Right to buy with adverse credit

Emilieoliver

Hi everyone:)
We are lucky enough to have our landlord take part in a right to buy pilot for the next 12 months. We are both hard working but with 4 dependants.
We desperately want to try and grab this opportunity to finally get on the ladder ( we are both almost 40) we would only have to pay around £75k for the house and the ltv would be slightly over 50%
However... when my hubby lost his job back in 2014 everything went south as we were overcommitted. So we have about 8 defaults between us that are 3 plus years old but 2 recent defaults that we have disputed but odds are they will remain. Virgin mobile finance from Oct 2017 and ee for £63 from feb this year. We earn enough but it’s the credit history
Do we have any shot of a mortgage? We bank with nationwide.

ACG

Yes but high street lenders are unlikely (not necessarily impossible).
I would expect rates of around 6-7% realistically, but a lot will depend on what your credit reports look like.

Emilieoliver

Thank you . We have been quoted 4.5% lowest rate but I’m wondering if trying nationwide is worth a shot. Xxx

stevenhp1987

Emilieoliver wrote: »

Thank you . We have been quoted 4.5% lowest rate but I!!!8217;m wondering if trying nationwide is worth a shot. Xxx

You have 8 defaults over 3 years old and 2 defaults in the last year.

Unfortunately, I'd be very surprised if Nationwide were to lend based on that information. They do a hard search only (no soft option) so speak to a broker first. You don't want to apply and then harm your chances down the line with another lender because of an extra credit search.

Speak to a decent broker who should be able to place you somewhere appropriate. The recent defaults will limit your options somewhat though but some lenders may be prepared to ignore them due to being small mobile contracts.

Emilieoliver

Thank you
I know it would be no chance with nationwide I just thought it was worth an ask

Xx

ACG

Just been racking my brain about who would do it at 4.5%...I think I have found them.

They are a relatively new lender, if it is who I think it is, it is a lender who I have heard by a few people are hard work. That is probably the best you are going to get.

When I get a case on my desk, I always try to place it on the high street as it is easier/quicker for us and the customer gets a better deal. But there is some work involved in matching up criteria to circumstances and lenders appetite at the time (ie fitting criteria with a lender who does not really like something on your application is a waste of time) - plucking a lender from thin air because you presumably bank with them is not the way to do it. I am not trying to big up our job, but there is a bit of an art to this job at times.

Emilieoliver

Do you have a website where I can contact you to use you? Xx

csgohan4

Emilieoliver wrote: »

Do you have a website where I can contact you to use you? Xx

Good Adverse brokers won't come cheap, bare that in mind. If you go for fee free brokers bare in mind the service you are paying for.

elodieb9

Where is it possible to find "good" adverse mortgage brokers please?

csgohan4 wrote: »

Good Adverse brokers won't come cheap, bare that in mind. If you go for fee free brokers bare in mind the service you are paying for.