Mortgage success with poor credit

Lyndseyjack

Hello

Just wanted to.share my experience and show there is hope for those with a historic poor credit file, that you can still get a mortgage using a good broker. We just have! :T

We used H2B on a house for £169950, so needed a mortgage for £127450 and put down £8500 deposit.

Joint income - £52000

Credit files - my husbands was fine but mine on the other hand didn't make good reading. I have a default that was 5 years old (£250 credit card) and another that was 3 years old (2500 bank overdraft). Both settled a year ago. Also my debt management plan was only settled 11 months ago.

Current debt - husband has 2 loans - 8500 and 1800. I'm currently debt free but we do have an authorised overdraft of £2100 which we do use now and then.

Precise declined us due to debt management. Took then 4 weeks to decide this and we thought that would be it for us.

Our broker was excellent and secured us a deal with Aldermore. Rate of 3.4 fixed for 2 years. They were so quick.

Dip - 14/10/16

Soft and hard searches on Experian the same day.

15/10/16 - asked for clarification on my wage increase which we did.

21/10/16 - valuation booked for 24/10/16

24/10/16 - valuation took place

26/10/16 - mortgage offer confirmation. Just waiting for the contract now

Our broker kept us up to date daily and they kept us sain!!!

So it is possible and I'm.still in shock writing this but we did it eventually :):)

ap1985

That is great news and I am sure good for people with bad credit rating to know...I had similar situation with my credit rating and have now been accepted for a mortgage. So people out there with bad credit rating do not lose all hope!

markbmcfc

Congratulations

I was in pretty much the exact same boat, and got my offer from Natwest this week. Was amazed I didn't need to use Precise or Aldermore.

2 Defaults and a DMP that ended a month ago! I bank with Natwest so that might have got me over the line. 2.6% fixed for 5yrs.

To all those in similar positions, don't give up, stay positive and you never know.

glentoran99

I hope gingerbob doesn't see this, Hes convinced if you have a default you are screwed for life,


Just to add my own to above, Ive defaults on my file (2012) for a lot more than above, also and got a new mortgage recently, and for added measure it was a negative equity mortgage

michaeljpconlon

Thats great to hear. I've no defualts on my file but did do over 6 years ago. I've kept my head down not taken out any credit. i just have my current account thats it. Thought I wouldn't be accepted for a mortgage. I got an API from Halifax via broker. Got sale agreed yesterday, now my nerves are at me re getting the full offer. This has post has made my mind settle a bit.

Lyndseyjack

Ah good luck. You will be absolutley fine

James202903

This is great news!

Im in a similar situation - ive just applied for a mortgage. My girlfriend has a clear history, though i have a satisfied default and a payday loan.

We have an approval in principle from Halifax so im praying the application comes through

Hasford79

I am nervously awaiting a decision from Halifax via broker that builders insist we use so far have been very slow dealing with things took them a week to scrutinise our details before they submitted the application. I have a 9k default from 5yr 8 months ago. Partners a1 and I have had things ran up to date since. Never been overdrawn etc, LTV 80% so so stressed and worried

AIP 2 weeks ago
18/10 reserved new build
27/10 full application submitted via broker
28/10 supporting docs req by Halifax sent by broker
31/10 chased up with broker said they won't chase until 1st

Am I likely to find out this week? The builders wants completion 25/11 but I'm afraid to start taking it seriously until I get this offer.