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Mortgage Worries

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greyroofer
greyroofer Posts: 68 Forumite
in Mortgages & endowments
Hi,

I'd welcome some advice please.

I want to buy a new home with Help to Buy Equity Loan for £320k. I will have a deposit of £16k and the equity loan will take the LTV to 75%.

My issue is a default of £160 in 2012 from Barclays for an account that I had requested to be closed - the default is all their fees from a packaged account that just sat there with a zero balance and then all their £5 a month fees mounting up. Barclays have waived the fees but will not remove the default as they say they did nothing wrong - even though I closed the account.

I earn £100k, I'm on the electoral register and now have no other issues.

Thanks

Sam.
«1

Comments

  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    Forum rules dictate that people can't advise you of lenders on here but on face value I would say this could be placed if you either did a bit of research or enlisted a broker.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can get this placed no problem with a little thought from a decent mortgage broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • greyroofer
    greyroofer Posts: 68 Forumite
    Thank you. I have just read in some high street bank criteria, things over 3 years don't matter if they are paid off.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not true. be careful what you read.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    greyroofer wrote: »
    Thank you. I have just read in some high street bank criteria, things over 3 years don't matter if they are paid off.

    That is absolutely not the case.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • greyroofer
    greyroofer Posts: 68 Forumite
    " Adverse credit as detailed below must be declined:

    Satisfied defaults totalling more than £200 and the latest is registered within the past 3 years
    Any outstanding default, irrespective of amount"

    Maybe I am misreading this?
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    edited 20 October 2016 at 3:51PM
    Sounds like Woolwich.

    What it doesn't say is that you can do whatever you want in years 4,5 & 6.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • greyroofer
    greyroofer Posts: 68 Forumite
    Sorry. That wasn't what I was saying - just came across like that.

    This is the only blip I have on my credit file so I thought that it would be OK.

    Still fighting Barclays to remove it as it was their fault.
  • chrislee2810
    chrislee2810 Posts: 117 Forumite
    I would be speaking to the FOS about this, they refunded the fees on a closed account, surely by refunding they are admitting liability?
  • Bonfire_Bride
    Bonfire_Bride Posts: 710 Forumite
    Ninth Anniversary 500 Posts Combo Breaker Stoptober Survivor
    Get a broker...have you got a good deposit? That can work wonders :)
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