I should still be possible for you to get a mortagage , just depends on the company, i also have a default and a mastercard and a debt management plan which has not stopped things, it was questioned and i was asked to get proof from the lender that i have made payments every month, and from the one that is satisfied, see if you can get a letter from them confirm that the account is settled/satisfied , lenders like to see this kind of thing.

My mortgage was a joint mortgage through the Abbey National, as they seem to be one of the lenders that take people with special circumstances , keep an eye or check your credit report on experian as they have tools to show you how to improve your report, which will help for example when myself and my husband applied for a mortgage our scores where only 617, and now through following experian advice its 786...

So all i can say is dont give up, make sure that you are not apply for lots on things like, loans,mortgages,credit agreements as if they are declined that will effect your score badly...

Good luck with everything, and i really hope that you find something..

Hi i tried the coop but was told because i had a default they wouldlt consider me, since being on here last the default has been removed so i am trying again with halifax so will let u know good luck and thanks for awnsering me.

Hi Siobain

I completely understand your confusion - am going through similar thing myself. BUT you can use a different FA and I know that because a FA I know told me, lol so am using her. Plus there seem to be different schemes - some which do allow you to use different lenders and others like 'ownhome' where you can only use The Coop Bank. I've actually found it useful to go into different high-street lenders and actually say 'do you deal with my choice/equity share mortgages - at least you know where you stand! The other thing is, the lenders they tell you about seem to me to be charging higher interest rates or you can't get good fixed rate deals, etc .....will keep you posted if I get more news - am at the stage where they will now tell me how much they are prepared to give me......

Good Luck your end

Hi thanks for advice, im not sure if i can see another fi ad as they sent me a list of who i could use, also he said that only 3 banks were involved in this but on the websight for ownchoice homebuy it says you can seek a mortgage from several banks im a bit confused.

Hi first time buyers !!!

First you should think at the prices of new build because they are very volatile. Yesterday a first time buyer walked in our office looking for a shared ownership mortgage for a flat which he said he managed to negociate the price down from £250k to £230k (plus carpets and several bits and pieces). I had a quick look on Zoopla and in 5 minutes I found that the developer had sold 2 mths ago a similar flat for £155k to an investor (off plan). It took another 10 minutes to knock the price of the flat to £158k, in fact £190k with £32k vendor gift. So ... he come in my office to buy 50% procent and went out buying 100% ownership for similar deposit and a bit more mortgage.

Don't buy under impulse ... make very low offers, tell them that you can't afford more ... and say that you will complet in four weeks (even it is not true), don't take their in house mortgage advisor. To your knowlegde developers are disperate to sell, so don't pay to much.

Good luck

Eugene

good man,

the past history will only go against you with stringent lenders. All else will be fine so you should not have an issue. Remember to add notes on to your report as they often count. A note will raise an enquiry and bypass the automated filter. worth thinkin about. Maybe Nationwide use an alternative credit check.

Good Luck and all the best

regards

Ged

Gedster:

hi martin.

with regards to the car loan. It will depend on your income offset to outstanding debts. It should not directly affect your mortgage or the amount to be borrowed. (this goes mainly on your income). If anything it will affect your credit report. Lenders (not all) are becoming more adverse to offering loans to people with large payements. It will depend on the requirements of the lender. However so long as your payments are up to date and on time it should not pose much of a problem.

you can get your credit report from experin. This will allow you to see what the lenders see so you can get an idea. For a fee you can get your credit score from experian too.

with regards to the purchase deal.. that again will depend on the sellers requirements. some offer to pay the deposit. However it is worth bearing in mind that no deal is final. House builders/sellers are in a bad situation at the moment so it is worth negotiating a deal. They may pay the deposit even if it is not in the initial deal. Thiese are arduous times so people are willing to make deals.

Ok thanks for the info. I have got my credit report and score the report shows no missed payments at all over all credit i have had except i went over my overdraft once in 2004, other than that it is all clear and Experian gave me a credit score of 999.

I earn nearly 30k so income is not really an issue, just have the car loan that is nearly done, 1 credit card and a personal loan. Will have to see what they say when i have the appointment, if no good then i will try the nationwide as i have an account with them as well

hi,

it will not make a great deal of difference depending on how much you have in the savings account.

It may be worth looking at alternative lenders who have less stringent requirements at the moment.

mortgage express and leeds building society are two who are keen to accept customers

If you are not happy see another broker. Each has different resources and ideas. There are many free independant brokers and there is no harm in seeing several for different opinions.

Thank you, i am going to the halifax tomorrow as it was them who turned me down, to see if i can open a savings account so i can show them that i am in control of my money now will this help also.

hi,

it will be better to settle these accounts.. yes.

lenders use different credit checks dependant on their choice. If for example your lender uses experian then you can look for an alternative lender who does not use said company. You will be suprised to know that your credit report can differ between companies, so what experian says. may not be omitted with a different credit check company. Find out what your chosen lender uses and see what other lenders use alternative checks. It can make a difference

Hi....homebuy schemes limit the number of lenders as do shared ownership, the problem with the homebuy scheme is that adverse lenders are not usually acceptable to the house builder, who retains the other share. So in summary if the defaults have been satisfied for a minmum of 12 months and are £300 maximum, the High Street lenders may consider the application, until that time it looks unlikely that the application will be successful.

Hi i have applied for my choice homebuy and yeaterday went to see the financial adviser i took along my credit report which has 1 satisfied default an ongoing default which i pay £ioo per month and my visa card which is also same amount the adviser told me today that i was turned down i have never missed a payement in over a year and earn 22000 a year can anyone tell me when i have settled these accounts will i get a mortgage

Hi...the Halifax will lend up to 97% of the share, so you will have to find a deposit. You will also pay a higher lending charge on top. All depending on these costs you may wish to look at Nationwide's range of products?? If a loan has less than 12 months to run then most lenders will not include this in your affordability model, although most in house advisers are not up to scratch when it comes to using these calculators and the necessary wording for these applications. Go and see a fees free independent broker and get a wider range of advice.

hi martin.

with regards to the car loan. It will depend on your income offset to outstanding debts. It should not directly affect your mortgage or the amount to be borrowed. (this goes mainly on your income). If anything it will affect your credit report. Lenders (not all) are becoming more adverse to offering loans to people with large payements. It will depend on the requirements of the lender. However so long as your payments are up to date and on time it should not pose much of a problem.

you can get your credit report from experin. This will allow you to see what the lenders see so you can get an idea. For a fee you can get your credit score from experian too.

with regards to the purchase deal.. that again will depend on the sellers requirements. some offer to pay the deposit. However it is worth bearing in mind that no deal is final. House builders/sellers are in a bad situation at the moment so it is worth negotiating a deal. They may pay the deposit even if it is not in the initial deal. Thiese are arduous times so people are willing to make deals.

Hi Guys, First post and a few questions about Mortgages

Ive been to see the Halifax (my current bank) about a mortgage for a shared ownership house, but the mortgage advisor was ill and so i couldnt get all of the answers i needed and the new appointment is not for a couple of weeks

My questions are:

I have a car loan that ends in June next year, will this be taken into account when they work out the figures, as i have been told that if there is less than 12months left the bank omit this, although i cant find out what the halifax's policy is, as if the amount of the loan per month on top of other commitments will seriously reduce what i can borrow (the loan is £300 per month)

As it is a shared ownership house (these buy half rent half then buy more later jobs) am i right in thinking that because i would be buying less than 75% of the value i might not need a deposit

Thanks Martin