Help Please

sruben

I would like some advice if possible.

My husband owns his flat and has a mortgage on it. He is looking to sell this and for us to buy a property togther however I wanted to know how likely it will be for me to be accepted onto the mortgage.

Looking at my credit report I have a couple of years of paying everything on time, however before that I was not great and have two defaults one which is showing as outstanding (02) . My credit score is 597. I have got a capital one card and a vanquis card.

So the questions are should I bother even applying?
Should I settle the default will that up my score.

Thanks in advance.

_Andy_

How much is the property you're buying?
How much deposit are you putting down?
How much were the defaults for?

Conrad

It's not likely a prime lender would accept you. Yes repaying the bad debts will help longer term. If the defaults were for small sums, you might just be able to pursuade someone, but fairly doubtful I'm afraid.

sruben

Not sure but property will be about £250,000
Deposit - £30,000
Dafault for £800 - settled and defult for £102 not settled.

sruben

Does it help if I say that Halifax accepted me before when we tried however that was 2 years ago and the market has descended into chaos since then.

_Andy_

I doubt with that small a deposit you'd be accepted with a high street lender.

merlin1

before you go for the mortgage it might be worth trying to do a credit file clean up, :cool:

sruben

I have just done that and am going to pay the default off next month so am hoping that will raise my credit score a little. In essence really even though my husband has a mortgage with halifax and we will be re-applying to the halifax it is unlikely that I will be accepted even though he is the main earner and with them for 6 years - (rubbish really)

merlin1

nothing makes alot of sense nowadays does it! just bear in mind that even if you get your second default marked as satisfied it will stay on your file for 6yrs, the only thing that can help scoring is time imo, things have to filter through. the more you are seen to be running your accounts without issues the quicker that'll happen.

is you satisfied default older than 6 years - if so you can write to them and get them to remove it.

good luck though there maybe somewhere that will take you both, even the halifax might come through for you :cool: