Hi my partner and myself have had a few AIP for different lenders however after having our offer accepted out mortgage was declined, my file is fair but my partner has a few defaults , one we were unaware of. Since finding it a few days ago it we have cleared the balance but we just want to know if we have any chance of getting a mortgage. We have a 5% deposit but may be able to stretch the 10% if it will improve our chances.
thank you for any advice.
Hi there,
Depending upon the date of the defaults, bank account conduct and overall a few further variables a 10% deposit may be possible. It will certainly come down to the finer details and the products that are operating with 5 and 10% deposits are typically highstreet lenders with a couple of specialists at 10%
You really will need to get the credit file you have achieved in front of an experienced broker who should quickly be able to determine if there is a solution or not.
The market does shift at a 15% deposit though in many circumstances if this could be raised.
If you are buying a newly built property via Help To Buy then 5% may be much more achievable.
Hi thank you for your fast reply, the default went on to her account about 4 years ago however it was only cleared by us a few days ago as we were unaware it she had a outstanding balance with the lender. (Had no contact from them and assumed the balance was cleared by the gap insurance she had on the car loan) the hours isn’t a new build and we may be able to do 10% but they would be our maximum unfortunately. We both have files from check my file just unsure if anyone can help us.
No problem, the age of the default is certainly helpful.
It shouldn't cost you anything to check if there is a solution. Feel free to fire over to me and I will take a look at the files and confirm quickly. It would also be useful to understand the lenders approached and which one failed at application stage?
This may be possible, but typically I would be able to tell you that today.
Paul Carmen
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