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Mortgage with default

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doormansecurity
doormansecurity Posts: 4 Newbie
in Mortgages & endowments
Hi all,
Can I get a mortgage with these details for around £120,000.
1) I have a default from 2008 for £1100
2) I currently have a loan for £10,900, all payments have been on time and is all upto to date
3) I am in fulltime employment
Any advice would be appreciated
Thank you
«1

Comments

  • SalsaDanca
    SalsaDanca Posts: 434 Forumite
    Part of the Furniture 100 Posts
    Hi,

    Can you tell us your salary and the size of your deposit? The loan probably won't be a problem, unless the mortgage company thinks you can't afford the mortgage and the loan payments at the same time.

    Regards,

    Rolb
  • doormansecurity
    doormansecurity Posts: 4 Newbie
    Hi,
    thanks for the reply.
    deposit would be £12,000
    my income £33,178
    plus tax credits £9000 pa
    would the default be a problem.
    thanks for replying
  • RedTulip
    RedTulip Posts: 103 Forumite
    What is the default for? i have two on my file and our broker said the lender she spoke to wasn't interested in anything over 2 years old and not bothered at all about the default for a mobile contract (took out for an ex...) I couldn't tell you the lender as I don't know yet (only just started the process) but I know they accept slightly adverse credit risks.

    I'm by no means expert, but if you go to a good whole of market broker they will investigate all options.
    Here to offer help and advice, and maybe take a little in return.

    Whilst I am happy to share my knowledge, I am in no way a professional... I can not therefore accept responsibility for inaccurate info, I ask that you take professional advice rather than rely totally the info provided by myself :beer:
  • doormansecurity
    doormansecurity Posts: 4 Newbie
    thanks for the info, default is for a sofa from dfs
  • catieeb06
    catieeb06 Posts: 576 Forumite
    RedTulip wrote: »
    What is the default for? i have two on my file and our broker said the lender she spoke to wasn't interested in anything over 2 years old and not bothered at all about the default for a mobile contract (took out for an ex...) I couldn't tell you the lender as I don't know yet (only just started the process) but I know they accept slightly adverse credit risks.

    I'm by no means expert, but if you go to a good whole of market broker they will investigate all options.

    Sounds like you got a mortgage with Kensington.

    They ignore adverse over 2 years old and will also completely ignore all mobile phone related defaults no matter when it was issued.

    Get yourself to a broker, they will advise you accordingly.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • catieeb06
    catieeb06 Posts: 576 Forumite
    Being completely honest though, with a 10% deposit and a default on your credit file you are going to struggle.

    Your best bet is probably going to come from doubling the deposit.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • doormansecurity
    doormansecurity Posts: 4 Newbie
    I will try and double my deposit. Cheers
  • RedTulip
    RedTulip Posts: 103 Forumite
    catieeb06 wrote: »
    Sounds like you got a mortgage with Kensington.

    Thanks for this, we go back on 14th May so will find out then :)
    Here to offer help and advice, and maybe take a little in return.

    Whilst I am happy to share my knowledge, I am in no way a professional... I can not therefore accept responsibility for inaccurate info, I ask that you take professional advice rather than rely totally the info provided by myself :beer:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    doormansecurity wrote: »
    I will try and double my deposit. Cheers

    Clear the loan you have. Makes longer term sense.

    With some of the saving from clearing the loan, start overpaying your mortgage.
  • m00m00
    m00m00 Posts: 1,755 Forumite
    Kensington do 85% ltv, and would ignore the default, but you would need a salary of 35k (no idea if they would count the tax credits)

    at 80% ltv the min salary is much lower

    you need to increase your deposit to at least 18k, preferably 24k and then speak to an experienced broker.

    that default isn't going to come off your record until 2014
    It's a health benefit ...
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