Mortgage with 2 defaults which are 2 years old

kc1981

Any pointers on which criteria I don!!!8217;t meet with Aldermore? Looking at their site it seems they offer adverse credit mortgage?

Any advice if I!!!8217;m better off parting with some of my deposit to settle the defaults or there is no point in doing that as its already been registered as a default?

Thrugelmir

kc1981 wrote: »

No I'm not looking for help to buy, defaults have not been satisfied, they were for about 10k with TescoBank credit card and 7k with Barclaycard.

What are your intentions with regards to settling these? Having adverse an credit rating is one thing. Walking away from financial responsibilities paints a somewhat different picture. A factor which will be reflected in the options available to you.

ACG

kc1981 wrote: »

Any pointers on which criteria I dot meet with Aldermore?

The defaults criteria:
0 recorded in last 12 months
Max 1 recorded (up to £300) in last 36 months

kc1981

Ah okay, so for now either I wait for 1 more year or the only option is Precise?

Tiglet2

You could try TSB. My daughter's partner had bad credit and they were turned down by Aldermore's low valuation of the property. Precise also wouldn't lend, however TSB have made a formal offer for 2 years fixed at 1.99%. Aldermore's AIP was originally 4.59% fixed for 2 years.

ACG

Precise are not an option as you need a 15% deposit which you have said you do not have.
If you have a 15% deposit there are probably better options than precise.

kc1981

Yeah I don!!!8217;t have 15% deposit so looks like I Can!!!8217;t get a mortgage just now, I!!!8217;m so disappointed as we have this house to buy but now it seems we need to delay it to next year and then go with Aldermore, as last try I!!!8217;ll give TSB a go, couldn!!!8217;t find anything on their site about adverse credit though.

BoGoF

You haven't said what you are doing about these unsatisfied defaults......are you making payments towards them? If you aren't do you really expect anyone else to lend to you?

There is a potential that lenders will go for a CCJ which is going to make it even more difficult for you.

ACG

kc1981 wrote: »

Yeah I don!!!8217;t have 15% deposit so looks like I Can!!!8217;t get a mortgage just now, I!!!8217;m so disappointed as we have this house to buy but now it seems we need to delay it to next year and then go with Aldermore, as last try I!!!8217;ll give TSB a go, couldn!!!8217;t find anything on their site about adverse credit though.

Speak to another broker. As I said earlier in the thread, there is a lender who on the face of it, it will fit with (10% deposit needed) with rates of around 4 to 4.5%.

amnblog

KC you are wasting your time here.

£17K in unsettled defaults two years ago does not fit with 10% or 5% deposit.

Further, lending over £400,000 becomes an issue in itself as Lender will cap lending for higher loan to values.

In the current market, you need to present with 15% deposit or another year on from those defaults.