Mortgage Advice - Adverse Credit

Seantee

Hi everyone,
I'm needing a little bit of support as I'm at a loss on what to do.

My wife and I have had an offer accepted to purchase a property for £80,000. We have a 5% deposit of £4000.
On my credit report I have 3 defaults, 2 are 3 and a half years. One is 5yrs 6 mos old. There is also 2 late payments to a utility provider in 2016. All of my previous adverse credit agreements have been fully satisfied.

We received a DIP from Virgin Money, did not realise they hard checked but that's that. As well as an AIP from Barclays and the Post Office on soft checks.

Unsure of what to do we contacted a few brokers. One had come back saying he has no lenders on his panel willing to lend due to the missed payments. Another broker tried to get a DIP from another provider which failed due to issues with out current address. (Equifax showing old address, Experian showing current address).

I'm just unsure of myself at this point. Should we proceed with the Virgin Money decision? VM is on that brokers panel who said they wouldn't lend to us.
Or should we be looking at the subprime market?

Any nudges or points in the right direction would be great. Our offer on the property has been accepted so we want this sorted.

ACG

If you have a hard credit check with Virgin, I would crack on with that.
This can probably be placed, but in all honesty I would never in a million years have placed you with Virgin - and I do a lot of adverse!

I would be really interested to see how you get on with Virgin if you do proceed with them.

Seantee

Update:

Contact from VM underwriter asking for some certified documents. Not wanting to get my hopes up but the email stated

"I’ve reviewed the application and great news based on the information you have provided I’ve been able to make a lending decision, and at this stage I only require the following from you: "

Is this normal practice or a positive sign?

ACG

If they are asking for paperwork, they are not declining your application - I would see that as a positive... Assuming you have what they are asking for.

Seantee

Final update:

Mortgage was approved, and we completed on Friday. No complications, no additional requirements, everything went through without a hitch. My superstitions stopped me from posting when it was initially approved ��

ACG

Congratulations! That is really good news.
I think the thing that has gone in your favour is that Virgin are actively trying to get higher LTV mortgages on their books at the minute. They have probably loosened their scoring methods which has probably helped you. Who cares why they have accepted you though, so long as they have.

See! Even brokers learn from this site ... or at least one broker does.