Bad credit lenders

cee_101

K_S said:

@cee_101 I'll echo what JMA has said above, based on the limited info you've shared, it doesn't look like adverse territory. That's assuming there aren't any other nasties in the background.

Hi,
The default would be 3 years in July so I think I may miss out on the house which is likely to be released in April/May. It was only satisfied in Feb 2020 so not sure if that would also have an impact. 

[Deleted User]

As long as it is satisfied then most lenders will look at the date of registration so would given you 2 clear years.   At under 75% ltv (I assume as you have 15% plus h2b) then I can see it getting through a high street (or pretty close to high street).  You would be unlikely to be at the kind of lender that scrutinises bank statements to the nth degree if thats what you are most worried about

cee_101

Deleted_User said:

As long as it is satisfied then most lenders will look at the date of registration so would given you 2 clear years.   At under 75% ltv (I assume as you have 15% plus h2b) then I can see it getting through a high street (or pretty close to high street).  You would be unlikely to be at the kind of lender that scrutinises bank statements to the nth degree if thats what you are most worried about

Thank you so much. What would be classed as a nearly high street lender? 

mylocrisis

cee_101 said:

K_S said:

@cee_101 I'll echo what JMA has said above, based on the limited info you've shared, it doesn't look like adverse territory. That's assuming there aren't any other nasties in the background.

Hi,
The default would be 3 years in July so I think I may miss out on the house which is likely to be released in April/May. It was only satisfied in Feb 2020 so not sure if that would also have an impact. 

I'm in  a similar situation and got a AIP from a high street lender, I've made the full application via a broker, fingers crossed it goes through!

cee_101

mylocrisis said:

cee_101 said:

K_S said:

@cee_101 I'll echo what JMA has said above, based on the limited info you've shared, it doesn't look like adverse territory. That's assuming there aren't any other nasties in the background.

Hi,
The default would be 3 years in July so I think I may miss out on the house which is likely to be released in April/May. It was only satisfied in Feb 2020 so not sure if that would also have an impact. 

I'm in  a similar situation and got a AIP from a high street lender, I've made the full application via a broker, fingers crossed it goes through!

Oh good luck. I was given a dip with Barclays but I’m unsure whether to put a full application in with them just in case. My mortgage advisor has gone straight to a specialist lender though. Feeling rather confused at the moment. Let me know how you get on 🤞🏻

Amy32

cee_101 said:

Amy32 said:

We are in the process of purchasing a house with a specialist lender. We initially applied with Vida - now I am sure some people will have success stories however our experience was negative. When we applied their SLAs were 11 working days ... each day they would increase them and we didn’t hear back until 12-14 weeks and it was declined. The reason could of been fed back to us when we submitted application and shouldn’t of taken 3 months to find out. They also were making us jump through hoops with constant demands for things we had already sent. We have since applied with Aldermore. We are yet to hear back but our experience so far has been so much better. We submitted it about 3 weeks ago, credit checks have been completed, valuation has been done, and they came back with one query yesterday regarding the valuation. We are hoping for a decision this week. 

Funnily enough I was just looking at aldermore but I am not if my default value was to high for them to accept and I know they stopped help to buy during COVID. Not sure if they are back up and running with it now though. I’m glad they have been better and it is definitely good to know. I dread having to send bank statement after bank statement and answering questions on small transactions especially with new build timeframes. 

I hope it all goes well for you 🤞🏻

What did you decide in the end? 

cee_101

Amy32 said:

cee_101 said:

Amy32 said:

We are in the process of purchasing a house with a specialist lender. We initially applied with Vida - now I am sure some people will have success stories however our experience was negative. When we applied their SLAs were 11 working days ... each day they would increase them and we didn’t hear back until 12-14 weeks and it was declined. The reason could of been fed back to us when we submitted application and shouldn’t of taken 3 months to find out. They also were making us jump through hoops with constant demands for things we had already sent. We have since applied with Aldermore. We are yet to hear back but our experience so far has been so much better. We submitted it about 3 weeks ago, credit checks have been completed, valuation has been done, and they came back with one query yesterday regarding the valuation. We are hoping for a decision this week. 

Funnily enough I was just looking at aldermore but I am not if my default value was to high for them to accept and I know they stopped help to buy during COVID. Not sure if they are back up and running with it now though. I’m glad they have been better and it is definitely good to know. I dread having to send bank statement after bank statement and answering questions on small transactions especially with new build timeframes. 

I hope it all goes well for you 🤞🏻

What did you decide in the end? 

Hi,
I am still waiting for the house to be released for sale officially at the moment. Once I have the price I think I am going to take a chance with Barclays 🤞🏻 Hoping that by the time it is released the default would be 3 years old. Then look at a specialist lender as a last resort. It’s so stressful isn’t.

how did you get on with aldermore? 

Amy32

cee_101 said:

Amy32 said:

cee_101 said:

Amy32 said:

We are in the process of purchasing a house with a specialist lender. We initially applied with Vida - now I am sure some people will have success stories however our experience was negative. When we applied their SLAs were 11 working days ... each day they would increase them and we didn’t hear back until 12-14 weeks and it was declined. The reason could of been fed back to us when we submitted application and shouldn’t of taken 3 months to find out. They also were making us jump through hoops with constant demands for things we had already sent. We have since applied with Aldermore. We are yet to hear back but our experience so far has been so much better. We submitted it about 3 weeks ago, credit checks have been completed, valuation has been done, and they came back with one query yesterday regarding the valuation. We are hoping for a decision this week. 

Funnily enough I was just looking at aldermore but I am not if my default value was to high for them to accept and I know they stopped help to buy during COVID. Not sure if they are back up and running with it now though. I’m glad they have been better and it is definitely good to know. I dread having to send bank statement after bank statement and answering questions on small transactions especially with new build timeframes. 

I hope it all goes well for you 🤞🏻

What did you decide in the end? 

Hi,
I am still waiting for the house to be released for sale officially at the moment. Once I have the price I think I am going to take a chance with Barclays 🤞🏻 Hoping that by the time it is released the default would be 3 years old. Then look at a specialist lender as a last resort. It’s so stressful isn’t.

how did you get on with aldermore? 

That’s good! Good luck with it 😊 
yes we got our offer and due to exchange today 🤞🏻