We have a lot of debts but had a completly clear payment history until a year ago, at this point we had a mortgage port agreed by Darlington BS and we relocated, then Covid hit and our house sale fell through 3 times and then we lost our purchase, meanwhile, due to massive rise in outgoings there were several missed payments/ arreas on credit cards and a unsecured loan and a 14k default on a credit card. We finally sold our property in March but despite Darlington renewing our details and credit file and accepting them 2 months ago they have now told us as we have sold the mortagage would be a new application and because of the default we no longer meet their criteria!
After doing agency work (nurse) for 5 years i have recently got a full time job with a good salary been told not to apply for a DIP until my probationary period is done (12 weeks) and we are in a position to get the arreas all settled and still have around 30-40% deposit. We cant afford to satisfy the default just yet though, MBNA have been very ubderstanding and have promised not to sell the debt on or take it to a CCJ.
Do we have any chance of being accepted? What shall I prioritise credit wise while i am working my probation period? Do lenders accept income topped up with agency work? What do lenders look for with bank statements? Sorry for the long post
Instinctively I would say there should be a solution now, but this is dependent upon the absolute details.
Critical issue will be whether any of the missed payments during this difficult year were for the Darlington mortgage?
Outside of this, I would expect a solution although clearly the interest rate is likely to reflect the situation.
No missed or late payments with our mortgage, clear history since getting the initial mortgage in Nov 2017 (however Darlington for the 2nd time logged a late payment on our credit file for last December, they have admitted the mistake and sent a correction to the credit agencies so hopefully this shouldn't be an issue) We can afford to make higher payments than previously as I plan to clear our most expensive loan with the proceeds of sale which still leaves us with approx 30% deposit. My partner is not working currently due to chronic health problems, my new job has a basic salary of around £44,000 which I plan to top up with overtime and/or agency work, do lenders have an issue with this? Not sure whether I would meet affordability criteria without extra shifts taken into account. We hope to be able to apply in 3months depending on whether we find a suitable property, is their any lender likely to consider us before the probationary period is over (just in case we find the perfect property in the meantime) Thanks for your help 🙂
How much are you trying to borrow?
In the region of 110,000-130,000 approx, our existing mortgage was 105000
Obviously more details will be required, but I do believe there could be solutions now subject to the absolute detail
Certainly your borrowing requirements are at the top end of your affordability but certainly not out of reach
All the best