Mortgage with defaults and DIP ??

Killtrox

Hi

I'm currently trying to apply for a mortgage with my partner and the whole ordeal has me beyond stressed.
I have a default registered Jan 2013 which was for an overdraft of 3.3k with halifax sold the following year to 1st credit, i have made no payments to 1st credit so the default remains unsatisfied (currently in the process of working out the best cause of action)and my partner has good credit history
We are applying for a mortgage on a new build with help to buy and the developer is also agreeing to add another 5% deposit so total of 30% deposit according to their advisors we have been given a DIP with Halifax and therefore Halifax and know about the default (via soft search) so I shouldn't worry about the default causing an issue.

Just wondering if there are any success stories from similar cases and also should the DIP make me feel a little more hopeful ?

YHM

Halifax work on a credit score basis, so as long as your credit score fits within their benchmarks, you should be fine.

Killtrox

I'm currently in the fair section on my experian credit score, I hope to God we get an accept and there's no issue with the default at this stage.

Thrugelmir

Killtrox wrote: »

and therefore Halifax and know about the default (via soft search) so I shouldn't worry about the default causing an issue.

Just wondering if there are any success stories from similar cases and also should the DIP make me feel a little more hopeful ?

You've defaulted on the Halifax previously and you are intending to apply for a mortgage with them!

You've been poorly advised. Unless you've failed to declare this fact to your mortgage advisors.

hippychick1

We had a DIP with Halifax 2 years ago. I had an unsatisfied default of £1800 from 5 1/2 years previous, which Halifax knew about. We were declined on full application due to this. We did only have a 15% deposit though. Perhaps with 30% deposit you will be ok.

csgohan4

You need a broker who is specialist in adverse credit, but generally expect to pay for them.


You could get a free broker, but generally you get what you pay for

Killtrox

We have been given the details of a mortgage advisor from a family friend who has been successful with said broker in getting mortgages on a couple of their properties whilst having a few defaults against their name so we are seeing him today.

[Deleted User]

How did you get on ?

Killtrox

Spoke with our advisor last night and he said Halifax have requested payslips however our accountants messed my payslips up and had to re roll them to correct them so I think Halifax are requesting an Employers reference.
Our MA seems to think all the necessary checks have been done so the default shouldn't be a problem now (hard check also showing on experian).
Hope it all goes through, feel literally sick sat waiting for the news.

Laurascott

Hi , how did you get on. I want to get a mortgage with my boyfriend but I am with a debt management plan. Even though I pay on time one company has made defaults on my credit file. I have 2k left to pay. A normal mortgage advisor was useless. We are doing the same as you help to buy and 5% deposit. Stuck loosing hope now.

csgohan4

Laurascott wrote: »

Hi , how did you get on. I want to get a mortgage with my boyfriend but I am with a debt management plan. Even though I pay on time one company has made defaults on my credit file. I have 2k left to pay. A normal mortgage advisor was useless. We are doing the same as you help to buy and 5% deposit. Stuck loosing hope now.

A normal mortgage advisor is not a specialist in adverse credit which you have


In terms of paying on time, unfortunately your supposed to as your on a debt management plan which is active and that makes you a higher risk


A specialist adverse broker are not cheap though