Mortgage with Defaults

Diving_Now

Hi All.


Following my wife's illness we ran up a lot of debt, resulting in several defaults; all of which have been satisfied.


I have listed them below with their default date.They were:


Credit card 11k - Aug 2015
Credit card 8k - (Passed on to a Debt Collection company who also logged the default) October 2015
Credit Card £1k - October 2015
Overdraft £300 ((Passed on to a Debt Collection company who also logged the default) July 2016
Mobile phone £29 - July 2016
Car Loan November 2016.


I am in a good steady job and my wife is now healthy but this previous debt is still holding us back


Can anyone suggest a mortgage company that would consider a mortgage I have enough deposit for a 15% deposit up to £210k)


Also can anyone tell me which section of the Consumer Credit Act relates to closed accounts? RBS Credit Card refused my request to see the default paperwork under Section 78.


Thanks.

davidwood681

What do you earn?...

Diving_Now

I have a basic salary of £52k.

ACG

Potentially there are 1 or 2 high street lenders but it is unlikely due to the number of defaults you have. The only lenders I can think where it is likely to fit are available through brokers only.

Reasonable enough rates though.

anfieldred

ACG wrote: »

Potentially there are 1 or 2 high street lenders but it is unlikely due to the number of defaults you have. The only lenders I can think where it is likely to fit are available through brokers only.

Reasonable enough rates though.

Hi ACG, what lenders might consider it do you think please?

TO29

I would definitely recommend using a broker and being completely open and honest with them about your current situation. A broker would be able to target lenders who would be more likely to consider your application and avoid those whos criteria you don't meet. There are high street lenders out there like Halifax who are a little more flexible on defaults but a broker would be best placed to advise.

Diving_Now

Thank you all for the advice so far. I did speak to a broker but she's not responded to my last two emails and I get the impression that she thinks I'm a lost cause.


If that is genuinely the case, I don't mind, as long as I know, but if there are companies out there that can get us started on the mortgage process then so much the better.


On the positive side my wife has just told me that the mobile phone company will withdraw the £29 Default. Hopefully they can have a word with the credit card people too. (Now, where is the 'fat chance' emoji?)

ACG

Im only allowed to give generic information on this site, so cant name the lenders. If you get a broker onboard, they will look into your full circumstances and then make a recommendation. We only have limited information to go off on here.

anfieldred

ACG wrote: »

Im only allowed to give generic information on this site, so cant name the lenders. If you get a broker onboard, they will look into your full circumstances and then make a recommendation. We only have limited information to go off on here.

No worries, thanks for your response (s) on here!

Diving_Now

Thank you ACG.


I had hoped to get the names of some companies and then ask them which brokers they deal with.


But I appreciate your position and advice.


I have contacted another local broker.

ACG

They will usually be open to all brokers.
Some brokers (typically those in large estate agencies) work from a panel of providers (around 10 lenders) so they may not have access to them, but in the main most should have access.

Maybe look for brokers who specialise in adverse? Some brokers will automatically send you to an "adverse" lender where as those experienced are more likely to know which high street lenders have some leniency in them. I would say around 30-40% of our "adverse" cases end up on the high street... I might take a look at that actually just to see - im sad enough to like to know things like that.