Springboard mortgage -what are our chances?

amy17brook

We have an appointment with Barclays to discuss a springboard mortgage next week but I have some concerns. Until recently I had debts of around 7000. I won 2000 just before Xmas and paid off some debts. I was then given a further 1000 to pay some more. Remaining I have a 2000 overdraft and a few credit cards. I missed a payment in June 2016 and have a default that was originally registered in 2014. Apart from that everything is paid when it should be. I'm worried that we will be declined based on my previous missed payments or the amount I still owe. Anyone got any experience of this?

dimbo61

So many factors that no one can give you a clear answer.
Income, LTV, do you have your bank account with Barclays.
Do mum and dad bank with Barclays ? Credit score, etc

amy17brook

Thank you for the reply. My income is 21000, my husband earns around 9000. We are looking at the 100% mortgage option, looking to buy the house we are currently renting. Value between 95000 and 105000. Have a joint account with Barely, hubby uses them for his main bank. Parents bank with barely too. Not sure what you mean by credit score. I'm signed up to noddle, clearscore and mse. They are all different.

Edi81

Is the default satisfied? How much was it?
You don’t a credit score that you can see which means anything. - no idea why dimbo asked that.

On electoral register?

Thrugelmir

amy17brook wrote: »

Remaining I have a 2000 overdraft and a few credit cards.

The amount you owe is going to impact greater on your application. Particularly as you are looking for a 100% mortgage.

amy17brook

I currently owe around 4000 all in. Probably less than that to be honest but now done a recalculation since the beginning of the month. Default was satisfied at the start of 2017. Started as a 100 overdraft than went 7 quid over, escalating to 450 after bank charges. Was reduced to 280 when the default was registered in 2014.

Smevchenko

Good Luck, We have an appt next Saturday for the same mortgage, let me know how you get on!

amy17brook

Thank you. Will let you know. Good luck to you too.

dimbo61

https://www.moneysavingexpert.com/mortgages/boost-mortgage-chances

Light reading for the weekend !

amy17brook

Just an update. It's a no for now, but it could happen later in the year. My credit score needs to reflect the payments I've recently made so just gonna keep paying those bills and checking my score. I feel positive though. :j

juniordoc

Good work. Get yourself on the debt-free wannabe boards to get some tips for shifting the debt. It will be worth it in the end!