Mortgage with defaults - success stories?

chelseablue

We had our mortgage approve in 2015 when my partner had a default from 2011 (for about £900, paid off)


My credit report is excellent


We had almost 50% deposit and we got a rate of 1.49%

ferry

We have 3 defaults earliest from 2015,still in default. Had mortgage arrears but now cleared from over 12 months ago.
We were told no chance by 2 adverse brokers so for the time being we are mortgage prisoners with Santander on their SVR.

Oh, we are at 30% LTV which seems to mean nothing these days,too

Batcounty

Think you just answered my question we only need a 27% ltv and have bad credit so am taking it we shouldnt get our hopes up off getting a mortgage with poor credit then ����

Wezkeen389

Hi, can I ask who you got approved with and what deposit? I’m looking myself with a similar credit profile

Scotty_boy

also in the same boat and curious who the lenders are that are approving ? Thanks

bananamortgage

hi.
who was your mortgage provider please?
thanks

haras_nosirrah

There are a lot of excellent brokers on here and we all have our specialities, I for example specialise in help to buy, shared ownership and expats.

While the brokers on here cannot contact people they can respond to requests for help. For adverse ACG is your man.

ACG

Asking who their lender was is not really the best way to be doing things.

2 applicants that look the same on the face of it, lets use the original example:
10% deposit,
2 defaults totalling £7k within the last 12 months

Can still be completely different:
Who were the defaults to?
What were they for?
Where has your deposit come from?
Are you looking to lend the top end of your affordability or well under?
Have you been in your job a while or started less than 6 months ago?

So many different things affect your application, to limit it to just the default(s) and size of deposit is not the best way to do it.

I did a mortgage for a couple last year with a high street lender. They had adverse and I think 10% deposit. They were accepted. 7-8 months later they decided they did not like the house and wanted to move to a house a little more expensive (but nothing significant). The lender declined the porting request because it failed credit score! So not only was their adverse about 10 months older than when we made the original application, they also had 7-8 months payments to their current lender, which you would think would go in their favour.

What had actually happened was that the lender did not have as much appetite for 90% products when it came to the second application and so they had tightened up the scoring.

I say it all the time on here, but the devil is in the detail. When we ask about deposit and details about the defaults, it is just to see if on the face of it there are options. 5% deposit and 10 defaults from last month wont fly. 5% deposit and 10 defaults from 5 years ago probably would.

NurseNelly

Hi, I’m just about to complete on my first home. Have 2 recent CCJ’s (6 month and 1 year old) and multiple defaults.

Accepted via a broker with Precise, 25% deposit required.

I went through AMS mortgages who I could not recommend more. I initially just rang to enquire if guarantor mortgages were an option as my family wanted to help me buy a place as I had to move in with my parents with my autistic son after a series of terrible landlords, and my son couldn’t cope with anymore house changes. I was really shocked when they advised they could help me get a mortgage on my own. I obviously knew that my current credit history meant this was not ideal for me doing this, and I would have never even thought to try had we not been extremely desperate. The broker was very helpful/non judgemental.

It’s always worth sending a copy of your credit file and income/debt details to an adverse broker to see what options you have. You may find that you have way more than you thought!

Nellbombo81

ACG... sorry to jump in on this. Are you able to give me a little bit of advice. I have a CCJ registered in September 2014 unsatisfied. I had a joint mortgage with Halifax for 3 years until recently paid off. I am now attempting to get a mortgage on my own, Halifax advised they would lend me £100k but the home I’m purchasing with HTB is £154000, I have no other defaults, late payments etc since the CCJ was registered. Income from job is £50k. I went to a mortgage advisor who has went to precise who initially gave me an AIP for the 154000 on a 2’year fixed rate they are now saying they will only give me that on a 5 year fixed rate Due to my current mortgage showing as outstanding on my credit file which has been paid off, I’m not really prepared to do that as the CCJ will come off my file next Sep and I won’t move into the new house until Feb/March, I’ve asked the broker if he could try elsewhere, but not really getting anywhere as he thinks precise are my best hope.