Housing Association, Mortgage & Defaults - Help

**Amy**

Hi Everyone

I am looking at getting a mortgage around 2010 (yes I know its a long way off) but my question really relates to 2 defaults that will still be on my credit file at that time (both will be satisfied and have around 3/4 years to run :rolleyes: ).

I will more than likely (unless house prices fall by 1/2) be getting a mortgage in conjunction with a Housing Association (part rent-part own scheme).

I am just a tad worried that:

a) My defaults will stop me getting a mortgage with a high street bank

b) Because of a) i wont be able to go with the HA as they dont allow you to use anyone but a high street bank for the mortgage.

Any ideas? Help? Hints? Suggestions?

Thanks

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Gloster_Advise

Yes defaults will stop you getting a high street lender. Only leeway is if they were really small ie <£250. Then again in 2010 I may not be in this job and Hartlepool United have just been promoted to the premiership.
Amy, as I type it very unlikely to get a high street lender. Do not despair, those not on the high street are still good, and if it wasn't for them allowing adverse, a lot of people would be up sh*t creek.
Get your defaults satisified now, as date of satisfaction can be taken into account as well as the date registered for lending purposes.

**Amy**

Thank you for your reply Gloster Advise.

One is satisfied (was done about 4 months ago) and 1 is ongoing and will be satisfied end of this year, so thats a good thing i suppose.

Hmmm I guess it will be a wait and see kind of game.

Thanks again

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Gloster_Advise

Sorry Amy i have just lied to you not intentionally I promise.

Chelsea BS allow up to £1000 of unsatisfied defaults and £3000 of satisified defaults on their prime range. 10% depoist currently needed to get their rates of around 6.25% 2 yr fix direct. I would imagine they would do this adverse for a while as they have had this in place for a considerable amount of time and do not plan to move away from adverse and standard lending. Get saving and by the looks of your debt you look to be going in the right direction. Best of luck to you.
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**Amy**

Gloster_Advise wrote: »

Sorry Amy i have just lied to you not intentionally I promise.

Chelsea BS allow up to £1000 of unsatisfied defaults and £3000 of satisified defaults on their prime range. 10% depoist currently needed to get their rates of around 6.25% 2 yr fix direct. I would imagine they would do this adverse for a while as they have had this in place for a considerable amount of time and do not plan to move away from adverse and standard lending. Get saving and by the looks of your debt you look to be going in the right direction. Best of luck to you.
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Ooooo that looks like a glimmer of hope at the end of the tunnel then

Thank you and thank you for your praise! Most appreciated.

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Sammy_Girl

Hi Amy,
What percentage ownership are you looking to take in your potential purchase?

**Amy**

Hi Sammy

It depends what the HA decide. They tend to look at your salary etc. and give you a range. It will be between 50-75%, depending on house prices etc.

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