Mortgage with a default?

Jordan_k_s

Hello there

Me and my partner are looking to buy a place together, we have a joint income of 64k a year. We are looking for a mortgage of 200,000 with a 40,000 deposit(20%) my partner has a good credit rating but the problem is I have a £11,000 default on my account from 4 years ago, I signed up for a I.T course not knowing what I was getting into and choose to ignore the payments (stupid I know) without realising the conciquences. I have checked my Experian credit report and have a score of 791 which is rated as fair with 2 positive factors and one negative. I have a number of satisfied accounts from phones, insurance etc and a high interest credit card which I pay off on time in full each month. Was just wondering if there's is anychance at all we would get accepted for a mortgage? Any help would be my h appreciated I'm booked in to see a mortgage broker next week but was looking for and advice/opinions on here. Thanks Jordan

McKneff

Your best bet is with the mortgage broker. As the default was 4 years ago, you'll still have a problem but not a major, major one.

Is there any chance of you hanging on a couple of years till your default drops of your file, possibly rent somewhere.

See what the broker says anyway and good luck

Jordan_k_s

Thanks for your reply, we are currently renting at the minute so wouldn't be too much of a problem to hang on 2 years just we would like to get on the property ladder as quick as we can and we have seen a house we like in a great area with 40,000 off the asking price so wanted to see if we had a chance but if not we will have to wait till it clears thanks again for the reply

Jordan_k_s

Is there anyone else who could give any advice on this? Thanks

GMS

Jordan_k_s wrote: »

Is there anyone else who could give any advice on this? Thanks

Your broker would be best to advise as they will have your full details.

Get copies of your credit files from Experian, Equifax and Call Credit. £2 statutory ones rather than free trial. Pass these to your broker.

There are lenders who would consider. Be 100% honest with the broker and see what they come up with.

What ages are you?

Thrugelmir

Jordan_k_s wrote: »

we have seen a house we like in a great area with 40,000 off the asking price

A house is only worth what some one will pay for it.

I think mines worth a million pounds no one would buy it though.

Jordan_k_s

Thanks GMS im 26 and my partner is 35. Ive been with my current employer for 4 years and my partner with hers for 15 years. Is there any brokers who think that they could help me? or does anyone know of any good brokers who specialise in this kind situation?

GMS

See what the broker you are booked with has to say. The majority of brokers would know what to do with this application.

Jordan_k_s

thanks for the advice GMS will see how it goes with the broker fingers crossed they can come up with something

Jordan_k_s

Is there any mortgage advisor out there who might be able to help me? Or guide me in the right direction?

GMS

Jordan_k_s wrote: »

Is there any mortgage advisor out there who might be able to help me? Or guide me in the right direction?

No adviser would help you without knowing your circumstances. A fact find would need to be done to establish what you want and how best to match you to a lender.

Can you not wait until your booked appointment? What do you mean by help?

I and many others on the forum could reel off potential lenders but it would be wrong to do so as it could be seen as advice and potentially unfair to you as your circumstances are not know.

Go through a full fact find with a broker and see what they recommend.