Trouble getting a mortgage!

gmbunn

Hi Folks,

This is a pretty embarrassing situation but Im hoping somebody may have some advice. Im 26 and my partner is 25. We both have steady, pretty safe jobs (police officer and school teacher) and have a pretty low level of debt for our incomes. However about 5 years ago when at Uni i got into a sticky situation with my borrowing and ended up with a few default marks on my credit files. Ive since settled all accounts but now I cant even get a standard current account! We are looking to get onto the property ladder but cant get a mortgage regardless of a deposit. Are there any specialist types of mortgage that we could consider?

Any advice would be appreciated!

gmbunn

danielanthony

I think a few people on here have got mortgages with defaults through brokers like London and Country, recently Natwest have been giving out mortgages to people with defaults from reading on here. Obviously you will need a big deposit (25%+) to be considered due to the risk.

I had a few defaults from my uni days but only got a 90% mortgage once they were removed from my credit file - 6 years from date of default.

Dinah93

If you are still saving for a deposit these will be off your credit file after 6 years, so only another year to go - probably take you longer than this to save a 20% deposit I would guess.