Any Chance

Hydey78

Just wanting some advice on wether I have any chance of getting a morgtage with the below defaults.


Phone bill - £300 default on 20/05/2008
Cap One Credit Card - £632 default on 06/06/2008
Cap One Credit Card - £401 default on 08/09/2008 - While in DMP
Barclays Loan - £7333 default on 08/09/2009 - While in DMP

I know they are now all a couple years old but dont know if there are any companies out there that would look at me and my partner. She has a completely clean credit history all payments made on time, only problem is she only earns £12k as she is a nursery nurse so cannot get any where in just her name. I earn £27k

We are now completly debt free all the above defaults paid off the credit cards and loan defaults were paid between Sept and Oct last year. The phone bill was paid in 2008 just after the default.

We now have 14k saved but would like to know if there is any mortgage companies that would touch us and what sort of deposit would we be looking at.

Any help would be appreciated.

Thanks

Dave_Ham

Hi there,

Did you do a deal to satisfy the defaulted loan early or pay full amount?

Aside from answer above, keep doing the right things (saving is a biggie) and constantly monitor your credit reports for Experian and Equifax.

Time heals, but what sort of purchase price would be typical for you area and will try and give you a steer on length of waiting game as this adverse credit is still current...

Hydey78

Thanks Dave,

I did a deal on the loan and paid about £2700 on a £4000 left.

The houses in our area are about £130,000 to £150,000 for a nice 2/3 bed we can start a family in.

I know the defaults will start dropping off my credit report in 2/3 years time, so was just wondering if need to wait and rent for a while, we can still save between £800 and £1000 per month renting but would prefer to pay off a mortgage insead of paying for someone elses house.

Thanks

Dave_Ham

Thanks for the information, clearly you can already see the affect these defaults have had and no use in me or anyone else ramming that down your throat.

Firstly, there is no exact time frame although clearly your ongoing position is a good one (significant monthly savings)

If you can get to the 80% LTV mark, it will bring a few other lenders into play.

Who do you primarily bank with now and who/where are you placing your savings...?

Hydey78

I bank with Nat West. At the moment we have £5000 in my partners ISA. We have £9000 in my e-savings account.
I am in the process of looking to set up a ISA or another savings account with better interest but not had a propper look yet.

Any recomendations would be apreciated.

I did speak to the Nat West on my annual review they do for Gold Customers who was pushing me to put in there ISA, but said I will have a look round, and she said you need to be squeeky clean for 6 years to get a mortgage through them.