Precise and the mortgage lender with defaults?

hayleylouise22

Hi everyone, wondering if you can help,

me and my o/h Are ready to put a mortgage application in after reserving a new build house.

we have 2 DIP with precise and the mortgage lender,

I have a really good credit score, but my o/h has defaults on his file from 2016 but settled in jan 2018 due to him not knowing for certain reasons,

the defaults he has are £789 £486 £304 and £45 

he now has a car loan for £200 after not being able to get anything for a while and I have £1400 one two cards but I pay off monthly 0% interest 

I’m just worried our application will be declined after being so happy with getting DIP after we thought we would struggle to get these, 

does anyone have any success stories like this?

We also are going with help to buy equity loan as well 

earning around £36k a year between us 
 House is £203 but only need £155 

thankyou! 

hayleylouise22

Also wanted to add I lost my job in just after working there 5 years I now have another job I started part time in but have now been in full time which I have a letter claiming this so the mortgage lenders know! 

funky1471

There's no guarantees really but have you gone through a mortgage broker or just direct to these lenders? A whole market broker would be able to give you an idea of who best to apply to based on your personal circumstances.

We haven't ever applied for a mortgage with any defaults still showing, things were a mess 10 years ago despite decent income so can only vouch for the fact that things can turn around once you've sorted everything as had no issues once things had all been settled and dropped off report a few years back.

hayleylouise22

We have gone through a broker who got the decision in principle with the mortgage lender who I haven’t really heard anything about them, and precise came from another mortgage advisor who got us a decision in principle with them so have the two now

as the one advisor came from the house builders who they recommended

hayleylouise22

Sorry we earn £40k a year 

kingstreet

hayleylouise22 said:

Also wanted to add I lost my job in just after working there 5 years I now have another job I started part time in but have now been in full time which I have a letter claiming this so the mortgage lenders know! 

From Precise criteria;-

"Applicants must be in permanent employment that is not subject to a current probationary period. Applicants must have been in their current job for a minimum of 3 months with 12 months continuous employment."

From TML criteria;-

"Minimum employment history - 12 months history required

Employed - Must be in current role for 6 months at the date of application. Evidenced by 3 months’ payslips."

hayleylouise22

Yeah I checked with my mortgage adviser and they said as long as I have a letter from my employer stated my wage increase they will be fine with that as I started in November and then moved full time the  end of January and I have 5 years of employment before that 

 

kingstreet said:

hayleylouise22 said:

Also wanted to add I lost my job in just after working there 5 years I now have another job I started part time in but have now been in full time which I have a letter claiming this so the mortgage lenders know! 

From Precise criteria;-

"Applicants must be in permanent employment that is not subject to a current probationary period. Applicants must have been in their current job for a minimum of 3 months with 12 months continuous employment."

From TML criteria;-

"Minimum employment history - 12 months history required

Employed - Must be in current role for 6 months at the date of application. Evidenced by 3 months’ payslips."