red mark on credit file/new mortgage

tonymoore

hi all.. i'm new here,names tony. Not sure if this is in the right place. I did do a search, but nothing of relevance came up.

My wife and i would like to move house in the new year.. but I have a red mark on my credit file.

A little history..
I had some bad debts which have been paid off. They were on my file as 'settled'. I have 1 left on file that will clear in october this year. Then my credit file will be clear.

Is it worth my wife and I applying for a mortgage before my file is clear??
My wife's credit is exemplary. She has her own property with £110k equity which we currently live in together with our 2 kids.

Any help is welcomed.

tony.

Thrugelmir

tonymoore wrote: »

Then my credit file will be clear.

Your history will linger long after the debts are finally settled.

tonymoore

thanks for your reply.

My history will be clear of any marks or bad debts as of october this year, as i'm at the end of the 6year period.

tony

Dave_Ham

It is possible, although will require more information.

What is still showing on your Experian file and what is still showing on your Equifax file as adverse?

How much would you want to buy for and how much deposit are you likely to have?

tonymoore

i have 1 outstanding 'settled' mark on my file. this will be cleared as of october this year. then there will be no adverse history on my file at all.

we want £100k(borrow) to add to the £110k(equity) we will have from the sale of our current house, making £210k in total for our new property.

tony

Dave_Ham

Is this settled marker on Experian and Equifax?

Was this account defaulted - it will show on the file?

Additionally, if you find a sensible broker I would expect this is achievable now..

All the best

tonymoore

thanks dave.
experian is where the mark is. it was a defaulted account of £456.00.

tony

Dave_Ham

So you will get a mortgage now, although likely it will not be on market leading terms.

Is this not showing on Equifax or have you not checked ?

tonymoore

i haven't checked equifax..

Should i wait until october then when my history is clear. for a better prie? or wite a statement to add to the mark?

tony.

Dave_Ham

Check Equifax, it may give you alternative options depending upon what is on there.

Alternatively when clear in Oct, you will have access to prime products although be sure not to approach a previous bad debt lender as they hold on their internal systems longer than 6 years...

andyp774

If you add a statement to the experian report it automatically should get kicked out according to the guys at experian. I was in a similar situation to you and I waited till the default was off at the beginning of June and we sailed through and all is moving through on the house smoothly for us