Am I an undesirable mortgage candidate?

HomeOwner2b

My husband and I have been married for 6 months now, but due to previous living arrangements he had shared his mortgage with a work colleague (who moved abroad for work but stayed on the mortgage) until now. We would like to remortgage so that I can take over from his work colleague and we can own the house together.

I have a default on my credit history from a couple of years ago, and approximately £2000 on an MBNA credit card at the moment (which I have never missed a payment on, and regularly make overpayments into).

I have lived at this address now for 4 years.

Is my poor credit history likely to give the bank a reason to turn us down? My husband owns approximately 25% of the house at present, and he has had his mortgage at this address for 5 years.

I'm terrified of what the bank will say when they credit check me with my husband for the remortgage next week!

Am I undesirable for a mortgage? Will my husbands excellent track record with the bank and mortgage help at all?

_Andy_

How much was the default for? It is satisfied?

HomeOwner2b

Hi there, the default was on a credit card DD, which has since been cleared and closed.

I'm not sure if this is what you mean by satisfied?

_Andy_

How much was the default for? Was it definitely a default or just a missed payment?

HomeOwner2b

Default I think - because I repayed a company called Blair Oliver and Scott not the actual credit card company.

Am I doomed?

opinions4u

How much for?

Just in case you missed the previous requests for a key piece of information.

HomeOwner2b

I'm not sure what you mean by how much was the default for - the balance of the card was nearly £2000 when I started to make repayments to Blair Oliver and Scott, but the DD which was missed was for around £50.

_Andy_

opinions4u wrote: »

How much for?

Just in case you missed the previous requests for a key piece of information.

:T:T:T:T:T:T

I think that's the first time I've ever seen you use a larger font!

Wutang_2

Sounds like it was with a debt collector (they're always a great lot - not exactly mastermind, but top people) and therefore it were defaulted. therefore it sounds like a £2k default which is pretty hefty!! You are going to struggle, sorry boyo.

HomeOwner2b

Oh gosh, this is terrible news. Is there anything I can do? Is there anything I could do over the next year or so (if we were to delay the application) to improve this situation?

Wutang_2

if you want to repair credit you can take out a Vanquis or Aqua CC and buy something each month and pay it off (so no interest added and you're seen to be getting better with the cashmoney). Get copies of your credit reports to make sure all the info is correct. And when remortgaging, do it with a whole of market mortgage homeboy.