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First time buyer high deposit and default
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HeatherG
Posts: 4 Newbie
I’m hoping somebody can give me some advice regarding a mortgage application for a first time purchase. We are in a good position in the sense that we have a large deposit of £130k towards a property with a value of roughly £220k however, my husband has a recent default on his credit file and we both have a fairly low score due to high usage of available credit.
My question is will we have to use a specialist broker who specialises in poor credit mortgages? I have had a few quotes from such brokers and the fees are in the range of £2000 which seems a lot.
Any advice is much appreciated. Thanks :-)
My question is will we have to use a specialist broker who specialises in poor credit mortgages? I have had a few quotes from such brokers and the fees are in the range of £2000 which seems a lot.
Any advice is much appreciated. Thanks :-)
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Comments
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Why not use some of the massive deposit to pay off the excessive credit usage?Those who risk nothing, Do nothing, achieve nothing, become nothingMFW #63 £0/£5000
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£2k is high, we do a lot of adverse and our fees would be around half that from what you describe, shop around - you may find cheaper brokers able to help, just ensure they know what they are doing. The last thing you want is to make anything worse.
How much is the default?
What was it for?
Has it been satisfied?
When was it registered?
At that sort of LTV, there should be options.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That is what we are doing. The deposit is actually £150k and we are using £20 of it to pay off the debts.0
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Thank you for your reply. The default was for a credit card and it’s roughly £2500. It isn’t satisfied at the moment and is only about 1 month old.
Can you recommend any brokers to try?0 -
That default is going to need specialist lenders (higher rates) it is too recent and too high value to get it through on the high street.
Im not allowed to recommend brokers im afraid.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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The deposit is from family. We plan to buy a house worth between £200k - £220 and have money left for improvement and buying fees etc.0
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