Hi,
I'm pretty much at the end of the road with regards trying to get a mortgage approval, so this is my last hope - so apologies in advance for the long winded story.
I have a house valued at £75,000 in mind.
I earn just under £17,000, was planning to put down a deposit of £15,000 (I have £23,000 in total that I could use).
I'm really at the end of my tether. I have budgeted it all and KNOW I could do it if the monthly repayments were affordable.
I have a default on my credit file for which was originally a credit card, butnow shows as Hillesden Securities Limited. The default balance is £11,284 and the Default Date is 07/01/2008.
The account was settled/satisfied in March 2010, however it was a partial settlement as this is what the company asked for. Only one of my credit reports indicates this.
The default will disappear from my credit report by the end of January 2014, but that doesn’t help me meantime. The house I’ve viewed is the only kind of house in the area that I live that I would realistically be able to get a mortgage for.
I spoke with my local bank manager and tried to get a mortgage with Lloyds TSB and then started going through the Decision in Principle process over the phone with one of their mortgage advisers. The long and short of it was that when it came to the credit check, they declined me due to credit score - which was no doubt due to the default.
I then advised my local bank manager of the outcome, she was aware of the credit report situation. She said that she would get back on to the mortgage adviser and try it again and get it put for manual underwriting - declined again!
I then started corresponding with a local independent financial adviser/mortgage broker.
I made him aware of the credit report situation and he saw them for himself.
He advised that due to the amount of the default, he could only find the Woolwich that would consider me - even then, only 3 years after the Settlement Date.
It hen arranged a meeting with the financial adviser for mid March. We went through the process of trying to get a DIP with Woolwich - after a couple of weeks of e-mails back and forth, the financial adviser came back to me and said that Woolwich had advised him that as the default was a partial settlement, it excluded me from their criteria and they cannot proceed. At Current Balance it says Satisfied.
The financial adviser also advised me that he had also done a search of adverse mortgage providers and the default made no difference to them as long as its more than 2 years old, so the credit report side of things is not a problem, however the only lender that will look at my case has a minimum property value of £90,000 and the client must have a minimum salary of £18,000 per annum - which I don't!
I'm well aware now that I would have to go down the sub prime route.
In the last couple of days, my mum and I have been doing a lot of investigating online and contacting people/companies seeking advice.
Some have come back to us advising that they could help, even though my income was below £18,000, but they only deal with property values over £95,000.
Some are fine with my income, deposit, but have said they wouldn't consider me based on my postcode. I live in an outlying area on the west coast of Scotland.
Does anyone have any advice,suggestions.
Thanks in advance.
I'm pretty much at the end of the road with regards trying to get a mortgage approval, so this is my last hope - so apologies in advance for the long winded story.
I have a house valued at £75,000 in mind.
I earn just under £17,000, was planning to put down a deposit of £15,000 (I have £23,000 in total that I could use).
I'm really at the end of my tether. I have budgeted it all and KNOW I could do it if the monthly repayments were affordable.
I have a default on my credit file for which was originally a credit card, butnow shows as Hillesden Securities Limited. The default balance is £11,284 and the Default Date is 07/01/2008.
The account was settled/satisfied in March 2010, however it was a partial settlement as this is what the company asked for. Only one of my credit reports indicates this.
The default will disappear from my credit report by the end of January 2014, but that doesn’t help me meantime. The house I’ve viewed is the only kind of house in the area that I live that I would realistically be able to get a mortgage for.
I spoke with my local bank manager and tried to get a mortgage with Lloyds TSB and then started going through the Decision in Principle process over the phone with one of their mortgage advisers. The long and short of it was that when it came to the credit check, they declined me due to credit score - which was no doubt due to the default.
I then advised my local bank manager of the outcome, she was aware of the credit report situation. She said that she would get back on to the mortgage adviser and try it again and get it put for manual underwriting - declined again!
I then started corresponding with a local independent financial adviser/mortgage broker.
I made him aware of the credit report situation and he saw them for himself.
He advised that due to the amount of the default, he could only find the Woolwich that would consider me - even then, only 3 years after the Settlement Date.
It hen arranged a meeting with the financial adviser for mid March. We went through the process of trying to get a DIP with Woolwich - after a couple of weeks of e-mails back and forth, the financial adviser came back to me and said that Woolwich had advised him that as the default was a partial settlement, it excluded me from their criteria and they cannot proceed. At Current Balance it says Satisfied.
The financial adviser also advised me that he had also done a search of adverse mortgage providers and the default made no difference to them as long as its more than 2 years old, so the credit report side of things is not a problem, however the only lender that will look at my case has a minimum property value of £90,000 and the client must have a minimum salary of £18,000 per annum - which I don't!
I'm well aware now that I would have to go down the sub prime route.
In the last couple of days, my mum and I have been doing a lot of investigating online and contacting people/companies seeking advice.
Some have come back to us advising that they could help, even though my income was below £18,000, but they only deal with property values over £95,000.
Some are fine with my income, deposit, but have said they wouldn't consider me based on my postcode. I live in an outlying area on the west coast of Scotland.
Does anyone have any advice,suggestions.
Thanks in advance.