AR Markers

Elfinpie

Hi,

We are in a bit of a pickle and just wondered if anyone could give me any advice. We have two AR markers over 12 months old (but under 2 years) on our reports. One is a utility company and one is a non-used bank account. We have been told that no mainstream lender would lend with these on. We would also need 100% of overtime taken into consideration. There is no other adverse on there. Have we no hope of getting a mortgage until these are over 2 years old?

Many Thanks

ACG

Did the AR markers stop 12 months ago or are they still ongoing?

As a percentage, how much is your deposit?

Elfinpie

One stopped in July last year and one in November last year. Deposit is 10%

ACG

There are 1 or 2 high street lenders who may consider it. It is very hit and miss I think. Have you spoken to a broker? Ideally one with some experience in adverse, it could be the difference between the high street and an adverse lender.
If they do not do it, then you are probably going to need a 15% deposit.

Elfinpie

Yep, I’ve spoken to a broker - 3rd one lol. I’m gutted! I doubt very much we could get 15% but if so would that give us a much better chance with someone who’d accept 100% overtime?

marliepanda

Elfinpie wrote: »

Yep, I’ve spoken to a broker - 3rd one lol. I’m gutted! I doubt very much we could get 15% but if so would that give us a much better chance with someone who’d accept 100% overtime?

How consistent is your OT and how far back does it go?

ACG

There are adverse lenders who will accept 100% of overtime.
But it would depend on the details. If you have 2 months of overtime that is not going to fly, if you have 12 months and it is on a P60 then you have more options.

Are you being told there is nobody who will accept 100% of the overtime and the adverse markers at 90% LTV? If so, are they telling you why? ie is there not enough history of the overtime or are there no lenders who will do all 3?

Elfinpie

Overtime is consistent over the last 3 years. I have the 2 P60’s confirming it for 2016 & 2017 and the wk 52 payslip for 2015 (can’t find the P60).
I have just been told no mainstream will lend cause of the markers.
We would need the overtime to bump up the achieve the amount we’d need to borrow.

Elfinpie

Have been told Kensington will lend, but would only accept 50% o/t and lend £118k. Natwest would lend £208k but said no cause of the markers. I asked if that was due to the markers for my husband being with RBS (being linked to them) and was told no it was just the markers.

ACG

Lucky escape from Kensington. I would rather poke my eyes out with a rusty knife than use them in a hurry.

Have these brokers seen your credit reports or are they just saying it can not be done?

The only thing I can suggest is trying another broker. On the face of it, there are 2 high street lenders I think would do it (subject to scorecard) and maybe another 1 or 2 adverse lenders, but you may need to stretch to 15% deposit.

Elfinpie

Haha...phew then on the Kensington front!
Right I’m off to find your number - you lucky man lol. Don’t know why I didn’t in the first place as you’ve always been fab on here!