First Time Buyers - Adverse Credit Broker

LittleElf16

I’m wondering if anyone has any experience with a specialist lender. 

We are FTB in a bit of a different situation as we have been private renting for years and our landlord is selling our property which we have been given first offer to buy but she doesn’t want it to drag on and wants to sell ASAP. 

My husbands credit report is fine. My report I have a small default for £121.00 which is quite historic and due to drop off on the 31.12.24. We would not submit  a full mortgage application until January 2025 when this has gone.
I do also have another default due to come off in March 2025 with Scottish Power which is for £119.00 but I do have confirmation from them in writing that this balance was nil’d and I am in the process of asking them to take said default off. 

I have reached out to a couple of adverse credit lenders one called Simply Lending which their fee is an eye watering £1995 and another called DNA Financial Solutions which their fee is £995.

Does anyone know which other brokers we could look at? 

I don’t have the time to hang around as otherwise the landlord will sell.  I love our home and would like to buy and we would have the added advantage of not competing against others on the open market. 

ACG

We do a lot of adverse, im not sure you need an adverse lender, especially if you are waiting until one of the defaults drops off. 

I have not come across DNA before but the guys at Simply are pretty good. If we are too busy we refer people to simply. I have known the owner for maybe 10 years. But I think you just need a good experienced broker rather than a specialist. 

LittleElf16

@ACG are there any that you can suggest? It’s all a bit overwhelming trying to find someone you can trust

Myci85

My partner has some adverse and we got a mortgage with Accord without problems. We went through Cleerly mortgage brokers, I think we paid £695 fee, we were with Olivia and she was fab. 

ACG

LittleElf16 said:

@ACG are there any that you can suggest? It’s all a bit overwhelming trying to find someone you can trust

I dont think were allowed to recommend as I would be a bit biased haha. 

veronikamoneva

I don't think your credit history can be classified as "adverse credit", I don't think you'd need a specialist lender with those puppies. I received mortgage offer from Pepper Money, who specialize in adverse credit, had to go through a specialist broker, but I've had 10 CCJs [last one in March 2023], and 11 defaults. So trust me, 1 and a half delault is nothing, unless you defaulted on a loan, you have nothing to worry about