Adverse Broker - 20% Deposit £125k required

HopelessMr

Hi All

Second post from me and a more direct enquiry this time.

We have identified a property and made an offer (waiting to see) but its likely we will need to move to mortgage application quickly if we get accepted.

We have been working with an awesome broker but circumstances have made their services unavailable for the immediate future and so we are looking for an alternative to support us.

We have previously had a DIP from Bluestone but have a fairly adverse set of circumstance (old PDL and Old defaults and 1 default for £503 from Jan 2020 for an Overdraft, all unsettled and we do not have the funds to settle and meet the 20% deposit requirement)

Do any of the Brokers here do Adverse or can anyone recommend a broker they have used for similar circumstances?

House price is £125k, Deposit (non gifted) is £25k and we expect to hear on our offer tomorrow

Thanks 

powerful_Rogue

Why not at least settle the default from Jan 2020 - A settled default is always going to look better then an unsettled one.

ACG

I think you might need to wait until that default is 6 months old - ie 3rd of Jan, would mean the 3rd July before you can apply. 

Then you might have options, but at the minute Bluestone need a 25% deposit.

HopelessMr

ACG said:

I think you might need to wait until that default is 6 months old - ie 3rd of Jan, would mean the 3rd July before you can apply. 

Then you might have options, but at the minute Bluestone need a 25% deposit.

It’s from 2020 so will shortly be c18 months old. 

Is there anyone in the market that is working with a 20% deposit? My understanding was that an option would possibly be available at 80% LTV with a rate of c4.8%

HopelessMr

powerful_Rogue said:

Why not at least settle the default from Jan 2020 - A settled default is always going to look better then an unsettled one.

If it was required then we would find a way to do it. 

K_S

@hopelessmr There are lenders who will consider with a 20% deposit with the age of defaults noted in your post. That isn't to say that they will lend, as there may be other relevant information in the background.

powerful_Rogue

HopelessMr said:

powerful_Rogue said:

Why not at least settle the default from Jan 2020 - A settled default is always going to look better then an unsettled one.

If it was required then we would find a way to do it. 

Isn't it better to do it and show willing? You do owe the money after all.

ACG

HopelessMr said:

ACG said:

I think you might need to wait until that default is 6 months old - ie 3rd of Jan, would mean the 3rd July before you can apply. 

Then you might have options, but at the minute Bluestone need a 25% deposit.

It’s from 2020 so will shortly be c18 months old. 

Is there anyone in the market that is working with a 20% deposit? My understanding was that an option would possibly be available at 80% LTV with a rate of c4.8%

The world stopped on the 20th March 2020 :-P

I have no idea what day/month/year it is at the minute. 

Ignore me then, you should have options but I think you may need a 15% deposit. I dont think we are quite in a world where you will get away with a 10% deposit but difficult to say for sure. 

HopelessMr

K_S said:

@hopelessmr There are lenders who will consider with a 20% deposit with the age of defaults noted in your post. That isn't to say that they will lend, as there may be other relevant information in the background.

Understood. I'm just looking for someone who is able to engage and support that journey.

Weve done all the discovery detail, which I appreciate is high level, and got the DIP as a result a few month ago so hopefully a more detailed interrogation of our situation wouldnt throw up anything overly challenging. 

May be a non issue if the offer isn't accepted (multiple offers today apparently) but if it is ill need someone to call on.

HopelessMr

ACG said:

HopelessMr said:

ACG said:

I think you might need to wait until that default is 6 months old - ie 3rd of Jan, would mean the 3rd July before you can apply. 

Then you might have options, but at the minute Bluestone need a 25% deposit.

It’s from 2020 so will shortly be c18 months old. 

Is there anyone in the market that is working with a 20% deposit? My understanding was that an option would possibly be available at 80% LTV with a rate of c4.8%

The world stopped on the 20th March 2020 :-P

I have no idea what day/month/year it is at the minute. 

Ignore me then, you should have options but I think you may need a 15% deposit. I dont think we are quite in a world where you will get away with a 10% deposit but difficult to say for sure. 

We have 20%   

HopelessMr

powerful_Rogue said:

HopelessMr said:

powerful_Rogue said:

Why not at least settle the default from Jan 2020 - A settled default is always going to look better then an unsettled one.

If it was required then we would find a way to do it. 

Isn't it better to do it and show willing? You do owe the money after all.

You arent wrong, despite my feelings about defaults that are 99% overdraft charges (a few pounds overdrawn and the rest unauthorised charges). We are just trying to maximise available funds for moving and other costs so if it doesnt need to be paid, I wont pay it.