Trying to move home / historic adverse

CH156

Hi everyone,

Long post alert, sorry!

I've recently been looking through the different posts and topics on here, mostly to see if there is someone who seems like their history and situation is similar to mine.

The only reason for this is that just as we hit covid our house was up for sale and finally sold. However our current provider then wouldnt give us the additional money we needed. Despite paying every mortgage payment on time for over 10 years. However the adverse was much worse than it is now, so completely get it. Summary of adverse was a few grand left on a DMP (paid off as soon as we had the bad news about the mortgage) default from 2018, again paid off and settled in 2020. Got my @ss in gear as the decline really did me. Roll forward to this year, looking at a new build house/Part ex. I spoke to a couple of brokers who advised nothing is impossible and of course my adverse is older. I have been a good girl since however still use my credit card but nothing major. But they did say it would be a higher adverse lender.

But then, I had to speak to the preferred broker of the new build development to do an affordability check, sent over my most recent file and they did say it may be worth checking with Halifax. Low and behold, we got a DIP from them. We now want the house so much, but i just fear in every way that the mortgage app will not pass. Because of my historic spendthrifting days. Its just putting me off paying a res fee whilst we apply for the full mortgage as I just instantly fear the worst.

Has anyone been in a similar position to this? I guess just some reassurance is needed and wanted to soundboard on you all.

Thanks in advance x

CH156

I should also note that my husbands credit history is squeaky clean, and I religiously track mine through clearscore which has doubled in score since 2020.

ACG

The devil is in the detail, but if the adverse is around 5 years old, there is a good possibility. 
You are probably borderline between high street/little quirky building society/adverse lender. I think there is probably a plan a, b and c before you start looking at the specialist adverse lenders. 

Difficult to say without more detail, but it does not sound like you would be flogging a dead horse (so to speak). It is well worth a try. 

CH156

Thank you ACG, I just don’t want to get excited about the DIP. But it must be a positive step even if only a tiny one?

ACG

Its definitely a positive step. 

CH156

ACG said:

Its definitely a positive step. 

ACG said:

It’s definitely a positive step. 

Hi ACG, can I ask you another question please? Looks like the broker did a search as well using my name and an incorrect surname for my husband. Now I’m panicking even though the DIP has come through with correct names. I’ve also requested a notice of correction for the incorrect new associate but was that the wrong move?

ACG

Dont both with a notice of correction (NoC). It wont alter the outcome, but it will delay it. The computer can not read a NoC so it kicks it out for manual review. They just get ignored anyway. 

By all means get the associate removed, but the NoC is worthless. 

CH156

Thank you, I’ll request it be removed