Chances of getting a mortgage with 2 old settled defaults??

jamesbrit1

Hi all, some advice would be great please, especially if you have been in my situation.

Many years ago I had 13 defaults in total (I was young and settling down was a lifetime away) but now its that time.

I currently have 5 defaults that are on my file and will have 2 by November. The remaining 2 are £200 mobile phone defaults and are due to fall off mid 2013 and the start of 2014 and are both settled in full.

I currently have an experian credit score of 830 for what it's worth. I have not missed a payment of had credit denied for 3 years (have not applied for anything though. I have a mobile phone and a bad credit credit card being paid off ever month on time too. Which is doing good things for my score.

Bearing this in mind what do you thing my chances are in general of being able to apply for a joint mortgage with the Mrs who has perfect credit from a main stream lender?

I know people manage to get mortgages with defaults. I would not go to one of these 'specialist' lenders but would be happy paying a little more with a main stream bank if that's an option.

Any help, advice or guidance would be greatly appreciated.

James

property.advert

Some lenders won't touch you with any defaults whilst some will if the defaults are low in number, low in value and settled some time ago.

There used to be a web resource which listed all these for all the lenders but I guess it has changed somewhat in recent times: more strict I guess.

You'll have better chances if you have a high deposit, low income multiple and have no other debt. You'd need a perfect record for high LTV with maximum income multiples.

Thrugelmir

Pay off your debts from savings. Then your credit record will clear quicker.

Dave_Ham

There are to many unknown variables here to give you a more specific answer.

Ultimately it is possible, as above post said it will come down to Loan to value, income and employment type although your OH having good credit also improves your chances.

Do I read this that you have satisfied all of your defaults that remain on file and additionally the credit card you are paying off is a damaged credit one (vanquis or cap one) and you are clearing each month - if so this will help dramatically.

Lastly, try and make a note of all of your defaults that were with lenders. This will advantage you when applying as best not apply to one where you defaulted as they hold on their internal system longer than the 6 years credit report.

Good luck

jamesbrit1

Thanks for the usefull replies. Yes both defaults are settled and there will only be 2 come November this year.
I have had no searches or missed payments and my bad credit credit card is ticking along nicely.
Nearer the time I will put two notices of correction on my credit file for each of the defaults explaining what happened exactly i.e. O2 continued my contract even though I had asked them to cancell it when I was out of contract.

I have currently sent of a s.a.r to O2 to see if there is something they have done wrong to see about the chances of removal.

Is there anything I should be looking out for when the info arrives?

James