'Adverse' credit file - which mortgage lenders can I approach? Specialist broker recommendations?

oranjeboomer

So brief situation:

• Utility company started charging me exorbitant amounts via backbilling in the middle of divorce proceedings last year.
• Ex-partner refused to split the bill which is solely in my name
• I received ultimatum letter from utility company in December that threatened to contact credit agencies, so rather than waiting for divorce procedures to pay the bill (circa 5k) I paid it myself
• Turns out the non-payment (that goes back to March '23) was lodged with credit agency Equifax. there's non payment from March to December. Now all paid off
• My credit score is 750/1000 with Equifax
• Credit score with Experian is 999/999
• I'm currently with Santander who use all three credit agencies so will definitely see this issue.
• I am hoping to remortgage to buy my ex out of the home

My broker has said that it's futile even trying a Decision in Principle, certainly with the high street lenders and suggested I find a specialist broker that deals with non-high street lenders.

I've tried a few, including L&C who have knocked me back with just their online application process after I ticked "adverse credit situation". They didn't bother calling back after I requested that a human looks at my situation.


Questions:

Has anyone had success with any specialist or even 'normal' high street lenders?

There are also some lenders that appear to solely use one credit agency. So if I were to use a lender that uses only Experian for example, would they discover my issue with the utility company?

Bit desperate as I don't want to lose the family home as realistically I can afford the repayments.

housebuyer143

I don't think it's impossible and potentially a good broker will find someone. You will likely need to be prepared to pay them though if they get you an offer because as you see from L&C it's a lot more leg work and so someone who is free probably isn't putting as much time in as you will need. 

If you get no recommendations, Google brokers on your area and tell them about your situation and see what they can do. 

ACG

L&C only really want the easy stuff. They are a fee free conveyor belt.

High street is hit and miss, its funny as there was a broker asking about utility bill arrears last week (on a broker only site), I had got one through with a lender who used the credit report that did not pick up on it. Another broker had got one through with another lender, not on the high street but could take a view providing it passed the credit check - 2 different ways to get the same outcome for our customers. 

It can potentially be done, but you probably need a proper broker not someone stuck in a call centre. 

chanz4

oranjeboomer said:

So brief situation:

• Utility company started charging me exorbitant amounts via backbilling in the middle of divorce proceedings last year.
• Ex-partner refused to split the bill which is solely in my name
• I received ultimatum letter from utility company in December that threatened to contact credit agencies, so rather than waiting for divorce procedures to pay the bill (circa 5k) I paid it myself
• Turns out the non-payment (that goes back to March '23) was lodged with credit agency Equifax. there's non payment from March to December. Now all paid off
• My credit score is 750/1000 with Equifax
• Credit score with Experian is 999/999
• I'm currently with Santander who use all three credit agencies so will definitely see this issue.
• I am hoping to remortgage to buy my ex out of the home

My broker has said that it's futile even trying a Decision in Principle, certainly with the high street lenders and suggested I find a specialist broker that deals with non-high street lenders.

I've tried a few, including L&C who have knocked me back with just their online application process after I ticked "adverse credit situation". They didn't bother calling back after I requested that a human looks at my situation.


Questions:

Has anyone had success with any specialist or even 'normal' high street lenders?

There are also some lenders that appear to solely use one credit agency. So if I were to use a lender that uses only Experian for example, would they discover my issue with the utility company?

Bit desperate as I don't want to lose the family home as realistically I can afford the repayments.

they are only allowed to back bill a year, unless you failed to give them info

amnblog

Oranjeboomer - Ask ACG about this one

JustMe18

Unfortunately we went with so called specialist lender, as they end up really picky , were checking us for 4 weeks and declined about some silly things, like returned DD, even we had money in savings. 

annetheman

I would 100% recommend paying for a broker who is experienced with adverse. I have 1 missed payment paid in full 2 years ago - this is considered light adverse but my broker also does more complex. 

As you can see from my signature, I also have a lot of unsecured debt, albeit less than 35% of my total available credit. All this and my annual take home is over £100k, the mortgage £347k - affordability not an issue but many brokers and lenders would reject due to the adverse and debt. 

My broker handpicked lenders who have that more “human” approach - she talked me through everything and made exactly the right choice. We applied together on Saturday 13 Jan and got my offer 5 days later, Wednesday 17 Jan. Very happy to share her info!

JustMe18

annetheman said:

I would 100% recommend paying for a broker who is experienced with adverse. I have 1 missed payment paid in full 2 years ago - this is considered light adverse but my broker also does more complex. 

As you can see from my signature, I also have a lot of unsecured debt, albeit less than 35% of my total available credit. All this and my annual take home is over £100k, the mortgage £347k - affordability not an issue but many brokers and lenders would reject due to the adverse and debt. 

My broker handpicked lenders who have that more “human” approach - she talked me through everything and made exactly the right choice. We applied together on Saturday 13 Jan and got my offer 5 days later, Wednesday 17 Jan. Very happy to share her info!

1 missed payment in past doesn't even class as "adverse", most high street lenders won't even count it 

ACG

annetheman said:

I would 100% recommend paying for a broker who is experienced with adverse. I have 1 missed payment paid in full 2 years ago - this is considered light adverse but my broker also does more complex. 

As you can see from my signature, I also have a lot of unsecured debt, albeit less than 35% of my total available credit. All this and my annual take home is over £100k, the mortgage £347k - affordability not an issue but many brokers and lenders would reject due to the adverse and debt. 

My broker handpicked lenders who have that more “human” approach - she talked me through everything and made exactly the right choice. We applied together on Saturday 13 Jan and got my offer 5 days later, Wednesday 17 Jan. Very happy to share her info!

Noooo! Your kidding?

I am not here to slate other brokers, but there is no way what you describe is anything other than high street. Unless there is something else you have not mentioned. 

annetheman

ACG said:

annetheman said:

I would 100% recommend paying for a broker who is experienced with adverse. I have 1 missed payment paid in full 2 years ago - this is considered light adverse but my broker also does more complex. 

As you can see from my signature, I also have a lot of unsecured debt, albeit less than 35% of my total available credit. All this and my annual take home is over £100k, the mortgage £347k - affordability not an issue but many brokers and lenders would reject due to the adverse and debt. 

My broker handpicked lenders who have that more “human” approach - she talked me through everything and made exactly the right choice. We applied together on Saturday 13 Jan and got my offer 5 days later, Wednesday 17 Jan. Very happy to share her info!

Noooo! Your kidding?

I am not here to slate other brokers, but there is no way what you describe is anything other than high street. Unless there is something else you have not mentioned. 

To be fair I did get a couple of AiPs from high street (NatWest and Nationwide) but I didn't want to apply myself because of that missed payment - in 4 years when it's off my file, I'll probably still use a broker just because she might have better deals from broker-only lenders! But for OP I would 100% recommend a broker!

ACG

annetheman said:

ACG said:

annetheman said:

I would 100% recommend paying for a broker who is experienced with adverse. I have 1 missed payment paid in full 2 years ago - this is considered light adverse but my broker also does more complex. 

As you can see from my signature, I also have a lot of unsecured debt, albeit less than 35% of my total available credit. All this and my annual take home is over £100k, the mortgage £347k - affordability not an issue but many brokers and lenders would reject due to the adverse and debt. 

My broker handpicked lenders who have that more “human” approach - she talked me through everything and made exactly the right choice. We applied together on Saturday 13 Jan and got my offer 5 days later, Wednesday 17 Jan. Very happy to share her info!

Noooo! Your kidding?

I am not here to slate other brokers, but there is no way what you describe is anything other than high street. Unless there is something else you have not mentioned. 

To be fair I did get a couple of AiPs from high street (NatWest and Nationwide) but I didn't want to apply myself because of that missed payment - in 4 years when it's off my file, I'll probably still use a broker just because she might have better deals from broker-only lenders! But for OP I would 100% recommend a broker!

Did the broker know you had these AIPs? There are times where you can get AIPs but we know full well a full application will end up getting declined. There could be other things that were problematic, but solely from what you have said your broker has not done you any favours.