Me and my husband had a decision in principle for a mortgage we thought brilliant thank god!
3 weeks later our house sells we find one get our offer excepted, but the mortgage broker can no longer get 90% mortgages. We got a new mortgage advisor (more expensive too!) Told us yes no problem 90% will be available.
This week we got a phone call saying we failed the credit check. Between us we have default payments on accounts over the last 12 months. Nothing big just store cards.
So we said we could stretch to a 15% deposit, but our mortgage advisor still seems to be finding it difficult to get us a mortgage. I'm so stressed its unreal I really dont know what way to turn as time is not on our side solicitors already on the job just waiting for our mortgage
90% mortgages are few and far between at the moment, but given the information provided 15% could and should provide solutions.
You use the word defaults, but I suspect you mean missed payments but well worth you clarifying.
If not already, done it is critical you get your credit files and send them to someone experienced to qualify your exact position.
I appreciate this is stressful but would urge you to move quickly as any signs of inability to obtain a mortgage will potentially scare the chain.
Nothing you have said sounds impossible, just obviously get some qualified, formal advice for your specific situation.
All the best
Thank you for the fast reply. We both have credit reports, both been looked at by our mortgage advisor but not explained to us. So I'm not 100% what defaults mean.
We have until 10th sept to find a mortgage.
We may have to give you a call .
The key will be whether the numbers shown are 1 - 2 - 3 and typically if you have a default it will say default date.
If on store cards and historic, either can potentially be overcome in isolation with a 15% deposit.
It is highly likely a 90% LTV mortgage wont be achievable on your timeline.
We are closed now, but there are advisers working tomorrow from 9am if urgency is needed.