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  • FIRST POST
    • FTBdreaming
    • By FTBdreaming 10th Jan 18, 11:39 AM
    • 17Posts
    • 8Thanks
    FTBdreaming
    Stressing about a mortgage before we even have one... one of us with poor credit
    • #1
    • 10th Jan 18, 11:39 AM
    Stressing about a mortgage before we even have one... one of us with poor credit 10th Jan 18 at 11:39 AM
    Hi all,

    New to this site but have been reading previous threads. Just reserved a plot off plan on a site we really love and have been in touch with a mortgage broker.

    Weve now been passed to the credit repair team as my credit score (Experian) is 580 and I have 2 settled defaults (one from September 2012 and one from March 2013). They were settled very quickly after the default dates.

    On the other hand, my partner has an Experian score of 999. Hes had previous loans out and no bad payments.

    For me, Ive had no bad payments for 3 years now. But lack of credit and my defaults PTs me at a poor score.

    Both on the same wage - 42k a year with 10-14k overtime a year) with 6 and 10 years service. Asking for a 75% mortgage with the 20% HTB equity loan and 5% deposit.

    Are we actually likely to get accepted anywhere with these circumstances or am I wasting my time?

    Im doing nothing but worry already, just waiting on payroll to send our payslips so we can send them onto the mortgage broker for further advice but thought Id ask here also as you guys seem to really know your stuff!

    TIA
Page 1
    • YHM
    • By YHM 10th Jan 18, 12:05 PM
    • 537 Posts
    • 198 Thanks
    YHM
    • #2
    • 10th Jan 18, 12:05 PM
    • #2
    • 10th Jan 18, 12:05 PM
    The fact you are using HTB could help in this instance, as the LTV that the lender will be exposing themselves to will be lower and it may open up more options to you.

    Considering the defaults were settled and are a few years old, I'd expect you to be fine, subject to the broker knowing what he is doing....
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • FTBdreaming
    • By FTBdreaming 10th Jan 18, 3:46 PM
    • 17 Posts
    • 8 Thanks
    FTBdreaming
    • #3
    • 10th Jan 18, 3:46 PM
    • #3
    • 10th Jan 18, 3:46 PM
    Thanks for the quick reply!

    So after reading a lot of posts on here about Halifax not having such a strict lending criteria for people with adverse credit, we decided to do a AIP with them. We got accepted for the mortgage promise with a max lending value of 441k and a minimum deposit of 25% (which we would have with the 20% HTB equity lon and 5% from our own funds).

    Does this look promising for us now?
    • YHM
    • By YHM 10th Jan 18, 4:03 PM
    • 537 Posts
    • 198 Thanks
    YHM
    • #4
    • 10th Jan 18, 4:03 PM
    • #4
    • 10th Jan 18, 4:03 PM
    It looks promising, did you not use your broker in the end?
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • Neutrinno
    • By Neutrinno 10th Jan 18, 4:46 PM
    • 189 Posts
    • 86 Thanks
    Neutrinno
    • #5
    • 10th Jan 18, 4:46 PM
    • #5
    • 10th Jan 18, 4:46 PM
    Thanks for the quick reply!

    So after reading a lot of posts on here about Halifax not having such a strict lending criteria for people with adverse credit, we decided to do a AIP with them. We got accepted for the mortgage promise with a max lending value of 441k and a minimum deposit of 25% (which we would have with the 20% HTB equity lon and 5% from our own funds).

    Does this look promising for us now?
    Originally posted by FTBdreaming
    Yes definitely, I didn't imagine for one second going on the high street would be an issue based on what you said your credit issues were, PS ignore credit score, they mean nothing. Each lender scores you in their own way.

    It's good you have an AIP in place but there may still be more competitive options available than Halifax, maybe discuss with the broker again?
    I am a Mortgage Broker.

    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.
    • Thrugelmir
    • By Thrugelmir 10th Jan 18, 6:46 PM
    • 58,972 Posts
    • 52,296 Thanks
    Thrugelmir
    • #6
    • 10th Jan 18, 6:46 PM
    • #6
    • 10th Jan 18, 6:46 PM
    How much is the proposed property price?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • FTBdreaming
    • By FTBdreaming 10th Jan 18, 8:43 PM
    • 17 Posts
    • 8 Thanks
    FTBdreaming
    • #7
    • 10th Jan 18, 8:43 PM
    • #7
    • 10th Jan 18, 8:43 PM
    House is 250k so going in with 12.5k deposit & 20% government equity loan
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