Precise Mortgage ,15% now they want 20%

amnblog

kingstreet wrote: »

Apparently, it's a Precise case and it's cascaded down to 80% based on the information keyed and the credit score.

The broker has illustrated at 85% and not bothered to tell the client that when the application is submitted, the loan amount, loan to value and product are confirmed and prior to that, no-one knows the outcome and it is subject to change.

Then cleverly delivers the bad news last thing on a Friday.

amnblog

You might get alternate lending with another lender with 15% deposit. None of us can say as we do not know the case.

We don't know if this is a credit issue, or an affordability issue, or a mixture of both.

No doubt your broker is working on plan B now.

fresa

I am going to claim to remove all this hard searches from our credit score if they dont do anything...they knew the money that we got for the deposit was 15% no more no less...If he were thinking in a plan he will probably say something I think that is not very hones to play with the life of a family ... I am not going to sleep tonight..the case is we have defaults ( 2 years old) unsettled this is why this broker ask to precise for our case , dont really know what to think:(.

amnblog

Don't waste your energy worrying about credit searches. You get no lending without credit searches.

csgohan4

the broker you used wasn't recommended from an Estate Agent were they??

fresa

The broker is a popular one recomended in MSE and they even post adverts in tv....

csgohan4

oh dear.... L+C


Then you get what you pay for I'm afraid, especially with adverse credit history

Westminster

London & Country are probably pretty good with 'easy' cases that don't require extra legwork. They work on high volume. You would probably be better off with a broker who specialises in adverse credit (you will probably have to pay a fee for this given the size of your proposed mortgage - but this fee should only be payable on completion of your mortgage ... make sure you check this before you engage a broker)

You need to google something like "bad credit mortgage" and phone a couple of the companies that come up to find one you like the sound of.

If they don't ask for current copies of the 3 credit reference agency reports for you and your partner, then move on to the next company as your new broker needs to fully understand your position.

Thrugelmir

fresa wrote: »

the case is we have defaults ( 2 years old) unsettled this is why this broker ask to precise for our case , dont really know what to think:(.

Your disappointment and frustration is understandable. As difficult as it may seem at the current time. You need to pick yourselves up. Then focus your energies on what you can influence and change. With 2 unsettled defaults on your file. Hard searches are frankly the least of your problems. One suspects that a number of factors have come together to cause the outcome.

fresa

Monday they are getting more extra papers, that they request from us, I am not having any hopes up, I need to know how long we need to wait to re apply for a mortgage, and where we could ask and behind accept it with bad credit ( 2 defaults after 2 years unsettle ) hard searches from this people, should be better to wait? I truly appreciate any time of advice..:(
.