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    • Manor2016
    • By Manor2016 25th May 19, 6:08 AM
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    Manor2016
    Genuine FTB Advice - complicated situation
    • #1
    • 25th May 19, 6:08 AM
    Genuine FTB Advice - complicated situation 25th May 19 at 6:08 AM
    Iím looking for some initial advice before approaching brokers to know how best to manage our situation.

    My husband and I are looking to purchase our first property but we have a situation with our finances that is a bit complicated.

    A couple years ago when my child was 6 months old I had to have some complex surgery and during recovery, I became pregnant again (not planned). Prior to all this we also had our wedding booked so I continued to work as much as possible and have little sickness and maternity leave.

    After my second child was born and the wedding I was unable to sustain the long working hours so I had to take some time off (doctors orders). During this short time, I unfortunately couldnít manage my debt repayments and entered into a DMP in Sept last year with most accounts defaulting around Nov/Dec last year. All my accounts and DMP are still in my maiden name.

    I am now working again, albeit after taking a 12500 p.a. reduction in pay however this has afforded me more time off and less responsibility.

    My husbands credit isnít squeaky clean. He has a CCJ that is satisfied and 40 months old for around £500 and a couple defaults that are around 5years old. Recent history shows 2 credit cards that are paid off in full every month and a loan for a car with all payments up to date.

    My husband earns around 50k per year.

    The deposit will be predominantly gifted from his parents but with some input from himself.

    Weíre looking at HTB ideally.

    Whatís the best way of approaching our situation - single application in my husbands name or are there lenders out there that would take my circumstances into account?

    Thanks in advance.
Page 1
    • csgohan4
    • By csgohan4 25th May 19, 7:38 AM
    • 6,036 Posts
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    csgohan4
    • #2
    • 25th May 19, 7:38 AM
    • #2
    • 25th May 19, 7:38 AM
    Get a broker who deals in adverse credit, though you may have to pay for their services on mortgage offer, the good ones anyways.


    Personally wouldn't touch free brokers as once they know your history they will put your case on the back burner or just use a hit and hope approach
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Manor2016
    • By Manor2016 16th Jun 19, 12:38 PM
    • 4 Posts
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    Manor2016
    • #3
    • 16th Jun 19, 12:38 PM
    • #3
    • 16th Jun 19, 12:38 PM
    I just wanted to post an update, more so for reassurance on anyone with adverse credit.

    So my husband has received a DIP from a high street lender at a very reasonable rate. It wouldn't have been possible without the help of our broker, and whilst the fees are on the expensive side, worth every penny in my opinion.

    To anyone with adverse credit who thinks it's impossible to get a mortgage - find a good broker. They're worth their weight in gold!
    • redman1989
    • By redman1989 17th Jun 19, 8:49 AM
    • 42 Posts
    • 6 Thanks
    redman1989
    • #4
    • 17th Jun 19, 8:49 AM
    • #4
    • 17th Jun 19, 8:49 AM
    Can I ask which High Street lender?

    Me and my Wife couldn't get touched by anyone High street she has perfect credit & i have 5 defaults 4 years old totalling to £500.
    • csgohan4
    • By csgohan4 17th Jun 19, 9:24 AM
    • 6,036 Posts
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    csgohan4
    • #5
    • 17th Jun 19, 9:24 AM
    • #5
    • 17th Jun 19, 9:24 AM
    Can I ask which High Street lender?

    Me and my Wife couldn't get touched by anyone High street she has perfect credit & i have 5 defaults 4 years old totalling to £500.
    Originally posted by redman1989


    Get a broker who deals in adverse credit, one lender for one person may not be the right one for you
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Manor2016
    • By Manor2016 17th Jun 19, 9:44 AM
    • 4 Posts
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    Manor2016
    • #6
    • 17th Jun 19, 9:44 AM
    • #6
    • 17th Jun 19, 9:44 AM
    We havenít been told by the broker yet. It protects their Business. As soon as we go to full application, we will be told.

    If you take a look online at adverse mortgage brokers, youíll get a lot of results. We did some research, read reviews and went with the one we felt best suited our needs.
    • redman1989
    • By redman1989 17th Jun 19, 10:18 AM
    • 42 Posts
    • 6 Thanks
    redman1989
    • #7
    • 17th Jun 19, 10:18 AM
    • #7
    • 17th Jun 19, 10:18 AM
    I did - i'm just curious I have a mortgage offer but ours was subprime,i spoke to a number of mortgage brokers who specialise who all suggested the same, so if the overall property transaction falls through and i have to look for another then i'd like to give it ago.

    "one lender for one person may not be the right one for you" but with the facts presented, the case above looks a lot "worse" than ours when I earn £60k and my wife £40k, £50k to put down on a deposit for a property worth £300,000k (although we looked for a 10% LTV) with no outgoings at all other than our current mortgage. No Kids, she has perfect score mine was a few small defaults all 4 years old and paid off (totalling to £500)

    Can't help but want to try the same prime lender if a couple with a CCJ, Defaults, Less earnings, Kids and a recent DMP managed to get one.

    Obviously i'm not being bitter btw and very happy you both managed to get one
    • Manor2016
    • By Manor2016 17th Jun 19, 10:53 AM
    • 4 Posts
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    Manor2016
    • #8
    • 17th Jun 19, 10:53 AM
    • #8
    • 17th Jun 19, 10:53 AM
    It ended up being a single application in my husband's name only, perhaps this is why? All child related costs are paid by myself, so as a single application it was very strong I guess.

    our broker advised us immediately that if we made a joint application, it would definitely be sub-prime but if my husband applied on his own, there was a strong chance they could go high street.

    Oh no, I didn't take it as being bitter in the slightest. I know how annoying this mortgage lark is and there doesn't seem to be a common denominator at all!
    • JMA74
    • By JMA74 17th Jun 19, 5:10 PM
    • 14 Posts
    • 4 Thanks
    JMA74
    • #9
    • 17th Jun 19, 5:10 PM
    • #9
    • 17th Jun 19, 5:10 PM
    We havenít been told by the broker yet. It protects their Business. As soon as we go to full application, we will be told.

    If you take a look online at adverse mortgage brokers, youíll get a lot of results. We did some research, read reviews and went with the one we felt best suited our needs.
    Originally posted by Manor2016
    literally despise brokers that withhold the lender they are planning to use incase the client goes direct. If your client goes direct after all your work then take it on the chin and move on. Cant be that good if has to hide the lender for fear of this happening though.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Jen2112
    • By Jen2112 17th Jun 19, 6:08 PM
    • 3 Posts
    • 0 Thanks
    Jen2112
    I have slightly adverse credit... just a few defaults that are quite old. But, I got an AIP with a high street bank. I was over the moon. Then at application it declined. I'm now trying with an adverse credit lender for a near prime mortgage but I am convinced it will go wrong.
    I don't hugely understand how you can get an AIP and it then decline. It was a ten day window in between. Nothing at all had changed. But it did and here I am. We will see what happens with this one. I have no ccjs and no bankruptcy just a couple of defaults that have been settled over 10 months ago.
    • redman1989
    • By redman1989 18th Jun 19, 11:39 AM
    • 42 Posts
    • 6 Thanks
    redman1989
    an AIP is like the first sort of "check" usually done through algorithms and computer based especially when done through high street. The actual application is when an underwriter reviews your situation and makes a decision on it.

    We went through a subprime and although took a little longer we got the offer without major issues.
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