This Adverse Credit Mortgage Success Story began in late August when we received an initial enquiry from a gentleman who had 13 Defaults and 1 CCJ.
In addition to his bad credit, his partner has 2 Defaults, was self employed and we were using her latest years income figures with the mortgage being needed to raise some money for an extension to their home.
His original enquiry included:
A local advisor has today told her I will never get a mortgage from anywhere and that she is best suited going it alone.
The problem with the above however was that his partner could not get a Mortgage for the amount needed on her own, it would have been around £30-40k less than needed to do everything they wanted. The other major problem was that it was wrong!
Rather than the Mortgage Broker saying they can not place the application, which was what they should have done, they went a step further and said the customers can not get a mortgage.
What did we do for this Adverse Credit Mortgage Success Story?
When we spoke to the customer initially, first thing we did was to reassure them that on the face of it we think we can help. We advised them we needed up to date credit reports for both applicants, it is important to know what we are up against from the outset. We always ask customers to be completely open with us about everything regardless of whether it appears on the credit reports or not and in fairness to the customers from this application, they were very open.
Once we had all of the facts, we were then able to make a couple of calls, in all honesty though this was something we were confident we could place from the initial application as despite the number of defaults, it is within the realms of what we deal with on a daily basis. The calls were made more to narrow down the options and confirm the documents we would need.
The application then went in, a couple of unexpected questions by the underwriter back and forth but nothing overly concerning and we had the valuation being instructed shortly followed by a Mortgage being offered earlier this month.
Less than a month after speaking to another broker who said their mortgage can not be placed, the customers had us telling them it can be not long after that, they had their Mortgage offer in their hands.
It is very frustrating to speak to people who have been told something can not be done, it does make us look good if we manage to place the application which is nice, but it also makes you wonder what happens if people take what they have been told as gospel and do not look elsewhere?
There were a few things to overcome on this application in addition to the things listed in the title, but we managed to overcome them all. It is so important to get a second opinion if you have been told something can not be done or you are not happy with the options provided. We can not guarantee to place mortgages for everyone, but we do know the Bad Credit market better than most as it makes up the majority of our business.
If you would like to run your circumstances by us, please do get in touch and perhaps you can be our next Adverse Credit Mortgage Success Story.
You can contact us via email or over the phone for a chat, no sales spiel and no judgement. Lets see if we can help you like we have the customers in this success story.