FTB needs GOOD advice - BROKER NIGHTMARE!

moneyspendingexspert

Hi all

Welcome to my first post.

I have now been letdown by 2 brokers/lenders. The first one said after a long chat about my situation it would be possible to find a mortgage with my 5%deposit and 2 defaults.

She found a lender called "future", and I had a offer in principle. "Find a property and get a bid in" she said, I did, called her back, but to my horror the lender changed there criteria and the mortgage was now not possible. great!

With a bid accepted on a property the race was on to find another lender, I was recomended a so-called "good" broker from a local estate agent and went to se him.

Again I told him my situation and it was agreed that it would be possible. We applied to natwest and i passed the credit check and it went to the underwriters.

This was 2 weeks ago now and the broker is now avioding my calls and not returning them either! I rang natwest myself, after a long conversation she reluctantly told me that it was declined due to adverse info on my credit file?

So any advise would be a big help as I am now in limbo!

Is it possible for me to get a mortgage in the "credit crunch" at the moment?
2 defaults
28k per annum
5% deposit
£111.000-5%dep-price £117.000

BIG thanks to this forum and its users/helpers!:money: :T

Paul

silvercar

One question the mortgage advisors will want to know is how long ago the defaults were, how much for and if they are satisifed.

herbiesjp

Do you have any other loans or debts?

moneyspendingexspert

Thanks for the reply.

One defaulted in april 2007 and was settled in October 2007 it was for current Ac

Other was for a supposed credit card/store card, this one is in dipute as i have never had a credit/store card. altough this will remain dut to it actualy being a old phone contract.

It will show as settled soon when it is sorted.

So for arguments sake 2 settled one in Oct '07 and other in Feb '08.

moneyspendingexspert

herbiesjp wrote: »

Do you have any other loans or debts?

No no debt at all!

herbiesjp

And what were the two default amounts?

Have you got an up to date copy of your credit file?

moneyspendingexspert

I have my credit report infront of me.

Current Ac settled default was for £732
Phone contract default is for £309

It also shows my current phone contract without a missed payment
Old loan with halifax settled, one missed payment in june '06 finished jan '06
2 settled loans with lloyeds tsb for around £7000 without missed payments ending march '04

herbiesjp

What are the resons for the defaults? The phone you say is in dipsute - have you put a notice of correction on your credit file to mark as a dispute?

How about the current account? How did that come about?

moneyspendingexspert

I have not put a notice of correction on my file yet no, as this only came about today, will that have a positive effect on the lenders decision?

The current account was an overdraft of £500 with £232 of charges. A mix up with direct debits switching banks. The D/Ds where set up but work did'nt pay my wages in to the new account that month as agreed. I paid the first lot of charges but got fedup quick. bank did'nt care.

Declined by Abbey in the last 5mins too.

herbiesjp

Whoa! Slow down with the applications to lenders, as you could be further harming your credit file

There may be a couple of lenders that could look at this for you, and it may need quite a bit of verbal intervention as opposed automated process - that is why if you put a notice of correction, it should be flagged up by the lenders and passed to someone to look at manually rather than the normal automated process

Despite the previous problems you need to find professional help for this

moneyspendingexspert

:eek:



This is the thing, I had my credit report in front of me when Abbey where on the phone, I exsplained my history, she said that they do take people with history?.........Obviously not!

Verbal intervention is needed! the less automated decisions the better. Notice of correction being done now.

But the ultimate question is: Is it possible for me in my situation to get a mortgage or shal I give up and sit on it for a while?