Mortgage advise needed

Lolypops24

Hello,

Looking for some advise regarding mortgage. We are planning to buy a house in the next 3 months or so. Deposit of 100k from the sale of our home, looking to borrow 100-120k. Our situation is not straightforward as I have 2 unsettled defaults fir credit cards on Cra registred in 2015.
Halifax :£1100
Barclays: £3200
Both with DCA’s now
My partners credit score is very good on Experian
Mine is fair on Experian.
AIP with Yorkshire Building Society accepted for up to 180k.
Do we stand a chance with a full aplication?

Thank you

ACG

They do not deal with brokers directly, only through a subsidiary Accord. I have no idea if the criteria is the same or not for both and YBS do not publish their criteria so it is difficult to say whether or not you fit criteria, let alone whether or not you will pass the full credit check.

You need to talk your case through with YBS really.

With that sort of deposit and the age of the defaults, I would expect you to have options at normal rates.

Lolypops24

Thank uou ACG- is it worth goong to a mortgage adviser? Or ring YBS directly?

Thanks

ACG

One of the conversations I tend to have with some of my account managers is discussing the case to ensure it fits crtieria and then if there is adverse that is within criteria, ask whether or not it is likely to pass in their experience.

Some BDMs will say give it a try others will give a likely/not likely answer. You can try that with YBS I suppose and see how confident they sounds.

I would say where there is adverse I would use a broker, but thats me spending your money which is easy to do. You might go to YBS, get lucky and sail through but before doing anything I would discuss your case through with them to ensure it is within criteria - no point wasting time doing an application and a credit check if it will get declined outright.

Lolypops24

Thanks ACG- I have checked mine and partners CRA again and I actually have 8 defaults registred ��. 6 are settled and will drop of in March this year or soon after and 2 unsettled.I think we will wait untill summer to apply for a mortgage. What are your thoughts on this?

ACG

You will still have options now, possibly high street due to the age of them, possibly a touch above. I suppose if they all drop off in march then for the sake of a month or 2 it might be worth waiting for them to drop off but no harm trying now if something crops up.

Lolypops24

I have made an appoitment with mortgage advisor in estate agency. I am not sure if thats a good option for us bearing in mind my adverse credit history? Should I book with independant mortgage advisor instead?
I am so stressed about it already:(

ACG

General advice is to avoid estate agent based brokers. That is more if you are going to a large corporate estate agency rather than a small local firm, but you are likely to get better advice from a company independent on any estate agents.

Lolypops24

Hello,

I would like to update and reassure anyone who is trying to apply for the mortgage with adverse credit history. With invaluable advice from ACG we have maneged to secure mortgage with YBS with very good intrest rate I may add and bought new property. We have moved in middle of July:)
My credit history was full of blemishes with two unsettled defaults from 2015 yet they have accepted us. Kerp trying and dont give up people:)