Has anyone managed to get a mortgage with defaults on credit file?

Stevev99

Just wondering if anyone has managed to get a mortgage and move house before any defaults have timed out after 6 years?

I realise that the 'sub prime' market does still exist but is a tricky one these days, but wondered if anyone has any recommendations of companies or mortgage brokers that specialise in what on the surface may look like a bad credit risk?

It's ironic that now we've just paid off all the debts we're in a good position but the credit file is still a car crash from 4 years ago

Tixy

Not done it personally, but its definitely still possible to get a mortgage with satisfied defaults on file.

But it does tend to be subprime lenders and they do tend to have higher rates and require a lower ltv.

I think you'll mostly find you need to go through an independant broker.

In terms of recommendations - might be worth a look on the mortgage board?

rising_from_the_ashes

Yup but it was before "the crash" and the default was satisfied (in full) and 4 + years old at the time (and a very small stupid amount) - not sure how easy it would be now. ETA: as Tixy says, the LTV ratio may be very important in this - mine was less than 50% which I guess helped too.

Try Which? mortgage advisers - whole of market & they will advise you which product is the best for you, even if it's not one they can arrange (free service).

http://www.whichmortgageadvisers.co.uk/

jellybean39

i got no defaults just lotsof credit never missed any 30pc deposit and cant get high street mortgage. nightmare. keep sayimg ask experian. but credit rating is 988 and nothing on there so have no idea.

rising_from_the_ashes

jellybean39 wrote: »

i got no defaults just lotsof credit

That could be why ...... what is:

a) your annual income
b) the total amount of credit you have available to you
c) the % of your credit that you are using

If your available credit is a high % of your annual income, that will affect a mortgage application, similarly, if you have a high % outstanding on your available credit. HTH