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Any chance of a mortgage with satisfied default?
mxr808
Posts: 12 Forumite
Hi all,
I've been looking at potentially applying for a mortgage to buy a property as an investment and main residence in the near future.
I'm 21 years old, graduated recently and have been employed for 2 months. I earn a pre-tax salary of around £34.5k. Expenses currently mean that I have a disposable income of around 1k each month so affordability of a mortgage is absolutely no problem, nor is coming up with a 10-25% deposit.
I'm looking at properties in the <100k price range.
However all this being as nice as it is I don't think I stand a chance of getting a mortgage. Reason for this being I have a 1.2k default from Natwest bank that happened during my time as a student. I am yet to satisfy it but will be doing so in the next couple weeks.
The default is not due to drop off my credit file for another 3 years.
My current credit facilities are only a £200 credit card (Capital one designed for "rebuilding credit file") that I use to buy random crap and pay off at ridiculously high interest just to show that I can handle a bit of credit I guess.
Is there anything I can do that will give me a remote chance of getting a mortgage? (Obviously I won't be looking to apply until I've been in employment for 6 months at the minimum)
Thanks.
I've been looking at potentially applying for a mortgage to buy a property as an investment and main residence in the near future.
I'm 21 years old, graduated recently and have been employed for 2 months. I earn a pre-tax salary of around £34.5k. Expenses currently mean that I have a disposable income of around 1k each month so affordability of a mortgage is absolutely no problem, nor is coming up with a 10-25% deposit.
I'm looking at properties in the <100k price range.
However all this being as nice as it is I don't think I stand a chance of getting a mortgage. Reason for this being I have a 1.2k default from Natwest bank that happened during my time as a student. I am yet to satisfy it but will be doing so in the next couple weeks.
The default is not due to drop off my credit file for another 3 years.
My current credit facilities are only a £200 credit card (Capital one designed for "rebuilding credit file") that I use to buy random crap and pay off at ridiculously high interest just to show that I can handle a bit of credit I guess.
Is there anything I can do that will give me a remote chance of getting a mortgage? (Obviously I won't be looking to apply until I've been in employment for 6 months at the minimum)
Thanks.
0
Comments
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Speak to a broker. May be options with a decent deposit.
However if you have a deposit of 25k why not satisfy the default?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Speak to a broker. May be options with a decent deposit.
However if you have a deposit of 25k why not satisfy the default?
I don't yet have a deposit of 25k. More like ~10k but save 1k per month. I only got the 10k from signing on bonuses with my company so haven't had it for long. I'll be satisfying the default very soon and will try to find a broker if that's the best option. I wasn't aware I'd be at all eligible so that's put me a bit at ease. Thanks very much.0 -
Sorry, read it as 100k purchase with 25k deposit.
Aim for a 20% deposit to give more options.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
25% deposit, will be able to get you a mortgage.
Speak to a broker this should be doable with help from a broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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