Mortgage with Defaults

Thrugelmir

Diving_Now wrote: »

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.

What are you hoping to achieve?

Diving_Now

I read a series of example letters on a Default Removal site. I thought I would try one as I had no recollection of receiving a default notice from one credit card company.


Their example letter stated that I could request the original default notice or a copy under S78 of the CCA.. If I can demonstrate an irregularity, I may get it withdrawn.


I received a letter back saying that as it was a closed account then S78 did not apply.


I wondered which section of which act would apply if potentially invalid information is being held on my credit files.

kingstreet

With six defaults, I wouldn't waste my time.

Four, five or six? Little difference in lender and/or rate options IMHO.

Diving_Now

Thank you kingstreet. You're probably right but if you don't ask you don't get.


However I was told that I may have a better chance of a mortgage when all the defaults are two years old.


If I can remove some of these then that two years is brought forward.


There is the additional aspect that two defaults were lodged by RBS. With their recent history, I can't let that slide.


Another one is with a bank who's board claim that they are ethical. If your going to claim ethics, then having a Chairman familiar with Columbian Bam Bam (No not Fred Flintstone's South American love child) is going to leave you open to the odd question.

Diving_Now

We got a mortgage arranged through a broker with Magellan Homeloans. Needed a 25% deposit and at a rate of 5.5%.
Its a bit steep but we are in the home we want abd after 2 years we will have the chance to get back to a high stret lender with a LTV of <65%.

kingstreet

Diving_Now wrote: »

We got a mortgage arranged through a broker with Magellan Homeloans. Needed a 25% deposit and at a rate of 5.5%.
Its a bit steep but we are in the home we want abd after 2 years we will have the chance to get back to a high stret lender with a LTV of <65%.

Exactly the situation I (and the other brokers on here) would have signposted to you. Get back in the game, keep your nose clean and you're back on the high street in a couple of years.

Make sure everything is on DD. Worst case now is you do something completely daft in month 21 and end up with another adverse rate for another two years for a simple accident of payment date/timing.