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  • #1

    House move and bigger mortgage

    Think this is one for Niddy but any thoughts on the following appreciated:-
    I defaulted a total of 45k on 5 credit agreements in 2007. All dissapeared off my credit file last year (6 years after default). Still owed 25k when found this site and stopped dmp in 2012 and pursued UE. Now at a stage where I'm wanting to move house, have some equity in the current house but need to borrow more. The equity in my current home plus some savings will make up 33% of the new houses purchase price. the other 67% is the outstanding mortgage currently and the extra borrowing required. Checked experian equifax and its greens all the way the only negative is 4 trace searches in table 2 done by dca's but as far as i understand lenders dont see these type of searches. My current mortgage is over 10 years blemish free and i also have 3 credit cards all opened last year (2 were opened with 5 year old defaults on credit file) which are tickety boo. Am i safe to try and borrow more of my current provider (none of the defaulted accounts belonged to my mortgage company or any of their sister companies).
    Any thoughts?
    Regards
    Tags: 2012, accounts, barclays, borrowing, cards, companies, credit, credit cards, dca, dca's, debt, defaulted, defaults, dmp, equifax, experian, free, help, house, independent, lenders, mortgage, mortgages, niddy, owed, purchase, safe, santander, savings, trace
  • #2
    Re: House move and bigger mortgage

    I would get an independent advisor to check for you. But in theory a mortgage lender will accept in principle without harming your credit file so you know where you stand. Sounds to me like your credit file is clean enough to try.
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    • #3
      Re: House move and bigger mortgage

      You should be ok, but this year mortgages have got a lot hard to get due to the high level of due diligence the lenders have to do. Just make sure though to avoid any lender that you have defaulted on in the past, as I'm sure your aware some of tese old credo cards may in effect be owner by lenders you want to go to now. Also I agree with sxguy, get a good independant mortgage advisor to help you.

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      • #4
        Re: House move and bigger mortgage

        Thanks for the replies. I'm going to approach my current lender first (not connected to any of my defauled debt) as hoping to port my current deal. I'm hopeful of getting the decision in principle however its the underwriters that concerns me. What and where do they going digging and do lenders share info. Would barclays and santander for example share info?

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