StepChange DMP +10yrs - Help please

[players4you]

why do you think this broker believes I wont get better than 4.8%? I would ask him but he wont pick up.

 

Any thoughts on a decent broker that can help?

 

As of last month I dont have a DMP. Before that I had been paying from my savings so its not on my bank account for 3/4 months and credit file is clear.

 

Assume the problem is that the lender will ask if I have ever had any credit issues perhaps?

 

[London1971]

Agreed, plenty of other factors could be at play here. Remind me. What’s actually still showing on your credit file?

[players4you]

My credit file is as near to perfect as you can get. No missed payments, 5% credit usage, reasonably high earnings (62k). I will also have a 140k deposit

[London1971]

Ok, so the defaults have all gone? And there are no CCJ’s? Is that correct .

 

My credit file is also excellent, very low % of debts etc yet I can’t get a car lease, I’m also at 4.8%.
 

yours sounds better than mine. I think you need to find a better broker.

 

 

[players4you]

No CCj's, no defaults.

 

Any ideas on a good broker - I have tried a few so far

[London1971]

I’d love to help but as the site team I can’t make recommendations I’m afraid.

Perhaps try Googling adverse credit mortgage brokers. Get it down to 2 or 3 and see what they can do for you.

 

 

[dx100uk]

sad fact is people often open their mouths when they do not ever need too.

what is not on your credit file can't harm you.

what your past financial dealing were and with whom are NOTHING to do with any broker nor lender.

[players4you]

But if they ask in the application you have to answer honestly surely? And I am assured most do ask.

[dx100uk]

none of their ruddy business! whomever 'they' are.......

just like a powerless DCA , out to extort more money out of you.

[players4you]

"They" are the lender, surely lying on the application is mortgage fraud or something

[dx100uk]

why is it lying, legally they are all expired, end off.

[players4you]

Its an interesting point you are making.

 

If a lender has a question on an app form "Have you EVER experienced credit issues" I find it hard to find any other answer than yes? Now, I know the law is not as straight forward as that.......

[dx100uk]

1 hour ago, dx100uk said:

none of their ruddy business!

 

[London1971]

If there is nothing on your credit file. There is no way anybody can find out. It’s as simple as that.

[players4you]

I am sorry, I am having real trouble in understanding why you think someone lending you £350,000 has no right to know if you are more/less likely to repay the money lent?

 

Mortgage fraud is very real and is criminal I believe, in cases, attracting custodial sentences.

 

I highlight this for anyone reading this and seeking advise.

[players4you]

6 minutes ago, London1971 said:

If there is nothing on your credit file. There is no way anybody can find out. It’s as simple as that.

 

so, if you burn the body then there is no trace - along comes DNA 20 years later

 

I am not saying you are wrong just finding it hard to understanding 

Edited May 13, 2021 by players4you

[London1971]

Look at a Credit file default as a punishment, after 6 years you've served your time and it's over. 

 

In fact even if you had a couple of defaults 3 years ago on your file, it still wouldn't be a problem. Which is why there is something else at play here. 

As for the differences between brokers, when I went for my mortgage I had 2 different one's trying to get me the same product. One rang me back apologising , telling me that I wasn't eligible, the other one got me the mortgage.

 

 

[players4you]

I think the difference at play here is that I am being honest and saying I have only just finished a DMP

[London1971]

Perhaps, but it doesn’t make any sense with the amount of deposit that you have and your income. What percentage deposit will you be putting down for the mortgage?

[players4you]

its about 65% LTV

[London1971]

Ok you really need to find a new broker. They should be paying you interest with an LTV like that!!!

[players4you]

Thanks - I have started enquiries and will let you know how it goes!

[London1971]

Please do, I wish you all the best

[players4you]

So an update for you all.

 

Having spoken to around 10 brokers and 2 high streets they all say the debts need to be paid off. Of course, I know theres the question how will they know but lets leave that aside for one moment......

 

I have negotiated very small F&F's with some but PRA are offering virtually nothing off ( 2500 o/s down to 2400) even though all 3 accounts are unenforceable and I am currently paying £1 per month and all are past the default + 6 years date.

 

I am really struggling to understand the business logic in this

[dx100uk]

if they are unenforceable you stop paying..don't get mugged.

 

dx