New mortgage needed before default drops off credit file- aargh! starrybear

#1
Afternoon all,



I have a default that is due to drop off my credit file in mid-April (so would assume all agencies would be up to date by mid-May?)



We want to use HTB and put our house on the market last weekend in anticipation that it would probably take a while to sell. However, it sold (in principle!) yesterday to first time buyers, so we now need to get our skates on!



Are we still likely to be looking at a 'sub-prime' lender at this point? If anyone has any advice on how we can avoid shooting ourselves in the foot without losing our buyer or losing the new build plot we've set our hearts on, I'd be very grateful! Aargh!



SB

#2
I would be very surprised if you can not get a lender to do this for you at normal rates. Your options are potentially limited depending on the size of the default, what it is for and when it was satisfied but I think if you get a good experienced broker on it, you should be fine.

#3
Oh thank you! Do you really think we could get an un-ridiculous rate?! The default is the last of 6 to drop off, and was for about £1k on a credit card. I had 5 other defaults totalling c£18k but they're all off as of end of Feb.



6 months ago we were accepted by Aldermore at a rate of 4.39% so it'd be amazing to secure something not quite as scary!

#4
When you say HTB are you talking about a 95% mortgage or the equity loan scheme for new builds?



As far as I am aware Aldermore do not do the equity loan mortgages.

#8
Aldermore gave us a DIP based on a 5% HTB deposit, if I remember correctly, although we did state that we can go higher on the deposit. Does that not sound right? We're not working with the same broker now, as something didn't feel quite right...

#9



Oh thank you! Do you really think we could get an un-ridiculous rate?! The default is the last of 6 to drop off, and was for about £1k on a credit card. I had 5 other defaults totalling c£18k but they're all off as of end of Feb.



6 months ago we were accepted by Aldermore at a rate of 4.39% so it'd be amazing to secure something not quite as scary!
Originally posted by starrybear


Its a bit of a worry if you find 4.39% scary!

#10



Its a bit of a worry if you find 4.39% scary!
Originally posted by sammyjammy


Our current standard variable mortgage rate is a hell of a lot lower than 4.39%!



There are some good mortgage deals to be had at present - I'm just hoping that our circumstances will qualify us for one of them...

Who is online

Users browsing this forum: No registered users and 1 guest

cron