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  • FIRST POST
    • Diving Now
    • By Diving Now 13th Apr 18, 1:57 PM
    • 11Posts
    • 1Thanks
    Diving Now
    Mortgage with Defaults
    • #1
    • 13th Apr 18, 1:57 PM
    Mortgage with Defaults 13th Apr 18 at 1:57 PM
    Hi All.


    Following my wife's illness we ran up a lot of debt, resulting in several defaults; all of which have been satisfied.


    I have listed them below with their default date.They were:


    Credit card 11k - Aug 2015
    Credit card 8k - (Passed on to a Debt Collection company who also logged the default) October 2015
    Credit Card 1k - October 2015
    Overdraft 300 ((Passed on to a Debt Collection company who also logged the default) July 2016
    Mobile phone 29 - July 2016
    Car Loan November 2016.


    I am in a good steady job and my wife is now healthy but this previous debt is still holding us back


    Can anyone suggest a mortgage company that would consider a mortgage I have enough deposit for a 15% deposit up to 210k)


    Also can anyone tell me which section of the Consumer Credit Act relates to closed accounts? RBS Credit Card refused my request to see the default paperwork under Section 78.


    Thanks.
Page 1
    • davidwood681
    • By davidwood681 13th Apr 18, 2:39 PM
    • 689 Posts
    • 2,068 Thanks
    davidwood681
    • #2
    • 13th Apr 18, 2:39 PM
    • #2
    • 13th Apr 18, 2:39 PM
    What do you earn?...
    • Diving Now
    • By Diving Now 13th Apr 18, 2:45 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    • #3
    • 13th Apr 18, 2:45 PM
    • #3
    • 13th Apr 18, 2:45 PM
    I have a basic salary of 52k.
    • ACG
    • By ACG 13th Apr 18, 3:12 PM
    • 17,970 Posts
    • 9,759 Thanks
    ACG
    • #4
    • 13th Apr 18, 3:12 PM
    • #4
    • 13th Apr 18, 3:12 PM
    Potentially there are 1 or 2 high street lenders but it is unlikely due to the number of defaults you have. The only lenders I can think where it is likely to fit are available through brokers only.

    Reasonable enough rates 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.
    • anfieldred
    • By anfieldred 13th Apr 18, 3:17 PM
    • 215 Posts
    • 2,632 Thanks
    anfieldred
    • #5
    • 13th Apr 18, 3:17 PM
    • #5
    • 13th Apr 18, 3:17 PM
    Potentially there are 1 or 2 high street lenders but it is unlikely due to the number of defaults you have. The only lenders I can think where it is likely to fit are available through brokers only.

    Reasonable enough rates though.
    Originally posted by ACG
    Hi ACG, what lenders might consider it do you think please?
    • TO29
    • By TO29 13th Apr 18, 3:26 PM
    • 1 Posts
    • 0 Thanks
    TO29
    • #6
    • 13th Apr 18, 3:26 PM
    • #6
    • 13th Apr 18, 3:26 PM
    I would definitely recommend using a broker and being completely open and honest with them about your current situation. A broker would be able to target lenders who would be more likely to consider your application and avoid those whos criteria you don't meet. There are high street lenders out there like Halifax who are a little more flexible on defaults but a broker would be best placed to advise.
    • Diving Now
    • By Diving Now 13th Apr 18, 3:38 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    • #7
    • 13th Apr 18, 3:38 PM
    • #7
    • 13th Apr 18, 3:38 PM
    Thank you all for the advice so far. I did speak to a broker but she's not responded to my last two emails and I get the impression that she thinks I'm a lost cause.


    If that is genuinely the case, I don't mind, as long as I know, but if there are companies out there that can get us started on the mortgage process then so much the better.


    On the positive side my wife has just told me that the mobile phone company will withdraw the 29 Default. Hopefully they can have a word with the credit card people too. (Now, where is the 'fat chance' emoji?)
    • ACG
    • By ACG 13th Apr 18, 3:41 PM
    • 17,970 Posts
    • 9,759 Thanks
    ACG
    • #8
    • 13th Apr 18, 3:41 PM
    • #8
    • 13th Apr 18, 3:41 PM
    Im only allowed to give generic information on this site, so cant name the lenders. If you get a broker onboard, they will look into your full circumstances and then make a recommendation. We only have limited information to go off on here.
    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.
    • anfieldred
    • By anfieldred 13th Apr 18, 3:43 PM
    • 215 Posts
    • 2,632 Thanks
    anfieldred
    • #9
    • 13th Apr 18, 3:43 PM
    • #9
    • 13th Apr 18, 3:43 PM
    Im only allowed to give generic information on this site, so cant name the lenders. If you get a broker onboard, they will look into your full circumstances and then make a recommendation. We only have limited information to go off on here.
    Originally posted by ACG
    No worries, thanks for your response (s) on here!
    • Diving Now
    • By Diving Now 13th Apr 18, 4:14 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    Thank you ACG.


    I had hoped to get the names of some companies and then ask them which brokers they deal with.


    But I appreciate your position and advice.


    I have contacted another local broker.
    • ACG
    • By ACG 13th Apr 18, 4:35 PM
    • 17,970 Posts
    • 9,759 Thanks
    ACG
    They will usually be open to all brokers.
    Some brokers (typically those in large estate agencies) work from a panel of providers (around 10 lenders) so they may not have access to them, but in the main most should have access.

    Maybe look for brokers who specialise in adverse? Some brokers will automatically send you to an "adverse" lender where as those experienced are more likely to know which high street lenders have some leniency in them. I would say around 30-40% of our "adverse" cases end up on the high street... I might take a look at that actually just to see - im sad enough to like to know things like that.
    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.
    • Thrugelmir
    • By Thrugelmir 13th Apr 18, 5:52 PM
    • 61,351 Posts
    • 54,602 Thanks
    Thrugelmir
    Also can anyone tell me which section of the Consumer Credit Act relates to closed accounts? RBS Credit Card refused my request to see the default paperwork under Section 78.

    Originally posted by Diving Now
    What are you hoping to achieve?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Diving Now
    • By Diving Now 15th Apr 18, 4:41 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    I read a series of example letters on a Default Removal site. I thought I would try one as I had no recollection of receiving a default notice from one credit card company.


    Their example letter stated that I could request the original default notice or a copy under S78 of the CCA.. If I can demonstrate an irregularity, I may get it withdrawn.


    I received a letter back saying that as it was a closed account then S78 did not apply.


    I wondered which section of which act would apply if potentially invalid information is being held on my credit files.
    • kingstreet
    • By kingstreet 15th Apr 18, 4:59 PM
    • 34,502 Posts
    • 18,748 Thanks
    kingstreet
    With six defaults, I wouldn't waste my time.

    Four, five or six? Little difference in lender and/or rate options IMHO.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Diving Now
    • By Diving Now 16th Apr 18, 12:42 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    Thank you kingstreet. You're probably right but if you don't ask you don't get.


    However I was told that I may have a better chance of a mortgage when all the defaults are two years old.


    If I can remove some of these then that two years is brought forward.


    There is the additional aspect that two defaults were lodged by RBS. With their recent history, I can't let that slide.


    Another one is with a bank who's board claim that they are ethical. If your going to claim ethics, then having a Chairman familiar with Columbian Bam Bam (No not Fred Flintstone's South American love child) is going to leave you open to the odd question.
    • Diving Now
    • By Diving Now 4th Aug 18, 11:42 AM
    • 11 Posts
    • 1 Thanks
    Diving Now
    We got a mortgage arranged through a broker with Magellan Homeloans. Needed a 25% deposit and at a rate of 5.5%.
    Its a bit steep but we are in the home we want abd after 2 years we will have the chance to get back to a high stret lender with a LTV of <65%.
    • kingstreet
    • By kingstreet 4th Aug 18, 3:36 PM
    • 34,502 Posts
    • 18,748 Thanks
    kingstreet
    We got a mortgage arranged through a broker with Magellan Homeloans. Needed a 25% deposit and at a rate of 5.5%.
    Its a bit steep but we are in the home we want abd after 2 years we will have the chance to get back to a high stret lender with a LTV of <65%.
    Originally posted by Diving Now
    Exactly the situation I (and the other brokers on here) would have signposted to you. Get back in the game, keep your nose clean and you're back on the high street in a couple of years.

    Make sure everything is on DD. Worst case now is you do something completely daft in month 21 and end up with another adverse rate for another two years for a simple accident of payment date/timing.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
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