Anyone have experience with credit unions?

khtaylor

Since being rejected by Nationwide for unfair reason, I am on the panic trying to find a mortgage high street lenders don't seem to want to entertain us due to self employed grant, overdraft usage over lockdown and a saitisfied default of £90. 

MovingForwards

Have you spoken with a good mortgage broker to see what your options are?

khtaylor

I had a broker who put our nationwide app in. She told us that we wouldn't have a problem getting the mortgage  but they might ask us to pay our credit cards. 4 weeks later from application it was declined. Due to the above reasons. She then tried to get an AIP for halifax and it was rejected. And she said there wasn't anything else she can do 

MovingForwards

Let's see what @haras_n0sirrah and @Deleted_User say, but you may want to advise:

Income / profit from each of the last 3 years?
When your business was set up?
Deposit amount?
Proposed purchase price?
When was the default and when satisfied?
Line of business, have you worked during lockdown, are you now working?

You also mention 'us', is the other part of 'us' employed or connected to your business?
If employed:
How long with current employer?
Annual salary?
Been on furlough?
If so, back at work yet?

Any children?
If so, any at nursery?
How many kids?

With limited information it's impossible to give any hope or steer as to how long to wait.

haras_n0sirrah

You need to get your credit file in front of a broker. Some of us who post here are independent brokers (we are identifiable by our signatures) We can be pm'd for help but cannot approach anyone so you would need to ask for help.
Essentially with self employed at the moment the crux is
how has your business been affected?
What grants have you had? Any SEISS or BBL loan?
Do your latest 3 months bank statements show you trading?
Do you have evidence that your income is sustainable going forward
what deposit?
plus the other bits moving forward says.
lenders cannot rely on your tax returns any more so they are looking at the tax returns and also looking at the last 3 months business bank statements to see if they can justify the income being earned at your previous level or to see how badly you have been affected by events (hospitality and events type businesses will find getting a mortgage harder than people in IT for example)

chubbycharlton

As a volunteer for a Credit Union I regret to say that the vast majority of UK based
ones don’t offer Mortgages. What they do offer is savings and loans that are based on their relationships with their customers. Remember when you used to have a relationship with the people in your local bank branch?  They are local and community focused. You can find your nearest one at www.abcul.coop