Can I get a Mortgage??! Help

lillylou_4

Hello, Im looking for some advice please. I am would love to buy my own home and am moving back in with my parents to save for a deposit. It has just come to notice that I have a default on my credit file from a credit card, at this time it is unclear if I have just one default or a number of them (this is from going over my credit card limit, not sure if I got one for every month I have been over) this card debt will be cleared once i move home but im terrified that because of these defaults already on file no one will give me a mortgage, can anyone recommend anywhere that might or give me some advice on anything that might help??

ad9898_3

No chance at this time, banks don't want to lend in a falling market, hence the large deposits required to get a decent rate, they want you to lose your money before they lose theirs. It's easy for them at this time for them not to lend to people with a bad credit file.

Pammy

lillylou if you look around the forum you will see conflicting advice to your question. I have been looking into the same question and your best bet is to discuss it with a mortgage broker.

But you seem vague about your credit file. You really need to get hold of it and make sure the report is correct. Checkmyfile.com is a good place to obtain this online.

The bottom line is that nobody on this forum can actually tell you if you will be turned down or not. It is dependent on many things.

michael1983l

It all depends how recent it is, and which credit reference agency it is on. I have just been accepted for a mortgage and my credit file is far from perfect. Equifax had bad marks recorded where Experian didn't. My financial advisor said the ones on equifax were old enough for them to be not taken seriously by the lenders. Although I just searched out a mortgage lender that used Experian as their reference and got accepted.

If your deposit is large enough 1 default won't matter, but I would advise you sign up to equifax and experian and monitor your credit. Speak to the credit card company and ask them if they can remove your default from your file as you have cleared the balance.

Pammy

michael1983l could I ask who you ended up getting your mortgage with?

I have two defaults, one from 2005 and one from 2006. I am in the process of requesting the defaults are removed in kind, no harm trying.

Well done on getting your mortgage.

katie2015_2

hi i am in the exact same situation to you, i have a default on my file from 2008 have recently paid it off in full, but it has not been removed yet, i am applying with my partner who has an excellent credit rating, and panacking in case we get turned down!!!

to the person who said they got accepted for the mortgage, what are your circumstances and who accepted you, thanks

_Andy_

Pammy wrote: »

michael1983l could I ask who you ended up getting your mortgage with?

I have two defaults, one from 2005 and one from 2006. I am in the process of requesting the defaults are removed in kind, no harm trying.

Well done on getting your mortgage.

Unless the defaults shouldn't have been there, they won't be removed. Why should they be? Your credit file is a factual record of how you've conducted your credit agreements.

Pammy

_Andy_ wrote: »

Unless the defaults shouldn't have been there, they won't be removed. Why should they be? Your credit file is a factual record of how you've conducted your credit agreements.

In my case I had a tumor at the time and paying my catalogue wasnt a priority. As it wasnt done by a direct debit it relied on me phoneing up.

In an ideal world I would have managed the whole thing but sadly life sometimes takes over. As I can prove that was the case I would like them to be removed.

_Andy_

Pammy wrote: »

In my case I had a tumor at the time and paying my catalogue wasnt a priority. As it wasnt done by a direct debit it relied on me phoneing up.

In an ideal world I would have managed the whole thing but sadly life sometimes takes over. As I can prove that was the case I would like them to be removed.

That won't change anything I'm afraid.

Pammy

Well its worked for one

yakface77

_Andy_ wrote: »

That won't change anything I'm afraid.

Sorry Andy but your comment is not correct with every case.I had 2 defaults on my report from seperate lenders, GE money and barclays, which were my fault as i overlooked the minimum payments at an awkward personal time.
A simple phone call to apologise and explain the problem can work if you speak to a sympathetic charge back officer.
Keep persevering, just because one operator may say no, doesnt mean another one will not, try and try again it is so worth it for the magic eraser on your credit report.