Feeling deflated . Who can help ?

sam791

Hello . We have fallen in love with a new build . We have the 5% deposit and plan to use the equity Loan scheme . Have a a combined income of 60k. 

My credit is ok but my husband has 4 defaults which are five year old . All have been settled years ago . 

I’ve spoke to a local broker . She said she tried to Halifax on a soft search but we were declined . She said she will now try a sub prime lender and call me back . Not heard anything which isn’t a great sign. 

Spoke to habito who recommended Halifax (?) advised we have already been turned down . 

I need a lender who can help us but I appreciate we have a limited criteria ( husband self employed, new build on help to buy and will accept defaults) 

Shall we just give up and write off our £500 reservation fee ? 

haras_n0sirrah

There are lenders who will do this and the rates aren't too bad. I am doing a mortgage for someone from here under htb and she had a very similar credit profile and rates were in the low 3's from memory. 
You will be looking at adverse to start with but once the defaults are over 6 yrs you can go back to the high street.

sam791

Thanks for you reply . 

It is possible  then ? Habito seem quite negative 

haras_n0sirrah

On the credit side yes it should be (any broker would need to see the credit report to 100% confirm as the dates on the defaults are crucial)
Habito and other large conveyor brokers are chasing the easy cases and anything difficult is ignored. You need a proper broker.

shakAFC

Sorry to hear this. A broker should be able to help you. Keep your head up and stay positive.

FLB2796

We recently used a broker whom did a DIP with Halifax for us and it was declined. My partner had a default which we’ve since had removed, our broker tried again and it was declined. I tried my luck direct with Halifax and the DIP went through and we’ve submitted our full application. Our broker has supported us going direct with Halifax because it’s the only highstreet lender who will accept our pay method. They tried another DIP after the direct was approved and it was still declined.

haras_n0sirrah

Halifax will accept slight adverse and 1 default I would try but 5 will be too adverse for them 

sam791

So most (3) defaults are due to be removed in December. One still to be remaining until June 2021. It’s all very time sensitive as the equity loan is capped come March so we cannot wait. 
Nice to hear the positives . 

haras_n0sirrah

If the defaults are all over 2 years since issued then this is placeable 

sam791

I hope so . We have been told it will be a subprime lender now 

haras_n0sirrah

If your broker isnt being responsive you should speak to another broker. If you don't have one you can approach a broker from here via pm. We brokers who post here are not allowed to contact posters but we are allowed to respond to pm's asking for help