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MendingAndHopeful2055

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ACG

Im not sure if the pre-settled status combined with the defaults might be a little too much, but the defaults alone I think you might prefer to rent for a bit longer... I have some rates open with a lender who would be ok with the defaults and their rates are 9% plus. 

ACG

This is a difficult one to answer. 
I dont like Precise, we had a stage where we were sending them cases which fit criteria perfectly, passed affordability and the credit check but then the underwriter was declining the case or making it very awkward. Since then other lenders came to market in the same space and so we dropped Precise and used lenders we found to be more consistent. 

However, we are used to dealing with applications far more complex than yours. 3 defaults in short space of time indicates a one off blip. I would expect Precise to be fine with your application from what you have said. You should be quite a simple case for them. 

ACG

Being able to afford it does not always mean it is the right thing to do. 
Going to 20% with help from mum and dad might be the better option or holding off for 6-12 months. 

I cant tell you what is right, what works best for one person might not for another. 

But I would struggle to get my head around 9% personally. It could well be that for adverse that is the new norm, but I have not really seen rates of 9% for about 7-8 years and most of my customers have bad credit to varying degrees so I am used to seeing higher rates more than most. 

I assume Precise are ok with the pre-settled status? I dont know the answer to that btw, its not something I come across a lot. This is one of the good things about this site, I can learn too. 

MendingAndHopeful2055

I agree 9% is a sore one to take and if we got between 7 or 8 we would be happy considering the situation. 

TheJP

MendingAndHopeful2055 said:

Thr current mortgage advisor got aip with precise for 20% deposit which we can just achieve with some borrowing from my dad. I'm scared it will be declined although. The whole thing Is just scaring me. In an ideal world if we could do 15% but thn again you say 9% which is just too high for us on affordability even to just get on the ladder. Do you have any insite on precise with history like I havr mentioned? Scared is an understatement.  

Many lenders don't like deposits that are borrowed rather than a gift. If you need to repay your father that may be another issue you will deal with.

welly_59

thats not a gift, it is borrowed.

If you sign declarations stating its a gift then there should be no intent or need to pay back the money,

If of course you decide to gift your father some money in the future thats entirely different

sheramber

Your father may have to provide a statement that the money is a gift.