Mortgage application…getting myself in a state.

miss_b87

So I am getting myself into a right old state. Background. I currently have four defaults listed on my account. 3 drop off July (one not satisfied- balance £1800) and one next July (satisfied). Broker knows this. House we are buying is up for £280k and we have a deposit of 100k. Broker has place us with Coventry who have given us a DIP and application about to go in. 

I stumbled across their intermediaries website. Read their credit history requirements and says defaults over 3 years old have to be under £1500. Are they fixed in this? Why would our broker recommend? Am I overthinking this? Any words of wisdom please,
making myself feel sick. 

MWT

See what the brokers here have to say, but I'd be inclined to talk to your broker and let them know what you've seen and see what they say...

ACG

You need to check with your broker. 

It might be that the default is only on one credit report and is not getting picked up... That can be a dangerous game. It might be that an exception has been made, it could be an oversight. It might even be that the dip is with Coventry but the full application will be with a different lender. 

But you need to speak to the broker really. 

HobgoblinBT

Why not change your deposit to £98,200 and repay the unsatisfied debt of £1800, thereby improving your credit record?

miss_b87

ACG said:

You need to check with your broker. 

It might be that the default is only on one credit report and is not getting picked up... That can be a dangerous game. It might be that an exception has been made, it could be an oversight. It might even be that the dip is with Coventry but the full application will be with a different lender. 

But you need to speak to the broker really. 

I have spoken and they are fairly confident it will go through. With the DIP in place and they say they are fairly flexible. Still anxious. 

ACG

Keep us in the loop with what happens. 
I have got things through with coventry before that did not fit criteria, never adverse though. They would not have been my first port of call, but that does not mean your broker is wrong. I come on here to learn as much as I do help so you/your broker might teach me something. 

StephenMortgages

Broker here - there is a good chance they may have missed the total amount from the lender. I would speak to the broker just to ensure they are aware of this. 

You may need to go with another lender but the broker should know depending on your full circumstances. 

miss_b87

Well the result is in….

approved in less than 24 hours. 

ACG

Ah nice one, well done. 
Fair play to the broker, I have learnt something new too.