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Mortgage with default
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doormansecurity
Posts: 4 Newbie
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
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
0
Comments
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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,
Rolb0 -
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 replying0 -
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:0 -
thanks for the info, default is for a sofa from dfs0
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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.0 -
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.0 -
I will try and double my deposit. Cheers0
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Sounds like you got a mortgage with Kensington.
Thanks for this, we go back on 14th May so will find out thenHere 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:0 -
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.0 -
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 2014It's a health benefit ...0
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