Mortgage lenders who accept defaults.. anyone know one?

[Banana0pancakes]

Just that really.

I have a 4 year old default for £68. So annoying but I can't change it. We have saved around 5k so have enough for a deposit on a shared ownership scheme.

Household income is 48k. My husband has an excellent credit rating, mine is poor according to experian. So affordability is not a problem.

Leeds just knocked us back because of the default.

Does anyone know any reliable sub prime brokers? Or any lenders who would consider?

I got a mortgage with a default and used a broker. I used trussle but I think there are other free good ones too - L&c being another. It might limit the lenders though if shared ownership as I don’t think all lenders do shared ownership mortgage. I think you might be okay as your default is 4 yrs old. I was told if over 2 years old your chances are better. Good luck!

Find yourself an independent mortgage broker. It'll probably cost you a couple of hundred quid but they will definitely find you a mortgage.

Try Kensington Mortgages via a broker. Was in same situation (exdp missed a mortgage payment). We explained why in a letter and they were fine. They will come down on you hard if you miss a payment with them though. Crap rates but what can you do.

Thank you for your replies everyone! I hadn't heard of your suggestions so I'll look into them this morning x

Another vote for Kensington.

Paragon bank and Precise Mortgages might be worth a try too but I think you will need to go through a broker.

Maybe Platform (a subsidiary of Co-op bank) too.

Good luck!

Skipton Building Society are a good bet

We were unexpectedly offered a mortgage in principal today from mansfield building society this afternoon! Woohoo!

Feel like we could still very much have the rug pulled at the offer stage but fingers crossed..

@Banana0pancakes did you get an offer?

Clydesdale bank aka Virgin Money are superb they do manual underwriting...I work for them. It won't be a problem

@Banana0pancakes we literally have tried everywhere!!! A broker is looking into mansfield for us on Friday, we have a default from 5 years ago for £38 and 1 missed payment each year.
I have one years on books, my partner is employed.
Income with out universal credit is £31k and with it is £35k we want £93,000. . .
What do you think our chances are xx

We are still waiting for a decision. The house we tried to buy in june was taken by a cash buyer, so annoying.

We're going for another property now, shared ownership so we're only asking for 43k but I'm not expecting it. Everything I read about mortgages is so negative at the minute. We submitted the application last week and apparently it can take up to 6 weeks atm!

Oh @Banana0pancakes I'm so sorry to hear this! We have managed to up our deposit to 15% (£16,500) but are still struggling!! Covid has ruined so so much. How come your not expecting it?

Dear God, please don't buy a shared ownership lease. The law on leases in the UK is horrifying and SO contains some particularly problematic clauses see this article. I know because I am a SO and have had no end of expensive and stressful problems. Join some of the leasehold action groups on Facebook and see for yourself.