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fitnesspt

woolwich mortgage - adverse credit criteria

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I'm not sure where I should post this if I need to move it to another part let me know please :-)

 

Looking for anyone with dealings or knowledge of woolwhich lending criteria.

 

Situation is we currently have an off set lifetime tracker (0.03 above base) mortgage with woolwich at the moment soley in my husbands name. We are looking to move but porting the mortgage to keep the deal we have and will need to borrow additional to buy the new property, I now need to be added to the mortgage so my salary can be taken into account for the additional borrowing, but I checked my experian report and it shows 2 settled defaults one egg credit card £1800 which comes off June this year (defaulted June 2008) and one for o2 £280 which comes off next year (defaulted Sept 2009) with a score of 770-fair section

 

My report shows other satisfied credit paid off and closed with no missed/late payments on them, I have a dfs 12 month 0% sofa loan £316 left finishes june this year, no missed/late payments and a Halifax credit card balance £1860 which is close to its limit but make the minimum payment every month with no missed or late payments so my total owed is shy of £2200 but I'm at 97% of my available credit based on my credit card balance, pay more off I know didn't realise how it effected credit scores until now . I earn £22k take home with minimal outgoings, £600 give or take monthly.

 

Our LTV will be 68%

 

Now, woolwhich lending criteria says

 

Adverse credit as detailed below must be declined:

 

Any unsatisfied CCJ and/or

 

More than 1 satisfied CCJ and the latest is registered within the past 3 years and/or

 

Satisfied CCJs totalling more than £200 and the latest is registered within the past 3 years and/or

 

More than 3 satisfied defaults* and the latest is registered within the past 3 years and/or

 

Satisfied defaults* totalling more than £200 and the latest is registered within the past 3 years and/or

 

Any outstanding default, irrespective of amount.

 

*Includes partially settled defaults

 

Does that mean because my defaults are over £200 I will be declined, or the fact they are over 3 years ago am I likely to be ok?

 

Thanks

 

Also posted on mse so if anyone uses both

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Hi any default will raise problems when applying for a mortgage, but having 3or more will result in the app being declined.

 

 

My guess is your case will be border line but the near limit credit card account will have an effect on the decision 97% is certainly a danger level as there is no margin of safety.

 

 

I would appear that this is guidance on how a mortgage provider will view the app, BUT there are many more things that are taken into consideration including the potential lenders own in house credit profiling system.


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fitnesspt...I wasnt quite sure where to pop you.. so for the time being, I have parked you in mortgages and secured loans. If you think you might do better in another forum, let me or other ST member know and we can move you elsewhere :)

 

Purely administrative moves, you need do nothing.


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