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  • FIRST POST
    • FlyknitKing
    • By FlyknitKing 6th Jan 18, 11:20 AM
    • 2Posts
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    FlyknitKing
    First time mortgage with CC defaults - please advise
    • #1
    • 6th Jan 18, 11:20 AM
    First time mortgage with CC defaults - please advise 6th Jan 18 at 11:20 AM
    Hi team. I'll keep this as brief as I can.
    I have two credit cards that are in default. They are with a third party called Robinson Way? They have been there for about 4 years, possibly longer. I've been making payments but the total balance owing on the both is just under 2,500.
    I've checked my Clearscore report and it's pretty low at 292. Other than that, I'm in full time employment and have relatively low expenditure since recently moving back to my parents house.
    Will these defaults make applying for a mortgage impossible? I'm gonna look at one of those 50/50 mortgages to get myself on the ladder.
    I've worked in finance on and off for about ten years but anything to do with mortgages I'm clueless so please excuse my ignorance!

    I'd really appreciate the advice as I'm not sure where to turn.

    Thank you so much.
Page 1
    • ACG
    • By ACG 6th Jan 18, 11:46 AM
    • 16,126 Posts
    • 8,304 Thanks
    ACG
    • #2
    • 6th Jan 18, 11:46 AM
    • #2
    • 6th Jan 18, 11:46 AM
    You would probably have a better chance getting a "normal" Mortgage. I do not do shared ownership so can not say for sure, but I think you might struggle without a decent deposit.
    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.
    • FlyknitKing
    • By FlyknitKing 6th Jan 18, 11:59 AM
    • 2 Posts
    • 0 Thanks
    FlyknitKing
    • #3
    • 6th Jan 18, 11:59 AM
    • #3
    • 6th Jan 18, 11:59 AM
    Thanks for replying.

    Would I be better to clear this debt before looking into applying do you think?
    • ACG
    • By ACG 6th Jan 18, 12:03 PM
    • 16,126 Posts
    • 8,304 Thanks
    ACG
    • #4
    • 6th Jan 18, 12:03 PM
    • #4
    • 6th Jan 18, 12:03 PM
    It depends on your plans, most people would say clear the debt is the right thing to do, but sometimes its better to hold the money back and have bigger deposit.

    Its probably worth sitting down with a broker to give you some options.
    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.
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