Chances of getting a Mortgage

mbynwa

Hi,

So i have an AIP from Halifax, i have been checking my credit rating on CreditExpert and Experian. CreditExpert didn't show anything however, Experian showed three defaults one in July 2003, and then two in November 2003.

I basically got myself into a lot of debt in 2003/2004, and fell behind in payments this has been all but cleared apart from a loan for £2.5k which will be paid off in full before i apply properly for a mortgage.

My plan is to start looking properly for property in December. My questions are, will these three defaults affect my chances for a mortgage, and will these defaults disappear by the end of this year anyway?

Thanks in advance.

benjo

I 'think' defaults should dissapear after 6 years, worth checking that they have indeed gone from your file prior to application.

Mrs_Bumble

If you have an AIP from Halifax then I would have expected them to already have credit checked you in the process.

mbynwa

Thanks that is encouraging. With regards to defaults being removed from my credit report, if they do disappear after 6 years is it literally 6 years to the day, or at the end of the 6th year so it would disappear Dec 31st?

mbynwa

Actually i got confused reading my credit report, i have no defaults, but i do have three late, will that make any difference to my chances of getting a mortgage. These were in 2003, other than that my credit report is clean with lots of settled accounts from when i was paying off my debts.

Mrs_Bumble

lol late payments are vastly different to defaults! the lenders are unlikely to be worried about anything that was more than 5 years ago.