Mortgage advice

crazy17uk

Hi i was wondering if someone could advice me. Im looking to get a mortgage with my partner this time next year but not sure if this realistic or not.
The problem is i have a default on my credit file from october 08 which will still be present on file at the time of a mortgage application. Unless i can get it removed as i never recieved a letter to say a default would be issued. This occured when i was a student. Would a note on my file explaining this change things????
Im currently in a lot better financial position, all my debt is now paid off.
My partner has a excellent credit report.
We would of saved a 10% deposit by next year
We have a joint income of £45000
Looking for a mortgage of about 120000
Is there any hope or will i have to wait until october 2014
Any advice appreciated

personal76

Hi i have just gone through the whole process with defaults on my CF and i have a mortgage offer in place and just waiting to exchange but i had to put 15% down which was quite alot

Wh05apk

At 90% I think you will struggle currently, nest year could be a doddle or could be impossible, things are changing quite rapidly at the moment.

Currently at 85%, if everything else is spot on you could be ok, at the default will be over 3 years old, so assuming we are only look at a small figure it may be do-able.

Bigsmak

personal76 wrote: »

Hi i have just gone through the whole process with defaults on my CF and i have a mortgage offer in place and just waiting to exchange but i had to put 15% down which was quite alot

15% is not a lot these days.. You can get a mortgage with 10% but the rates are not good and you do need a good credit file..

15% is norm...

personal76

Bigsmak wrote: »

15% is not a lot these days.. You can get a mortgage with 10% but the rates are not good and you do need a good credit file..

15% is norm...

Tell me once offered and val done and also solicitors instructed does the bank do a final credit check before completion?:j