Bt default

[Never-In-Doubt]

Re: Bt default

I'm happy to guarantee it'll be declined because it will.

The facts and case studies speak volumes. You will not get a mortgage if you've got rolling PDL's.

Read into that all you want, pessimistic or not it's a fact. Sorry but I'd rather be blunt and then if it does get accepted we can say well done as opposed to leading someone up the garden path for a huge fail.

In THIS case chances are it'll be instantly declined.

[PlanB]

Re: Bt default

I also don't believe in leading anyone up the garden path. But this guy got a mortgage with Precise Mortgages whilst having a history of Wonga PDLs all paid off like the OP on this thread.

http://www.consumeractiongroup.co.uk...=1#post4277388


It's true that the mainstream lenders will reject applications which is why I suggested going to an intermediary who uses packagers such as these guys.


http://www.rhluk.co.uk/financial-int...-lender-panel/


I've checked Precise Mortgages' lending criteria on their intermediary website (not generally known to the public) and they will accept 1 CCJ and up to 2 Defaults (no mention of PDLs unless they're defaulted of course) in the last two years. You can download the criteria PDF here:

http://www.precisemortgages.co.uk/Residential

[PlanB]

Re: Bt default

Aldermore don't use credit scoring. They underwrite each case individually.

My broker contact says PDLs which have been paid off do not affect an application simply because they were PDLs. If they were defaulted then they would only affect the application if the Default was in the last three years.

Aldermore will lend to a previously bankrupt or IVA applicant where it's been ended six years prior to the application, and the same for applicants who've been repossessed. They will also accept any mortgage arrears over 12 months.

The interest rate will probably be killer, but after a couple of years the borrower can probably remortgage to a mainstream lender.

You can download the lending criteria from their intermediary wesbite here:

http://www.aldermore.co.uk/intermedi...ding-criteria/

Nothing is ever guaranteed with a mortgage application but I wouldn't ever deter someone from trying. My suggestion would be to go to an intermediary to get a Decision in Principal based on your credit history, and then go shopping for a property when you know who will lend you what and at which interest rate. The disappointment comes when people find a property and then get turned down for a mortgage.

[SaltnVinegar]

Re: Bt default

I also don't believe in leading anyone up the garden path. But this guy got a mortgage with Precise Mortgages whilst having a history of Wonga PDLs all paid off like the OP on this thread.

http://www.consumeractiongroup.co.uk...=1#post4277388

PlanB I can only love your optimism

The person in the thread OTR was lucky as even Aldermore turned them down, and Precise Mortgages also wanted 15% deposit.

However this thread is also before the tighter lending criteria were introduced a few months ago. If, during the 'affordability' interviews you are going to get marked down on living an 'extravagant' lifestyle, or risk assessed against rising interest rates, having, and rolling over payday loans is going to be seen as high risk.

Appreciate that some brokers may have a different view, but I've spoken to people being turned down for mortgages with only 'adverse' info on their credit files being missing a gas bill payment and taking out (and paying off) a PDL.

What is going to happen, is just like the mainstream credit market, a two tier mortgage market will start to emerge just as I warned on one my rants here.....

http://forums.all-about-debt.co.uk/s...l=1#post352463

Best
SnV

[PlanB]

Re: Bt default

PlanB I can only love your optimism

There's nothing to be gained by any more comments from me on this thread especially since I appear to be outnumbered by pessimists




I never give up until I get what I want because I'm a glass half-full not half-empty girl who knows that there is a solution to every problem if you look long and hard enough

[SaltnVinegar]

Re: Bt default

There's nothing to be gained by any more comments from me on this thread especially since I appear to be outnumbered by pessimists

Don't be gwumpy

I'm advocating patience not pessimism. The OP took those loans out almost 12 months ago, they wait another 12-18 months, use the time to save up a bigger deposit, and they're in a stronger financial position, and the PDL history is more easily dismissed, and accepted by more lenders.

[colonelsensibl]

Re: Bt default

I love and share your optimism Plan B. Let us hope it prevails.

[PlanB]

Re: Bt default

I love and share your optimism Plan B. Let us hope it prevails.

[l8onjones]

Re: Bt default

Well so far so good a mortgage in principal has been agreed with Yorkshire building society, also when the Independant mortgage advisor found the decision in principle he uncovered the default how did he manage to do this?

[SXGuy]

Re: Bt default

Im not sure how they work, never bothered to ask mine, however being that they ask you quite a lot of personal questions it could be they do a low level search to see if you meet the lending criteria for each mortgage lender, because if they are searching for mortgage types that fit your profile, he would have to know, exactly where you stand in terms of acceptance.

[CleverClogs (RIP)]

Re: Bt default

when the Independant mortgage advisor found the decision in principle he uncovered the default how did he manage to do this?

Assuming you didn't take him a stool sample for him to practise copromancy, the alternatives would seem to be:

1. he looked deeply into a crystal ball, or
2. he read the tea leaves for you, or
3. he called one of his mates in the Freemasons or Mafia, or
4. he looked at your credit history.

Of those, which do you suppose would be the most likely?

AADFQ, GADFA.

[PlanB]

Re: Bt default

a mortgage in principal has been agreed with Yorkshire building society, also when the Independant mortgage advisor found the decision in principle he uncovered the default how did he manage

I'm so happy to see you've got your Mortgage in Principle with a mainstream lender and didn't automatically get declined because you have a history of PDLs #smug

The Yorkshire Building Society has a subsidiary available to brokers only called Accord where they sometimes place business which is seen as slightly 'complicated'. You can see from their intermediaries' website that they will grant a mortgage where the borrower has only one default obtained in the last 36 months of not more than £150 (your BT default is £110) which means your BT default would not have spoilt your application.

http://www.accordmortgages.com/criteria/

A broker can run a credit check on you and then decide which lender is likely to accept your financial profile before he approaches them. Once he had established you had one default he would know which lenders would offer you a mortgage in principle.

A DIP should stay 'live' for 180 days without the need for a second or refreshed credit check, but don't count on it because a lender can withdraw an offer any time so I would get on with the next step soon if I were you.

Happy house hunting

[l8onjones]

Re: Bt default

Ah right I see makes sense now I thought it was only lenders that could run a credit check on me not the advisor but that's fine.

Yeah I believe it is with accord actually so that's probably how the dip came around

[PlanB]

Re: Bt default

it is with accord actually

I must be a psychic as well as an optimist

[CleverClogs (RIP)]

Re: Bt default

I believe it is with accord actually

I must be a psychic as well as an optimist

Though not, presumably, a copromancer?