Mortgage (85%) with 1 default

fishcake5_2

Badger8 you are not alone with this problem, it happened to my son also, for only £130, its a huge price to pay for 6yrs. Does anybody know how long the mortgage applications are listed on credit file for ? they made 3 applications last may before realising why they were being turned down, tried in vain to get default removed but no luck let us know how you managed if your successful. I think a criminal record would have presented less problens, if only they could spend a year behind bars and then it be wiped, would be a more deserving sentence

badger8

fishcake5 wrote: »

Badger8 you are not alone with this problem, it happened to my son also, for only £130, its a huge price to pay for 6yrs. Does anybody know how long the mortgage applications are listed on credit file for ? they made 3 applications last may before realising why they were being turned down, tried in vain to get default removed but no luck let us know how you managed if your successful. I think a criminal record would have presented less problens, if only they could spend a year behind bars and then it be wiped, would be a more deserving sentence

I sure someone can help, but as you say its a complete nightmare for a sum of £200. Everything else is in order and no payments missed. It makes you wonder whats wrong with the country when anyone can walk in and get a house for 6 people. £200... so stupid.

citrate

We have an application going through with Abbey at the moment. We're doing 15% and have 1 default between us. The default was explained before hand and we passed the credit check to get the AIP. They've just asked for bank statements and proof of income so it's looking good. As I say we're doing 15% but on 125k so that could be the difference. We earn 45k between us so we're only looking for just over 2x our joint income. A cheaper property or better deposit could be the answer. Get yourself a better advisor who will speak to lenders first because another rejection will cause problems on your credit file!

leereni

Citrate - when did you settle the default? I've heard even if it's on your file, if it's over 3 years ago it's not so important as if it were recent.

citrate

The account defaulted in 05/07 for £1400. It is marked as satisfied and last updated in 10/11.

Our application was approved today and we'll be receiving a formal offer subject to Abbey's valuation.

jamesd

badger8 wrote: »

Now I'm confused.

for example - Defaulted on 31/03/2006 - credit file updated 11/05/2008

I thought that was going to come off my file on the 31/03/2012 and not the update date.

Bad mistake that. The date that counts is the date of the last activity. If you had done nothing with it then it would have vanished five years from 31/03/2006. Now you settled it, it'll remain until five years after the settlement date. Unless they agree to remove the default.

Since you weren't aware of it and contacted the creditor as soon as you found out there's a chance that you may succeed in getting it removed, particularly if they had been doing things like trying to contact you at obsolete addresses before the default.