Post debt plight.

PJ82

Hello!

I sold my house last summer and am trying to buy a new one - currently living with parents.
The trouble is that I defaulted on a post-grad loan, taken out with with HSBC, in 2005.
It went to MCS ltd collectors ,a brance of HSBC I believe, where I did not miss a payment and finally paid this debt off in full in January of 2011. I am now debt free.

I am now looking to buy a house and have a 10% deposit saved.

However, I have been told only two lenders will deal with me because of this default. These lenders want a 20% or 25% deposit which is a bit of a tall order.

I heard mentioned that some companies can take the default of your credit record. Is this true?

Is there any other options for securing a mortgage with adverse credit and I guess what is a relatively small deposit.

Is there any hope?

Thanks in advance!

Phil.

Thrugelmir

Who are the lenders that you've been advised will accept your default.

herbiesjp

How much was the default for?

When was the date it actually defaulted?

There are a handful of lenders that could potentially help, and the deposits you have been advised of 20-25% are correct. However what deal are available to you will depend on the exact details registered on your credit file.

You need the help of a broker for this.