# mortgage , bit unusual circumstances



## craigeh123 (Dec 26, 2011)

Hi . Ill try and keep it short . 
We want to move as our current house is a tad small we need an extra bedroom . We have had our mortgage for 9 years and have never once gone into arrears on it . We do however have a few defaults and late payments now on other agreements . I ran a credit check and where i used to have excellent credit rating it is now poor . 

My question is how will this work . As i say our mortgage has always been paid . Our house has roughly been valued at 175k the houses we are looking at are around 170k and our current mortgage is 135k . 

We do have debts , we wouldve liked to have paid them off consolidating them a couple of years ago but couldn't secure a loan to do so , this meant we ended up defaulting on around 4 credit agreements . 

Currently interest only but at a silly rate , they also raised our mortgage last year even though the base rate stayed the same . 

Are we stuck where we are ? We can afford around 600 a month for our mortgage . This will rise in 2 years when my wife gets a full time job when youngest goes to school . 

All repiles appreciated


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## Nanoman (Jan 17, 2009)

Only the banks can answer the questions you've asked. 

I know of people with recent insolvencies (within last 4 years) who have moved to a bigger house with a mortgage. The LTV went down in both circumstances. One was already on a repayment mortgage, the other went from interest only to repayment (I don't know if this was a requirement or not)

It's not impossible but it's not certain. Try London and Country if you get stuck but remember some banks will view every additional search on your credit file as a negative.


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## nick_mcuk (Jan 4, 2008)

You will need to approach a specialist mortgage company that deals with high risk....sadly the fact you have never defaulted on your mortgage means nothing they will go on your credit score and see the defaults.

You will also find that you will need a minimum of 20% deposit as well you are very very unlikely to get anything lower as you are deemed more of a risk to the lender.

Speak to this lot...http://www.kmc.co.uk/ as the deal in specialist mortgages.

Out of interest is it you and your partner that have both defaulted or is it just you? Reason I ask is that if its just you the new mortgage needs to be in your partners name with you as a secondary.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> You will need to approach a specialist mortgage company that deals with high risk....sadly the fact you have never defaulted on your mortgage means nothing they will go on your credit score and see the defaults.
> 
> You will also find that you will need a minimum of 20% deposit as well you are very very unlikely to get anything lower as you are deemed more of a risk to the lender.
> 
> ...


Just to clarify he won't *need* to contact a specialist. At the end of the day he might be able to find a way to make him 'lower risk' to his existing provider. Also, his existing provider might be quite happy to lend to him even if the risk profile doesn't improve or get's worse.


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## danwel (Feb 18, 2007)

Also have a loook at the government help to buy scheme as that too is a way to get a good rate as they can give you 20% and you provide 5% and then a mortgage for the other 75%


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## craigeh123 (Dec 26, 2011)

cheers peeps . its so annoying . wish they would base it just on my mortgage ! never missed a thing on it and never would . she cant go first on mortgage as im main earner . 

if i couldve got a loan about 3 years ago i wouldnt have any defaults . I was kind of hoping santander would look at my payments with them and see ive always paid the mortgage and just carry on . 

Thing is i dont wish to borrow any more money . my house is worth around 175 , the houses we ar elooking at around 165. and my mortgage stands at 135 . so as you can see we have some equity in the house


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## nick_mcuk (Jan 4, 2008)

Nanoman said:


> Just to clarify he won't *need* to contact a specialist. At the end of the day he might be able to find a way to make him 'lower risk' to his existing provider. Also, his existing provider might be quite happy to lend to him even if the risk profile doesn't improve or get's worse.


Trust me if he has defaults that are under 6 years old and still showing most highstreet lenders will refuse....even his existing mortgage lender will probably say no.

How do I know this well a year ago we had to get a mortgage and i had exactly all these problems so I am not just talking as an internet expert I am talking from REAL experience.

Simply paying off the defaulted debts wont fix it either....

Craig if you want to chat about it properly pm me dude and I will give you my mobile...I am not going to discus my financials on here....but I have been in your situation and know how it goes, I can also give you the number of my mortgage advisor as he knows a lot of how to make this work.


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## craigeh123 (Dec 26, 2011)

Thanks nick i appreciate your help . I shall pm you


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## Kerr (Mar 27, 2012)

I think now you have to prove you can afford the mortgage if/when interest rates shoot up. 

You have to have a sizeable margin between your income and out goings. 

I think you'll struggle badly but hopefully someone can sort something out for you. 

The further danger is you make more applications and get refused, then sink your credit rating even lower.


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## bigslippy (Sep 19, 2010)

danwel said:


> Also have a loook at the government help to buy scheme as that too is a way to get a good rate as they can give you 20% and you provide 5% and then a mortgage for the other 75%


Unfortunately you have to have had a clean bill of health with regards to credit history to qualify for Help to Buy


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## bigslippy (Sep 19, 2010)

nick_mcuk said:


> Trust me if he has defaults that are under 6 years old and still showing most highstreet lenders will refuse....even his existing mortgage lender will probably say no.
> 
> How do I know this well* a year ago *we had to get a mortgage and i had exactly all these problems so I am not just talking as an* internet expert *I am talking from REAL experience.
> 
> ...


Mortgage Market Review kicked in 26th April this year , a lot has changed ... I'm not an internet expert , this is what I do and have been for 23 years:thumb:


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## nick_mcuk (Jan 4, 2008)

From what i have read and hear it's made getting a mortgage harder and more people are being turned down.

There are much more strict rules and the dig a lot deeper into your monthly spending habits etc.

Here is just one such article.

http://www.telegraph.co.uk/finance/...ge-rules-the-questions-you-will-be-asked.html


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## Darlofan (Nov 24, 2010)

Ours is on market at the moment. We spoke to banks for advice. Agree with your situation, we had several credit cards few years back as a loan came to an end we wanted to consolidate cards to a new loan, they wouldn't which was stupid as new loan was less than old one!! We didn't default on anything and luckily since have come into some money which has enabled us to pay a lot off. Cards and loan companies are now offering us all sorts weekly which is bloody annoying as when we wanted it they wouldn't.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Trust me if he has defaults that are under 6 years old and still showing most highstreet lenders will refuse....even his existing mortgage lender will probably say no.


My point is he doesn't *need* to go to a specialist.

If he's reducing the LTV the bank risk profile will actually improve so the bank is quite likely to accept it. That's what happened to two couples I know.

They may say no and hope he get's a mortgage off someone else so they wash their hands of him but if he doesn't go anywhere else they're better off letting him move and improving the risk profile.


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## nick_mcuk (Jan 4, 2008)

Problem is all the big lenders like HSBC, Nationwide, Lloyds, TSB, Natwest all run it through a computer system and if the computer say "NO" thats it.

Rarely do they have anyone in branch that can actually take a look at the real facts and make a decision based apon the merits of the individual ignoring any "blips" in their past....long gone are the days of having a actual bank manager than could make a decision!


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Problem is all the big lenders like HSBC, Nationwide, Lloyds, TSB, Natwest all run it through a computer system and if the computer say "NO" thats it.
> 
> Rarely do they have anyone in branch that can actually take a look at the real facts and make a decision based apon the merits of the individual ignoring any "blips" in their past....long gone are the days of having a actual bank manager than could make a decision!


That's nonsense. It'll get rejected and referred to the underwriters as it's an existing customer - they'll look at the risk profile and if risk profile is improving they will be very likely to accept. The key here is that it's with the existing mortgage provider.


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## nick_mcuk (Jan 4, 2008)

Again I am speaking from first hand experience I had a mortgage with HSBC for 10 years never defaulted or missed a payment once...in fact i over paid and had the best part of £40k equity in the property.

I made an appointment with one of the mortgage advisor's in the Farnham branch (my home branch where my accounts sit and i have banked there since I had my first ever bank account). I was up front and told them of my "credit history" blips and we went through the process of getting an agreement in principle and it just failed and rejected it the guy even rang up the HSBC mortgage central office and went upstairs to see the "manager" and there simply was nothing they could do.

Same story with the Nationwide who my Mrs had a mortgage with for her flat with £30k equity in it....she was fine with no "blips" in her credit rating/history....the minute I was put on it "computer says no"

As I said before I am not sitting here typing this as an armchair/interweb expert I talking from FIRST HAND experience from last year.

I will be on the phone to my friend of more years than I would like to say on Monday who is also my mortgage advisor and did all the work on getting us the mortgage on the house we now live in and I will get the full and real answer on this.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Again I am speaking from first hand experience I had a mortgage with HSBC for 10 years never defaulted or missed a payment once...in fact i over paid and had the best part of £40k equity in the property.
> 
> I made an appointment with one of the mortgage advisor's in the Farnham branch (my home branch where my accounts sit and i have banked there since I had my first ever bank account). I was up front and told them of my "credit history" blips and we went through the process of getting an agreement in principle and it just failed and rejected it the guy even rang up the HSBC mortgage central office and went upstairs to see the "manager" and there simply was nothing they could do.
> 
> ...


Was the risk profile improving? I.e were you not borrowing any more and reducing the LTV?

Adding you to the Mrs mortgage increased the risk profile it didn't reduce it and you weren't the existing customer. Of course it was declined. What this thread is about is reducing the risk profile with your existing provider.


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## nick_mcuk (Jan 4, 2008)

That has very little to do with it I also asked in HSBC to have a new mortgage on the same property on a different lower interest rate (as a test to see) and that was also rejected....was not borrowing any more money in fact put it as 10k less than the existing mortgage and "computer says no" was the answer.

The long and the short of it is that its getting harder to get a mortgage under normal conditions...if you have credit history blips then it becomes even harder.

The banks are not interested in taking on higer than normal lending risks no, ironic that eh considering they were the ones that cause all the issues with irresponsible unsecured lending and sub-prime on the property from not to mention ignoring affordability metrics and giving some people upto 8 times their salary on mortgages.


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## swirlyboy (Apr 14, 2011)

When I bought my first house (2007) and took out my first mortgage I was offered 17 x my annual salary with zero deposit. Craziness

Times have changed quite a lot, I now need a minimum deposit of 15% and can only secure 14 x my annual salary. It's still craziness.

Everyone's circumstances are so different the only option you have is to speak to a few different banks/advisors and that should give you a good option of what can be done.


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## alanr (Mar 11, 2012)

what if you have a credit check and you never had any loans etc
is the bank just looking for none payments of loans 

so will i be ok


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## nick_mcuk (Jan 4, 2008)

Having no credit history can be as bad as having one with defaults on it!

My old man has plenty of cash pays off credit cards in full every month....paid off the mortgage on the £X.Xm house...you get the picture plenty of dosh!

Rings up Barclaycard for an increase on the limit on his card (normal one not gold etc) and they have to refer it because he pays it off in full he has not got a vast enough credit history with them...all he wanted was another £1k on the limit for one of his trips to the USA so he could use the card in hotels!


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> That has very little to do with it I also asked in HSBC to have a new mortgage on the same property on a different lower interest rate (as a test to see) and that was also rejected....was not borrowing any more money in fact put it as 10k less than the existing mortgage and "computer says no" was the answer.
> 
> The long and the short of it is that its getting harder to get a mortgage under normal conditions...if you have credit history blips then it becomes even harder.
> 
> The banks are not interested in taking on higer than normal lending risks no, ironic that eh considering they were the ones that cause all the issues with irresponsible unsecured lending and sub-prime on the property from not to mention ignoring affordability metrics and giving some people upto 8 times their salary on mortgages.


I think you're getting a bit confused. You seem to be confusing getting a mortgage with a new provider and moving home with your existing provider. The OP's best chance here is to work with his existing provider if he can lower the risk profile i.e. lower the LTV and/or reduce the value at risk.

Good luck to the OP and I'll say again - you don't *need *to go to a specialist.



nick_mcuk said:


> Having no credit history can be as bad as having one with defaults on it!
> 
> My old man has plenty of cash pays off credit cards in full every month....paid off the mortgage on the £X.Xm house...you get the picture plenty of dosh!
> 
> Rings up Barclaycard for an increase on the limit on his card (normal one not gold etc) and they have to refer it because he pays it off in full he has not got a vast enough credit history with them...all he wanted was another £1k on the limit for one of his trips to the USA so he could use the card in hotels!


More nonsense. If he's got a card that he uses and pays of in full he's got loads of credit history.

Someone with no credit history is someone who has no credit cards or loans. Have you ever seen a credit report?


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## danwel (Feb 18, 2007)

Nanoman said:


> I think you're getting a bit confused. You seem to be confusing getting a mortgage with a new provider and moving home with your existing provider. The OP's best chance here is to work with his existing provider if he can lower the risk profile i.e. lower the LTV and/or reduce the value at risk.
> 
> Good luck to the OP and I'll say again - you don't *need *to go to a specialist.


This^^^^ It is all about the Loan to Value as that is what they use as a basis of risk.

I would go and see a financial advisor as its free and they will give you options. Ask them to look at the help to buy scheme too as it is essentially a way fo getting 20% of the value of the house at a loan rate of 0% and it will also lower your risk and the LTV thus opeining up more lenders and better rates


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## nick_mcuk (Jan 4, 2008)

Nanoman said:


> I think you're getting a bit confused. You seem to be confusing getting a mortgage with a new provider and moving home with your existing provider. The OP's best chance here is to work with his existing provider if he can lower the risk profile i.e. lower the LTV and/or reduce the value at risk.
> 
> Good luck to the OP and I'll say again - you don't *need *to go to a specialist.
> 
> ...


Seriously could you be any more obnoxious??

The Barclaycard story was from my FATHER and why would he tell a lie to me....seriously fella I am not making this stuff up I have been there and I am talking from personal experiences on the mortgage front..the CC story from my father is also true that is what he was told by the goon on the end of the phone at Barclaycard...just because it doesnt stack up with the textbook ****** you have doesn't mean its not true.

You simply seem to be so steadfastly stubborn to accept the actual truth from someone who has recently been through the "getting a mortgage with defaults on your credit file" REAL WORLD EXPERIENCE not hypothetical classroom stuff REAL WORLD!

...And to answer you impertinent question of frikking course I have seen a credit report I monitor mine monthly.

The world of credit and finance is still very much broken (the cause was the the very people that give it in the first place) the companies prtty much make up the rules and they go along...if you dont fit the profile you get turned down.

Craig sorry this has spiralled off PM me fella and I will give you my number and I can tell you exactly what we had to go through and what was the situation I was....otherwise I am out from this thread (which is being ruined by the typical Keyboard Konan antics that is plaguing this site)


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## -Kev- (Oct 30, 2007)

Play nicely please..


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## Nanoman (Jan 17, 2009)

Using your dad who as an extensive credit history as an example of someone who has no credit history and saying the OP needs to go to a specialist proves you ain't got a clue what you're talking about. 

I'm out.


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## -Kev- (Oct 30, 2007)

Last time before this gets locked...


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## nick_mcuk (Jan 4, 2008)

I am leaving it you can't reason with a pigheaded imbecile. 

The fact that he has twisted a story that I recounted to show that even with a credit history that is A1 and you simply don't have any money owing means the financial institutions will make the rules as they go along.


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## bigslippy (Sep 19, 2010)

danwel said:


> This^^^^ It is all about the Loan to Value as that is what they use as a basis of risk.
> 
> I would go and see a financial advisor as its free and they will give you options. Ask them to look at the help to buy scheme too as it is essentially a way fo getting 20% of the value of the house at a loan rate of 0% and it will also lower your risk and the LTV thus opeining up more lenders and better rates


As I have already stated , Help to Buy ... and I quote from the guidelines " Not available to clients with a history of difficulties making debt repayments" and not all lenders do it , so essentially there is less lenders to choose from:thumb:


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## rf860 (Jul 24, 2011)

I've just recently bought my first home as a single guy.

I earn a good wage for my age, have zero debts and my outgoings are not a huge proportion of my monthly income. However, getting a mortgage was painful - questions asked about things on my wage slip, providing proof that i've made car payments, proving where my deposit money came from - in the end they asked for the previous years banks statements. It also took forever for them to process the full application, in the end 6 weeks.

Given the information you have given, i think you will find it very difficult to get another mortgage for a different property.


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## danwel (Feb 18, 2007)

bigslippy said:


> As I have already stated , Help to Buy ... and I quote from the guidelines " Not available to clients with a history of difficulties making debt repayments" and not all lenders do it , so essentially there is less lenders to choose from:thumb:


Ah i missed that


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## nick_mcuk (Jan 4, 2008)

rf860 said:


> I've just recently bought my first home as a single guy.
> 
> I earn a good wage for my age, have zero debts and my outgoings are not a huge proportion of my monthly income. However, getting a mortgage was painful - questions asked about things on my wage slip, providing proof that i've made car payments, proving where my deposit money came from - in the end they asked for the previous years banks statements. It also took forever for them to process the full application, in the end 6 weeks.
> 
> Given the information you have given, i think you will find it very difficult to get another mortgage for a different property.


Exactly the point....they make the rules up as they go. If it was hard for you then its near on impossible for a person with defaults to get a high street mortgage.

How much deposit did you have just out of interest...percentage wise.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Exactly the point....they make the rules up as they go. If it was hard for you then its near on impossible for a person with defaults to get a high street mortgage... Unless they already have their mortgage with said high street bank and will lower the risk profile then they stand a good chance of it being approved by the underwriters as happens frequently.


Edited for accuracy.


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## nick_mcuk (Jan 4, 2008)

Nanoman said:


> Edited for accuracy.


Are you special in the head or just plain stupid???

Someone just posted that they had trouble getting a mortgage with a clean bill of health and you are still spouting balls....seriously haven't you got a pet haggis to go look after rather than being a prat on here.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Are you special in the head or just plain stupid???


Less of the insults please. I've only been trying to point out that the advice you're giving - although with the best intentions - is nonsense. Among other things you said that the OP will need to go to a specialist and will need a 20% deposit. This is quite simply not true. You've also said my advice is wrong which is laughable as it's entirely correct.

You seriously don't know what you're talking about. I believe your anecdotes are probably true but they don't prove the point you think they do and they certainly don't contradict what I'm saying.

No doubt this thread will get locked since you resorted to throwing insults around after a warning from the mods.

I can only assume you're just hoping it gets locked so the OP can't come back in a few weeks and update us to say he got it all sorted with his existing provider (which is the most likely scenario).

Good luck to the OP.


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## nick_mcuk (Jan 4, 2008)

I dont want this thread locked I am simply defending myself from the obnoxious, impertinent and quite frankly condescending responses from you.

You seem steadfastly unable to accept the fact that you are incorrect and wont be the bigger man and put your hands up to admit it...post 31 by rf860 states how hard it was for him to get a mortgage and he has no credit issues I have (again i will repeat it in the hope it sinks in) been through the entire process a year ago and I know from first hand personal experience of going into the high street lenders and being refused by all of them.

You on the other hand have given no qualification or proof behind your "theories" and you say you have been doing this for 23 years....yet you offer no direct help to the OP apart from unfounded nonsense you post here.


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> I dont want this thread locked I am simply defending myself from the obnoxious, impertinent and quite frankly condescending responses from you.
> 
> You seem steadfastly unable to accept the fact that you are incorrect and wont be the bigger man and put your hands up to admit it...post 31 by rf860 states how hard it was for him to get a mortgage and he has no credit issues I have (again i will repeat it in the hope it sinks in) been through the entire process a year ago and I know from first hand personal experience of going into the high street lenders and being refused by all of them.
> 
> You on the other hand have given no qualification or proof behind your "theories" and you say you have been doing this for 23 years....yet you offer no direct help to the OP apart from unfounded nonsense you post here.


Where does 23 years come into this?

How many of your examples are relevant to the OPs situation I.e lowering the Risk profile with an existing mortgage? I gave two real life examples. You've given none and when I tried to explain why your examples/advice fall short you don't get it and come out with more irrelevant examples to try and back up your nonsense. I'm not being obnoxious (well maybe a little bit as I realise you are happy to make a numpty of yourself) I'm just trying to explain where you're going wrong and you're refusing to accept it.

Also... I can't see anyone backing you up in this thread but I see people quoting me as being correct. I see other people (in different positions to the OP) posting up info which you then use to justify your incorrect advice to the OP.

I say again. He doesn't need a 20% deposit. He doesn't need to see a specialist. His best chance is with a his existing provider. For existing customers your 'computer says no theory' is nonsense. Banks are desperate to get their existing risky customers sorted either by getting rid of them or improving their situation I.e lowering the risk profile (LTV or risk value).

I gave correct advice then you came on and contradicted me giving advice which was incorrect. I pointed out politely where you were going wrong and you came back with more nonsense and have done so ever since.

This is not a situation of someone with no mortgage looking to get a mortgage. This is not a situation with someone looking to worsen the risk profile (as in your examples). Why don't yo get it?
I have used two examples of close friends in a similar situation to the OP. What do you want? Names,addresses and copies of correspondence?


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## danwel (Feb 18, 2007)

Just to chip in with the comment made above.

There is no need for a 20% deposit although that would open up a lot more lenders due to the lower LTV. You can get a mortgage with as little as 5% deposit but again the lenders that will do this are a lot less thus reducing your chances of getting a favourable deal.


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## -Kev- (Oct 30, 2007)

Last time i'll ask before this is locked..


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## Andyg_TSi (Sep 6, 2013)

[2p mode]

Nanoman is correct, in that if you are an existing borrower, then your best bet is to approach your current lender, to see if there is anything that can be done to improve your situation, especially if you can do something to alter your risk profile.

Nick mcuk is also correct, in that if, for example you're a 1st time buyer, then its better to have a bigger deposit, as this opens up the market to better rates and deals and more lenders

As a 1st time buyer, it is possible to get a 95% mortgage, but you won't get access to the same deals and rates (or range of lenders) than someone with a 20%. 25% or 30% deposit & only needs to borrow 80%, 75% or 70% of the properties value as a mortgage

The less you need to borrow (LTV) the lesser the risk and therefore more people happy to loan you the money

[2p mode off]


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## robertdon777 (Nov 3, 2005)

Yeah, talk to your existing first they will show you and provide an offer on your status and lending ability.

People with low credit scores still get high street mortgages, just the rate will reflect their situation. The better scores will reflect in lower interest rates along with lower LTV gaining the lower rates too.


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## rf860 (Jul 24, 2011)

nick_mcuk said:


> Exactly the point....they make the rules up as they go. If it was hard for you then its near on impossible for a person with defaults to get a high street mortgage.
> 
> How much deposit did you have just out of interest...percentage wise.


I did get the impression they were going over-board to make sure they were covering themselves for the new rules

Works out at 27%


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## bigslippy (Sep 19, 2010)

robertdon777 said:


> Yeah, talk to your existing first they will show you and provide an offer on your status and lending ability.
> 
> People with low credit scores still get high street mortgages, just the rate will reflect their situation. The better scores will reflect in lower interest rates along with lower LTV gaining the lower rates too.


Credit score doesn't affect the rate , it dictates (along with other factors) the amount they can borrow:thumb:


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## Nanoman (Jan 17, 2009)

bigslippy said:


> Credit score doesn't affect the rate , it dictates (along with other factors) the amount they can borrow:thumb:


That's nonsense too. With a poor credit score you'll pay more in interest. It's all about risk v's reward. If you're a higher risk then you need to make them enough money to make it worth it.

It's rule 1 of lending money.


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## bigslippy (Sep 19, 2010)

Nanoman said:


> That's nonsense too. With a poor credit score you'll pay more in interest. It's all about risk v's reward. If you're a higher risk then you need to make them enough money to make it worth it.
> 
> It's rule 1 of lending money.


What is it you do for a living Nano?


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## Nanoman (Jan 17, 2009)

Up until recently I was working with the big finance/investment houses in The City in London ;-)

But the stuff in this thread is just basic knowledge/experience of how the banks work.


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## bigslippy (Sep 19, 2010)

Nanoman said:


> Up until recently I was working with the big finance/investment houses in The City in London ;-)
> 
> *But the stuff in this thread is just basic knowledge/experience of how the banks work*.


Basically your knowledge shows you have no experience of how the banks work and should leave it to the professionals , that's not a criticism it's an observation:thumb:


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## nick_mcuk (Jan 4, 2008)

Being an IT account manager to financial institutes such as Goldman Sachs (the ones in 2007 that actually managed to cash in on the subprime mortgage bonds!), Bloomberg (to pick a few) is very different to actually working in finance and really understanding how it works which again you have shown how woefully inadequate you are at.

Was on the phone with my mortgage advisor this afternoon and the situation with the banks is getting tighter and tighter with regards to credit scores...regardless of if you are lowering the lending risk by dropping the LTV...any negatives are just getting bounced out of the door. This is applying to all the big names like HSBC, Lloyds, Halifax Nationwide etc...also lending interest rates have gone up about 0.4% base rates not moved set by the Bank of England but the banks are adding on to the lenders rates.


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## Nanoman (Jan 17, 2009)

bigslippy said:


> Basically your knowledge shows you have no experience of how the banks work and should leave it to the professionals , that's not a criticism it's an observation:thumb:


Would you like to point out something specific I've said to back up your statement?



nick_mcuk said:


> Being an IT account manager to financial institutes such as Goldman Sachs (the ones in 2007 that actually managed to cash in on the subprime mortgage bonds!), Bloomberg (to pick a few) is very different to actually working in finance and really understanding how it works which again you have shown how woefully inadequate you are at.
> 
> Was on the phone with my mortgage advisor this afternoon and the situation with the banks is getting tighter and tighter with regards to credit scores...regardless of if you are lowering the lending risk by dropping the LTV...any negatives are just getting bounced out of the door. This is applying to all the big names like HSBC, Lloyds, Halifax Nationwide etc...also lending interest rates have gone up about 0.4% base rates not moved set by the Bank of England but the banks are adding on to the lenders rates.


Stalking me on other websites is taking things a bit far is it not Mr McConnell. How far would you like to take things over the line? I'm beginning to think/worry you might be slightly unhinged.

Also, I'm not arguing that it's harder to get a mortgage nowadays, that much is obvious.

Like I said my work has nothing to do with what has been posted in this thread but I stand by what I said about the OP's situation. And your comment 'regardless of if you are lowering the lending risk ' - more nonsense. It's all about the lending risk.


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## nick_mcuk (Jan 4, 2008)

Not stalking just interested to see what you actually did for a living....clearly nothing to do with finance or mortgages


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## Nanoman (Jan 17, 2009)

nick_mcuk said:


> Not stalking just interested to see what you actually did for a living....clearly nothing to do with finance or mortgages


It's quite a lot of effort to go to and quite creepy. A good reminder to be careful of personal information online because there are complete weirdos out there.


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## nick_mcuk (Jan 4, 2008)

Not really all that much effort about 2 mins in fact....the wonders of the interweb and google.

The suspense was killing me as to where you got you outstanding financial acumen and understanding of banking from...I was expecting a LSE graduate who now worked at some top financial institute and was on multi million yearly bonuses.....but no luck just a noob who thinks he knows how banks and credit scoring works and they actually has the front to question someone on here who actually is a mortgage/financial advisor and KNOWS what he is talking about (bigslippy).

Unlike you......you sir are full of poop!


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## Nanoman (Jan 17, 2009)

At no point have I claimed or suggested this is anything to so with my work. I'm still waiting on BigSlippy to tell me what I have said that isn't true. Of he's a financial adviser he'll confirm there's a hell of a lot more poop coming from you than me in this thread. I notice you ignored more people that say I'm correct about advice to the OP. 

I'm getting a bit bored of this and still quite unsettled by your stalking. You are a very worrying bloke.

I just realised that BigSlippy is the guy who says your credit score doesn't affect the interest rate you'll pay when applying for a mortgage. He's clearly not a financial adviser if that's what he thinks!


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## Kerr (Mar 27, 2012)

Any time I've seen people with bad credit history try to borrow money, they always get worse deals if getting a mortgage, buying a car or just a straight forward loan.

I always thought that was standard practice?

There is various sites that give you estimates of loans and often one of the variables they ask is to rate your credit rating, poor, good, etc.

Depending what you select makes a huge difference to the actual estimate.

I guess there will be some exceptions, but I really think that your credit rating makes a huge difference to the choice of lenders willing to deal with you and nearly always will give cheaper options.


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## Nanoman (Jan 17, 2009)

If there's two people in the exact same circumstances but one has a good credit rating and the other a poor credit rating then, in a majority of cases across the market, the person with the good credit rating will clearly have access to better deals at better interest rates. To suggest otherwise is laughable.


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## Fizzleh (Apr 2, 2014)

I think they do not do credit checks for a buy-to-let mortgage. but you cannot live in the properly though


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## bigslippy (Sep 19, 2010)

Nanoman said:


> At no point have I claimed or suggested this is anything to so with my work. I'm still waiting on BigSlippy to tell me what I have said that isn't true. Of he's a financial adviser he'll confirm there's a hell of a lot more poop coming from you than me in this thread. I notice you ignored more people that say I'm correct about advice to the OP.
> 
> I'm getting a bit bored of this and still quite unsettled by your stalking. You are a very worrying bloke.
> 
> ...


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## djgregory (Apr 2, 2013)

......


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## Nanoman (Jan 17, 2009)

bigslippy said:


> Nanoman said:
> 
> 
> > At no point have I claimed or suggested this is anything to so with my work. I'm still waiting on BigSlippy to tell me what I have said that isn't true. Of he's a financial adviser he'll confirm there's a hell of a lot more poop coming from you than me in this thread. I notice you ignored more people that say I'm correct about advice to the OP.
> ...


This thread was getting a bit boring but it's becoming fun again. Threatening legal action is almost as funny as a financial adviser that thinks your credit score doesn't affect the rate of interest on your borrowing in any way.

I'm still waiting for you to tell me what I've got so wrong in this thread... while you're at it you could back-up your claims about credit score not affecting borrowing rates.


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## fatdazza (Dec 29, 2010)

bigslippy said:


> I would suggest that you choose your words more carefully when you comment on my qualifications or I will be having a wee chat with one of the many solicitors I refer conveyancing to


Is a wee chat, one of those discussions you have while standing at the urinal?


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## craigeh123 (Dec 26, 2011)

jesus this got out of hand . thanks for the input to everyone thats contributed . We are currently decluttering and decorating , cleaning etc . then we will get a valuation and proceed from there #


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## bigslippy (Sep 19, 2010)

fatdazza said:


> Is a wee chat, one of those discussions you have while standing at the urinal?


Are you talking from experience??


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## bigslippy (Sep 19, 2010)

craigeh123 said:


> jesus this got out of hand . thanks for the input to everyone thats contributed . We are currently decluttering and decorating , cleaning etc . then we will get a valuation and proceed from there #


I hope it all works out for you:thumb:


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## fatdazza (Dec 29, 2010)

bigslippy said:


> Are you talking from experience??


No, I was asking a question.


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## bigslippy (Sep 19, 2010)

fatdazza said:


> No, I was asking a question.


Then no is the answer:thumb:


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