Defaults/AP's

Elfinpie

Hi,

Just a quick question. When looking at all the different lenders lending criteria they only seem to mention ccj's, iva's, defaults or missed payments. Where does an AP fit into this? So for example if they said "no defaults accepted" but "up to 6 missed payments over the last 2 years accepted" and I had no missed payments but 3 months of AP, how do they view the AP? (Hope I've made sense!)

Thanks

ACG

You need to check with the lender. Hard to explain in writing but you could end up finding you get through on a technicality.

But the lenders you narrow it down to, you need to call. That is what I would do.

Elfinpie

Thanks ACG. I'm just trying to set up a spreadsheet (sad I know ha) of as many lenders as possible, detailing their criteria, so I have a good idea who is possibly likely to accept us. After the awful experience we've just had with our last broker I think I might be better trying to get a little bit of knowledge behind me before I try and find another lol.

ACG

If it makes you feel any better...I have one.
I have just had my trainee update it. I would forward it on to you but if it is wrong then I could be held accountable.

Elfinpie

Hahaha but at least you do the actual job and get paid for it - I'm doing it out of desperation, I'm only up to the C's and I've been at it for 2 days :rotfl:
That would have been great but I totally understand why you can't

ACG

It is very time consuming. My trainee spent around 6 weeks on it doing in between cases. Although ours is a lot more than just adverse.

A couple of things to bare in mind:
1) Some lenders say they accept x but will only accept it up to a certain LTV, at which point the criteria starts to get a little tighter.
2) Fitting criteria and being accepted/passing the credit score can be worlds apart.

Elfinpie

Yeah I've noticed some seem to be a bit woolly in their explanations. I'm detailing % of overtime, maintenance, child benefit accepted, adverse allowed, max ltv and and criteria listed (if provided), max age and borrowing into retirement conditions, I think that's all I'll need to get an idea? Then searching these threads for any comments on any possible lenders. I've not even started on any affordability calculator's yet either :eek:
I'm not very hopeful anymore after the experience we've had but I'm not a quitter lol

Thank you for all your helpful advise btw it's hugely appreciated when you're giving it for free! (Although in 10 years when I've finally finished this I may be after you to be our broker if it's allowed lol)

ACG

And I might be after your spreadsheet :P

You just need to include whatever is an issue I suppose. If you will be lending beyond your retirement age then you should include it. If you do not need it then there is no point researching it, the same goes for everythign you are looking at, just include the relevent bits.

On a side note, just to muddy the waters a little. There are some lenders (usually small building societies) who can be a little "fluid" with their criteria. It may state something but if everything else is very good and there is one little bit that falls out, they can take a view.

Elfinpie

Hahaha deal!

Ah right, that's interesting - I'll change my colour-coding to incorporate a 'possible' as well then lol.

I think our biggest hurdle is our deposit as we only have 10%. So that coupled with a less than perfect credit history and my husbands wage being made up of 40% overtime equals few if any choices!