I recently applied for a mortgage in principle through a broker and he managed to obtain a mortgage promise from Bank of Scotland for ?196k based on me taking shared equity on a new build and having a 5% deposit. I've since seen a property with 85/15 shared equity split whereby I would need a mortgage for ?145-150k depending on my deposit situation - so LTV will be 80-85%.
All good until I got a phone call the day after the mortgage promise from Lowell Financial regarding an old BoS debt which had defaulted and since fell off my record (I got into some difficulty about 6-7 years ago and ended up with a few defaults and have lived credit free since... apart from utility bills, mobile phone contract and 1 recent credit card to rebuild my rating).
My question is whether that is pure coincidence I have been contacted (suspect not), or BoS are now aware of this and a full application likely to be rejected? I've no problem setting up a DD to pay off this debt, however just wonder what BoS' view might be. I have made payments to this debt in last 6 years so know I cannot ignore it.
Any advice appreciated - don't want to waste my time getting my hopes up even though that guarantee looks pretty promising.
Thanks in advance!
Source: http://forums.moneysavingexpert.com/showthread.php?t=4295177&goto=newpost
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