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First Time Buyer .... with defaults...Any Advise?
Smellycat_4
Posts: 1 Newbie
Hi guys I'm new to this so..sorry if this in the wrong place..! I need some advice really, I have a few defaults on a three credit cards and a store card - these are about 5 years old they are settled. However my boyfriend has a good credit history. We have a deposit of a 20K and I'm really worried that we wont be able to get a mortgage because of my history. We are both on average salarys (16-19k). I have no outstanding debts now.... Any advice gladly received.
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Comments
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Default notices stay on your credit file for 6 years. So wait another year and you should be fine. Check your credit file with experian and the like to make sure that these default notices have actually disappeared from your credit file before you apply for a mortgage. If you have any joint accounts with your boyfriend, then his credit file will be linked to yours and your bad credit history will reflect on him as well.
If you don't have any joint accounts (so that you are not linked and his credit history is good), then you could get a mortgage without problems if it is taken out only in his name. That of course means that the mortgage amount you can get will be slightly lower than you could get on your joint income.
Probably the best thing to do: sit tight as property prices go down and the date when the defaults dissapears from your credit record comes nearer.0
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