Default expired, getting a mortgage advice needed

martini162

Hi all,

This is my first post, I have been lurking for ages but cant find the answer to my query so hope you can help.

We are currently mortgaged and are looking to move. We have been previously been unable to move as the mortgage is in my husbands name and he had a default.

We have checked today and the default account has dropped off:D but on experian it still shows as there is one negative factor...there is one account marked defaulted or delinquent, but no details of the account in the accounts section if you follow.

Will this go too soon? the default expired on saturday.

Will it affect us getting a mortgage? I have an excellent credit rating and am now in position to go on the mortgage but wont be contributing a great deal as I earn a quarter of my husbands income.

Hope someone can help. Feels disheartening we have waited ages for it to go and it sort of half goes!?!

ACG

Why didnt your husband just pay it off? He would have been able to remortgage a lot sooner.

Dave_Ham

Do not worry, this will drop off and if you contact Experian then you may get this done a bit quicker.

Do not apply until you have checked both and off of Experian and Equifax.

Also, do not approach any lender that had the bad debt/default etc. as they may have on their internal systems for longer.

Be confident, you will be able to achieve a mortgage now subject to some other variables.

Good luck

martini162

I wasnt of the understanding it worked like that? I thought a default was a default and stays on regardless? I only found out last year and thought paying it off would reactivate it and take longer as it was already satisfied?

Is there anywhere I can find the facts? Im trying to get the jist of it all by reading on here

Dave_Ham

Do not worry you are overcomplicating.

Had you paid off, ACG is saying you could have got a mortgage sooner (potentially) which is correct.

Now, as soon as you are default free on the reports you will be ok to access the whole market

You cannot change the past, so good news the 6 years are up and you can move forward...

andyp774

I had a similar situation last month. The default was on the equifax account and the experian account stated that the account was a delinquent account. The delinquent account is one that you have missed a number of payments on consecutively.

I applied for a first time buyers mortgage through Nationwide (they only use Experian) and got accepted no issues at all (even with this "delinquent" account on my credit report. If you have shown since then that you havent missed a payment and you are repaying things generally quickly you should be ok.

Are you in positive equity on the house then?

martini162

Hi Andy,

Yes we are in quite a good situation and will be looking at a 75% ltv mortgage.

Need to get him to check out his equifax one now also.

Thanks