Adverse credit help

Tcarterftb

Hi, looking for a bit of advise

We have recently applied for a mortgage at 95% with Santander and they have come back offering 90%. Our mortgage broker found out it was due to four missed payments in a row on the credit file almost four years ago, we didn't realise it was there, turns out we thought the phone contract had finished and went to another provider, so our fault for not making sure. We contacted ee and asked if anything could be done as there was no outstanding balance but it was a no which is fair enough.
We cant afford to find another 5% right now, we have an offer accepted on a house.

So my question is.. can anyone recommend a mortgage provider that will accept late payments and offer a 95% loan or is it not possible?

Thanks in advance

MovingForwards

Best off speaking with a whole of market mortgage brokers. There are companies available who are more understanding than Santander.

Retired_Mortgage_Adviser

Tbh, your broker should be able to give you more accurate information that anyone on this forum.

If your broker has given up and said that you are not eligible for any of the 300+ 95% LTV products that are there in the market because of 4 phone contract missed payments from 4 years ago, I don't think he's very good.

Based solely on the information provided, I would not think that you need to go down the adverse route. But if you do, there are adverse lenders who offer 95% LTV mortgages. But that will need a broker.

I recommend contacting the broker poster called ACG if he is taking clients - his niche is adverse.

MovingForwards

http://mortgagesuccess.co.uk/
This is ACG's business.
You won't go wrong with him.

ACG

It is always difficult with high street lenders on cases like yours.You will fit criteria all day long, but it will ultimately come down to how your application scores (not the same as your credit score). I would like to think there will be a home for it though at normal rates.

Failing that, there are some good quirky lenders out there whose rates may be a touch higher than the high street but they can take a view on this sort of thing.

Tcarterftb

Thank you, our broker asked us about credit history to which we said was fine, so it's on us with Santander.
I spoke to him today and we're looking at Skipton and accord. Halifax was a decline at aip.

I have also looked online for other options but I can't seem to find many

Tcarterftb

Might help to explain a bit better..
It's my husband applying for the mortgage, he's self employed, £47k a year, he has little to none credit history and turns out the one bit of credit had this on it, so I know they would score him low.

Jane._Worried

My broker asked us to get a credit report from check my file before we even started our mortgage application.
We already new we had adverse credit so were happy to do it.
Might be worth you doing it so the broker has something to work on.

[Deleted User]

4 missed payments 4 years ago isnt much really but without a lot of credit in the recent past there isnt anything offsetting this blip.

I had a similar case with a mobile phone mistake from years ago, client didnt like the experience of owing money so didnt take any other debts since then. When came to apply for mortgage no one would lend due to no recent credit conduct. Ended up getting approved at HSBC which was the last place i expected it to get offered but she banked with them so the internal records helped a bit.

Who does he have current accounts with where they could see good account conduct?

ACG

Also I do not think Skipton are big fans of doing single applications for married couples. There needs to be a good reason for it. I am not sure where Accord stand on that issue.

[Deleted User]

ACG wrote: »

Also I do not think Skipton are big fans of doing single applications for married couples. There needs to be a good reason for it. I am not sure where Accord stand on that issue.

Just spoke to Skipton about this very thing this morning for a case i was struggling to place. They wont do it if there is a remote financial interest in the property for the party not coming on the mortgage. So 100% wont do it on a remo if both currently named on property but may do it on a purchase as long as the other partner is not contributing any deposit.
Overall from my experince with Skipton, i would take that as ' we will consider it but the case will get turned around a few times at underwriting and then declined as they don't like the idea of it'

OP - Why arent you going on the mortgage with your husband?