Mortgage Lending Criteria - High Street

Tatters26

When you go on websites for companies like Kensington, Kent Reliance (who I have a mortgage with) etc - there are clear "2 defaults accepted as long as under X figure, in 24 months, etc etc"

Do you get guidelines as clear as this for high street lenders? I am re-mortgaging December next year and hadn't thought much about it, but given the news of late it's come to my mind.

I'm probably caught now between an adverse lender and a high street one, as by December 2023/ January 2024, all my negative credit (2 defaults) will be 5 and a half years old

GAMBITv5

Use a broker. They will already know. Alternatively, type in google x bank intermediary and you can go look at their lending criteria for yourself 

K_S

@tatters26 Generally speaking, other than a few of the building societies, they won't be as clear/reliable for mainstream lending.

Adverse history will usually be factored into the lender's "credit scoring" model when you do a DIP/AIP.

It might not be for every mainstream lender, but with 2 defaults more than 5 years old, and assuming a reasonably low LTV, you should have access to mainstream/mainstream-ish rates depending on the specifics and what the rest of your credit report looks like.

Tatters26 said:

When you go on websites for companies like Kensington, Kent Reliance (who I have a mortgage with) etc - there are clear "2 defaults accepted as long as under X figure, in 24 months, etc etc"

Do you get guidelines as clear as this for high street lenders? I am re-mortgaging December next year and hadn't thought much about it, but given the news of late it's come to my mind.

I'm probably caught now between an adverse lender and a high street one, as by December 2023/ January 2024, all my negative credit (2 defaults) will be 5 and a half years old

Tatters26

Thanks for your reply.

I just double checked and our fixed-term deal runs until December next year so I guess I need to start shopping around Sept/ October.

By then I'll have 3 defaults:

Two of them 5 years and 1 month old.... and one other 4 years and 10 months old.   (values £113, £200 and £5139)

Do you think that'll be high street possible?