Cooperative Mortgage

cranberries

Hello. Does anyone know whether the credit scoring at the Cooperative is 'harsh'! We're struggling to get ~£121k mortgage cos of a default I had a few years ago - best offer is 7.09% with Halifax subsidury company just cos we managed to pass the credit rating. Anyone know whether the above is any good or know of others? Thanks

cooper2110

It really depends on not necessarily the size of the loan, but more the loan to value. What is the property value? Is it a purchase/remortgage? How long ago was the default? How much was it for? Is it cleared now?

cranberries

Hi.Its 90% mortgage, default was 4 years ago, now paid off. Flat value £135k purchase. Cheers

cooper2110

I think possibly the only thing that is going against you is the state of the market at the moment. 6 months ago, you'd have been OK with a mainstream mortgage with those details providing the default was standalone and not a series of many, and everything else such as income, residential history etc stacked up.

At the minute, banks are tending to avoid anything that they would consider as higher risk. 90% will get you a deal, but as for the BEST one, it is hard to say which this is without knowing all of the facts. The deal you mention (presumably Birmingham Midshires) is an option, but I wouldn't advise applying to several different companies as it may only exacerbate the problem.

cranberries

Ok. Thanks mate. Hopefully we'll get some luck!

UK007BullDog

It could also depend on your incomes and if you are in credit or debit on your bank account. All the lenders are tightening their lending criterias.