Mortgage Application with Multiple Defaults

SuseOrm

Smokey8899 said:

My credit report is not the same as you, but I did have CCJs, and have managed to find a lender with a 90% LTV.

I think as others have said, you will pay much higher interest rates - we’re at 5.19% (but for 2 years I can handle that). and as your deposit is bigger - this may work more favourably. 

Definitely speak to a broker. They’ll be able to put you with the lender who is most likely to accept you. I would also recommend chatting to a couple of brokers to check your options - because we had one “specialist” lender tell us there were no option for us. 

Also I noticed a few of your defaults are communications - especially the more recent ones. Our lender and others too - don’t look at communication defaults - so to them it’s like they don’t exist.

good luck!

Do you mind if I ask who you used I’ve only got two defaults that was settled over four years ago I’ve got a 25% deposit you would think I was the devil incarnate.  I’m really struggling

mah0109

Update…….

so it turns out the defaults aren’t much of an issue at all.
annoyingly one of my creditors didn’t register a default and, instead, registered a missed payment every month until it was satisfied 6 months ago.
this has limited our market massively.

The broker I’m using has suggested Vida Homeloans as they will accept my partners 2nd job as well as my adverse history.

looking at around 4.79% which is far from ideal but we’ll just go for a 2yr fixed rate and then see what we can get in a couple of years.

Just collating information and then trying for an agreement in principle with them tomorrow.

ACG

mah0109 said:

Update…….

looking at around 4.79% which is far from ideal but we’ll just go for a 2yr fixed rate and then see what we can get in a couple of years.

Im not bragging or anything (maybe I am) but I feel like I need a Blue Peter badge. Not far off being in the middle of the rates I gave. 

mah0109

ACG said:

mah0109 said:

Update…….

looking at around 4.79% which is far from ideal but we’ll just go for a 2yr fixed rate and then see what we can get in a couple of years.

Im not bragging or anything (maybe I am) but I feel like I need a Blue Peter badge. Not far off being in the middle of the rates I gave. 

 Not bad at all! 

Having read some reviews on Vida I’m a little concerned about timeframes etc but it they're the recommended lender then I’ll run along with it.

quick question…..I’m looking at the mandatory documents they request and I can’t see bank statements being amongst them, surely they will need these? Or do they just use ONS data?

ACG

Vida are still on my naughty list and we do not use them. 
I want to see if they have actually improved or not so I cant really answer the question but not all lenders need bank statements so it is possible they may not need them. 

mah0109

ACG said:

Vida are still on my naughty list and we do not use them. 
I want to see if they have actually improved or not so I cant really answer the question but not all lenders need bank statements so it is possible they may not need them. 

Thanks, there’s been a change of plan actually.
we’ve got an agreement in principle through Kensington and just booked our appointment to reserve the property on Friday!
Have timescales improved across the industry? Our developers have suggested a 6 week deadline.

Charlytte29

Smokey8899 said:

My credit report is not the same as you, but I did have CCJs, and have managed to find a lender with a 90% LTV.

I think as others have said, you will pay much higher interest rates - we’re at 5.19% (but for 2 years I can handle that). and as your deposit is bigger - this may work more favourably. 

Definitely speak to a broker. They’ll be able to put you with the lender who is most likely to accept you. I would also recommend chatting to a couple of brokers to check your options - because we had one “specialist” lender tell us there were no option for us. 

Also I noticed a few of your defaults are communications - especially the more recent ones. Our lender and others too - don’t look at communication defaults - so to them it’s like they don’t exist.

good luck!

Hello, 
Do you mind be asking which lender you went with? Thankyou 😊

RedFraggle

Charlytte29 said:

Smokey8899 said:

My credit report is not the same as you, but I did have CCJs, and have managed to find a lender with a 90% LTV.

I think as others have said, you will pay much higher interest rates - we’re at 5.19% (but for 2 years I can handle that). and as your deposit is bigger - this may work more favourably. 

Definitely speak to a broker. They’ll be able to put you with the lender who is most likely to accept you. I would also recommend chatting to a couple of brokers to check your options - because we had one “specialist” lender tell us there were no option for us. 

Also I noticed a few of your defaults are communications - especially the more recent ones. Our lender and others too - don’t look at communication defaults - so to them it’s like they don’t exist.

good luck!

Hello, 
Do you mind be asking which lender you went with? Thankyou 😊

That user hasn't accessed the forum since March last year. Maybe start your own thread.