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    • Firsttimebuyers
    • By Firsttimebuyers 18th Apr 17, 12:48 PM
    • 24Posts
    • 0Thanks
    Firsttimebuyers
    Adverse Credit
    • #1
    • 18th Apr 17, 12:48 PM
    Adverse Credit 18th Apr 17 at 12:48 PM
    Hi All,

    Looking for a bit of advice again.

    I have an unsatisfied default, dropping off August 2017 - we were planning on waiting until after this to apply for a mortgage - but have seen a house which we can afford a 10% Deposit on.

    Are we more likely to be accepted for a mortgage with 10% Deposit rather than 5%? The Mortgage would be about 1.1x our joint income.

    Thanks
Page 1
    • Lilla D
    • By Lilla D 18th Apr 17, 1:15 PM
    • 316 Posts
    • 160 Thanks
    Lilla D
    • #2
    • 18th Apr 17, 1:15 PM
    • #2
    • 18th Apr 17, 1:15 PM
    Hi, an unsatisfied default doesn't look good and getting a mortgage with 5% deposit won't be possible.

    Whether you could get a mortgage with 10% deposit will depend on a number of things:
    - the property itself (e.g. new build or older, ex-council or not, house or flat)
    - what else is on your credit history
    - what the circumstances of the default were, how much it is for and why it hasn't been satisfied
    - income details (employed or self-employed, etc.)
    - outgoings (general outgoings and credit commitments)
    and lots of other little details dependent on your personal circumstances.

    Net, there is no easy answer to your question without knowing the full background.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Firsttimebuyers
    • By Firsttimebuyers 18th Apr 17, 1:25 PM
    • 24 Posts
    • 0 Thanks
    Firsttimebuyers
    • #3
    • 18th Apr 17, 1:25 PM
    • #3
    • 18th Apr 17, 1:25 PM
    Thank you - I wish our Broker had been as honest as you rather than giving us false hope.

    In other words, wait until after August when the 6 years are up
    • Thrugelmir
    • By Thrugelmir 18th Apr 17, 2:06 PM
    • 55,544 Posts
    • 48,897 Thanks
    Thrugelmir
    • #4
    • 18th Apr 17, 2:06 PM
    • #4
    • 18th Apr 17, 2:06 PM

    In other words, wait until after August when the 6 years are up
    Originally posted by Firsttimebuyers
    There's still time to be pursued for the debt.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • kingstreet
    • By kingstreet 18th Apr 17, 3:01 PM
    • 32,079 Posts
    • 17,169 Thanks
    kingstreet
    • #5
    • 18th Apr 17, 3:01 PM
    • #5
    • 18th Apr 17, 3:01 PM
    Thank you - I wish our Broker had been as honest as you rather than giving us false hope.

    In other words, wait until after August when the 6 years are up
    Originally posted by Firsttimebuyers
    Your broker has a bigger picture of you than we do.

    An old default on only one version of your credit file may not even be picked up by a lender using a different credit reference agency.

    It's very difficult to speculate on what might or might not be possible. I've seen stuff accepted when I expected a decline and vice-versa.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ACG
    • By ACG 18th Apr 17, 3:13 PM
    • 15,509 Posts
    • 7,858 Thanks
    ACG
    • #6
    • 18th Apr 17, 3:13 PM
    • #6
    • 18th Apr 17, 3:13 PM
    Without more information it is difficult to say whether or not it would be achievable but I would be surprised if it can not be placed. Rate wise would vary from normaly rates up to around 4.5% depending on the finer details.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Firsttimebuyers
    • By Firsttimebuyers 18th Apr 17, 3:30 PM
    • 24 Posts
    • 0 Thanks
    Firsttimebuyers
    • #7
    • 18th Apr 17, 3:30 PM
    • #7
    • 18th Apr 17, 3:30 PM
    There's still time to be pursued for the debt.
    Originally posted by Thrugelmir
    Chance would be a fine thing, I've been trying to pay it off for 3 years but when I contact the Agency who bought it they can't find any record of it.

    Thanks all
    • Torfoxwell
    • By Torfoxwell 18th Apr 17, 5:10 PM
    • 88 Posts
    • 30 Thanks
    Torfoxwell
    • #8
    • 18th Apr 17, 5:10 PM
    • #8
    • 18th Apr 17, 5:10 PM
    Please do not be disheartend - youll get there - i just got my mortgage through with adverse history , i got down in the dumps about mine but dont be glum chum & trust your broker they know bits we dont
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