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First time buyers adverse credit and previous dmp! Help!
Beckyandcallum16
Posts: 2 Newbie
Hi
Thanks for reading...so basically my husband whilst at university racked up about 12k worth of debt which at the time he was a student so couldn’t afford to keep up the repayments so he got a dmp with Vincent bond, and paid this off over 7 years, on the final year Vincent bond stopped trading and it was transferred over to PayPlan where he completed it in August last year. On the credit files it says it’s all settled etc.. so 7 months down the line a house comes up which is ideal for us and on shared ownership. We have a 16k deposit and need a 96k mortgage for the share we are trying to buy. So a big deposit. So we had been keeping an eye on our credit scores but when we went to a mortgage broker he did an aip for virgin money which declined. The broker couldn’t tell us why but presumed it was the credit score as we then realised husbands adverse credit was showing on equifax and call credit but not in Experian. I was also not on the electrol roll under my new married name, I’ve changed this and my Experian account has already gone to excellent waiting for the others to move too, but unfortunately we have seen that Vincent bond wasn’t paying the creditors on time resulting on Callum having lots of late payment markers and it isn’t marked as being a dmp only when it changed over to PayPlan. We have a meeting booked with Halifax about a possible last chance mortgage... but we need. Some advice, what can we do. He paid his entire debt off yet still it’s haunting us, have we really got to wait another 5/6 years for this to happen. Please help
Thanks for reading...so basically my husband whilst at university racked up about 12k worth of debt which at the time he was a student so couldn’t afford to keep up the repayments so he got a dmp with Vincent bond, and paid this off over 7 years, on the final year Vincent bond stopped trading and it was transferred over to PayPlan where he completed it in August last year. On the credit files it says it’s all settled etc.. so 7 months down the line a house comes up which is ideal for us and on shared ownership. We have a 16k deposit and need a 96k mortgage for the share we are trying to buy. So a big deposit. So we had been keeping an eye on our credit scores but when we went to a mortgage broker he did an aip for virgin money which declined. The broker couldn’t tell us why but presumed it was the credit score as we then realised husbands adverse credit was showing on equifax and call credit but not in Experian. I was also not on the electrol roll under my new married name, I’ve changed this and my Experian account has already gone to excellent waiting for the others to move too, but unfortunately we have seen that Vincent bond wasn’t paying the creditors on time resulting on Callum having lots of late payment markers and it isn’t marked as being a dmp only when it changed over to PayPlan. We have a meeting booked with Halifax about a possible last chance mortgage... but we need. Some advice, what can we do. He paid his entire debt off yet still it’s haunting us, have we really got to wait another 5/6 years for this to happen. Please help
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Comments
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Why the broker tried Virgin I will never know, they are quite a clean lender.
I do not do shared ownership, but there are a couple of lenders I would be trying based on what you have said, all at normal rates. I would suggest speaking to a broker with experience in adverse.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for your comment can you reccomend any brokers who specialise in adverse credit and shared ownership?0
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