can afford a mortgage.

I have noticed on their lending criteria that they will only accept 2 late payments on your credit file, I have three, and before anyone bites my head off by saying its written there, has anyone had a success in negiotiating this with them, the late payments where due to me being on holiday, and as there was a postal strike before we went we never received our statements - they were for catologues, all were settled in full went we got back, I was 5 days late in paying.

Apart from these I have a good record - (I think I do), all credit cards apart from one are cleared, I owe £6000 on that, but have the means to get another £17k should I wish to (would it better to cancel these cards or leave them open whilst applying for a mortgage). My secured loan on my current house will be cleared when I sell my current house, along with the mortgage.(obviously)

I have pulled an experian report, my broker has looked at it and thinks it should be ok, but Im really worried. I have just seperated from my HB and Im anxious to get things sorted.

Advantage Criteria are tighter today than they were yesterday. They have just launched new ranges of products with tighter criteria, higher rates, and lower maximum loan to values.

It sounds like you are talking about their "Flexishare" product, which is currently unaffected by the updates, however how flexible they will be depends alot on the people you are dealing with at Advantage. I have experienced some shocking service from them in the past, however have tended to find them very flexible and the service much better since my business started being dealt with by their Scottish Service Centre.

The wording of their Flexishare Product Guide is,
"Arrears – Applicants must not have missed any secured loan or

mortgage payments within the last 12 months. Advantage will
not allow more than 2 missed payments in total in the last 12
months across all unsecured credit including mail order
accounts. "

I would tend to think that they are more likely than not to stick to the letter of that criteria and not be flexible. It will depend on who is underwriting it though. Has your broker applied for an agreement in principle for you yet?

huskypup

Yes I am hoping to apply for their flexishare mortgage, we haven't applied for a decision in principle yet as my house isn't going on the market until Nov. Do you think we should apply for one now?

I am reading the bit about missed payments, it wasn't missed just late, I'm hoping that we can discuss it, especially as all credit accounts are now settled.