Settled Default and Mortgage Application

TastyTeeth

I have a settled default from January 2007 against a previous address (moved 3 times since then).

I have no other defaults on my credit file and all my current credit accounts are running well, with no missed payments or balances over £500. I have been in my current job for over 4 years.

I'm looking into getting a mortgage and, before making an application, wondered if the settled default from early 2007 might cause me a problem in getting a mortgage approval?

Is anyone able to offer me any advice?

rising_from_the_ashes

It may do unfortunately as lenders are exceptionally strict at the minute - but the fact that it's an older one with a good history from then will count in your favour.

ETA I take it that it was settled in full (ie isn't marked "part settled" or anything like that?)

Other factors will be your income, amount you want to borrow, LTV rate etc etc.

Pop over to the mortgages board for some advice - there are a few mortgage advisers over there who will be able to offer more info.

TastyTeeth

rising_from_the_ashes wrote: »

ETA I take it that it was settled in full (ie isn't marked "part settled" or anything like that?)

That's correct. It was settled in full in January 2007.