Chances of Mortgage Approval

[franco1977]

I want to apply for a mortgage following a period of credit file clear up and wondered what my chances would be with the following:

 

Me:

I took some poor financial advice and decided to stop paying some unsecured debts in 2005/6,

these defaulted, went unpaid and became statute barred in July 2013

and dropped from my credit file the month after.

 

This leaves me with a 3 clean accounts and a Noddle Score of 4/5 and a Checkmyfile score of 789

- outside this I have a good job and can get together a 20-25% deposit with everything being affordable.

 

Partner:

 

Clean file, recently approved for vehicle leasing finance.

 

As I understand it my visible credit history would be fine with the defaults / debts not being visible on a credit search,

however the credit score could work against me?

 

Would I have to declare these debts on the mortgage application?

Would I be better going to a building society who manual underwrite mortgage applications?

 

Any advice would be greatly appreciated

[citizenB]

I think lenders are looking at 2-3 years good history, if your credit file has been clear for a good while. Have you any credit at the present time, where you are racking up a good credit history ?

[franco1977]

I've had a Basic Credit Building Credit Card since July 2013, which I uses for Work Expenses and have paid off in full every month and then a basic current account and Utility bills which are all up to date with payments and have 6 years worth of good management.

 

My partner has never had any credit up until a number of months ago.

 

We certainly wouldn't flag against any of the no-no on the the mortgage providers lending criteria's, just down to this "Credit Score" which I'm led to believe is hard to suss out.

[dx100uk]

credit score matters little

 

 

if you've not defaults or 1,2,3 in any monthly summaries of any debts

 

 

the low score will prob be searches done or stuff like that.

 

 

tip:

my neighbour had numerous defaults until a couple of months back

he recently got a mortgage with a big lender with no issues

 

 

whats not on your file and in your past you don't tell them about!

 

 

dx

[citizenB]

I wonder if it would be possible to obtain a copy of the application form and see what information they ask for?

 

Or perhaps make a general enquiry and make it clear that is all you are doing at this time, you don't want some clown digging into your credit file if you aren't considering applying just yet ?

[theoldrouge]

use a good reputable all of market broker,

 

he will know where best to place your mortgage application,

 

the less searches the better

[franco1977]

Citzen B - You can get both applications, lending criteria and affordability calculators for certain mortgage providers if you go in via the Introducers sections - but I am thinking of going in through a broker like John Charcol.

 

dx100uk - Defaults dropped off 19 months ago so its all positives, there's some audits and inquiries, but no actual searches since 2013.

[theoldrouge]

"but I am thinking of going in through a broker like John Charcol."

 

 

imo the right way to go

[acid53]

I have a similar question although different circumstances so may be best in a separate thread?. I have a poor credit history but signifcantly reducing debt and reasonable savings. No defaults but a number of payday loans up to 2013. Was going to leave any application until 2016 to leave clear blue water. My partner has excellent credit record, substanital savings and very secure NHS employmentMy worry is that we do a joint-application that my poor history will "pollute" her excellent history (along with the other elements of embarassment with friends and family). I was thinking the best means may be for her to take out mortgage initially and then I could come on board at a stage where I am more likely to be accepted. Is this reasonable and do-able?

[theoldrouge]

I have a similar question although different circumstances so may be best in a separate thread?. I have a poor credit history but signifcantly reducing debt and reasonable savings. No defaults but a number of payday loans up to 2013. Was going to leave any application until 2016 to leave clear blue water. My partner has excellent credit record, substanital savings and very secure NHS employmentMy worry is that we do a joint-application that my poor history will "pollute" her excellent history (along with the other elements of embarassment with friends and family). I was thinking the best means may be for her to take out mortgage initially and then I could come on board at a stage where I am more likely to be accepted. Is this reasonable and do-able?

 

do-able if you are on the electoral role at seperate addresses, and their sole income meets the lenders criteria, otherwise wait

[acid53]

thanks oldrouge - yes her savings, job role and ability to get additional money from family would meet lending criteriawe would be on same address in a rented flat but that would not constitute financial relationship I would assume? e.g. no shared bank account or bills etc

[theoldrouge]

fine so long as no financial connections on your credit files