Mortgage Application - Defaults and Paydayloan.

iViewTV

Looking for advise for a mortgage broker. We have a 15% deposit ready for our first mortgage with myself and my partner. I earn 30k whilst my partner is around 10k. 

I have had 2 defaults one at £200 and one at £0, both 18 months ago. I have also had payday loans, the most recent one taken out was 6 months ago. Is there any specialist lenders or brokers that could potentially help me?

thanks. 

haras_n0sirrah

With payday loans it depends on whether it is a 1 off or whether there is habitual usage. With the defaults it depends on whether settled and when it was settled. You say the second default is £0?

haras_n0sirrah

In terms of brokers many of us who post here are independent and whole of market brokers - it will be in the signature. We are not allowed to approach forumites but most of us are happy to answer pm's asking for help. Read the boards and if there is a broker you feel can help you then you are able to send a pm. Alternatively ask for recommendations from friends and family. 

iViewTV

I used them quite frequently maybe 2 years ago. Yes the second defaulted st £0 but got passed to a DCA. Both settled 18 months ago. 

haras_n0sirrah

It's all going to depend on how it is recorded on the credit report as to whether it could go to a high street lender or whether it has to go a bit more specialist lender wise. Any broker would need to see the credit report to say for sure which way it would go.

iViewTV

Any other advise please?

csgohan4

iViewTV said:

Any other advise please?

The advice you have been given is sound and has not changed since your last post here. Suggest getting a broker

motherofcats

Yes, find a whole of the market broker who specialises in adverse credit. They are best placed to advise you. 

Kiwistrawb1990

Been accepted for a mortgage with a high Street lender, I had an almost 4 year old default and I used payday loans a lot in the last 12 months, last one was paid off 6 months before our application. Our mortgage is with Natwest. We move in tomorrow. Don't jump straight for the specialist lender because they're so expensive. Get a decent broker. 

haras_n0sirrah

I have placed mortgages for people with payday loans and small defaults on the high street but some lenders have a strict no payday loan rule so not every lender will do it. As I say you need to get your credit report in front of a broker. As a broker we have access to lender criteria to enable us to match a borrower to the best lender for them.