Mortgage with old default

martin1988

Hi,

I am looking for advice on buying a home. I have 2 defaults from 2007 totaling £5000 from when i was a student. I am not asked or threatened about these anymore but they show up on my credit report. I have been perfect for 3 years and rented privatly for 5 years and never missed rent payment. We have a 20% deposit on a £60000 home, I earn £36000 and partner £20000,
Is there anybody that would consider us for a mortgage? if so are there any companies that could be recommeded.

Thanks in advance.

Thrugelmir

Unsettled defaults may well impact your application. Non payment of £5k of debt would be viewed very seriously.

Jimby509

The defaults will drop off you file in 2013 anyway. Keep saving and apply for a morgage when the defaults no longer show.

Sure lenders will be more favourable without them on your CR.

martin1988

Is there any sub-prime mortgages available? We would be willing to pay higher interest if it meant getting on property ladder

Dave_Ham

Hi there,

I would be pretty confident of a solution here and not necessarily at higher interest rates.

Good deposit and income, with it being historic adverse.

I would suggest you obtain your statutory credit files; Experian, Equifax and Call Credit and put them in front of a mortgage broker.

I would suggest the better the broker, the better the rates.

All the best

lvm

I am in the exact same position as you OP! Defaults from 2007 with decent savings/salary.

I was hoping on a house purchase this year but think much safer to wait until defaults cleared.

Aren't house prices predicted to fall slightly over the next year anyway?

Thrugelmir

martin1988 wrote: »

Is there any sub-prime mortgages available? We would be willing to pay higher interest if it meant getting on property ladder

Maybe worth checking that a CCJ wasn't issued against you. The lack of contact suggests you moved on without leaving a forwarding address.

martin1988

Thrugelmir wrote: »

Maybe worth checking that a CCJ wasn't issued against you. The lack of contact suggests you moved on without leaving a forwarding address.

This would show up on my credit file, it is not there,

martin1988

Dave_Ham wrote: »

Hi there,

I would be pretty confident of a solution here and not necessarily at higher interest rates.

Good deposit and income, with it being historic adverse.

I would suggest you obtain your statutory credit files; Experian, Equifax and Call Credit and put them in front of a mortgage broker.

I would suggest the better the broker, the better the rates.

Thanks mate, I have been told this before but wanted diffrent opinions, is there anywhere to compare brokers? can anybody recomend on that suits my circumstance?

Thrugelmir

martin1988 wrote: »

This would show up on my credit file, it is not there,

Have you checked all the credit agencies plus the court register?

martin1988

Thrugelmir wrote: »

Have you checked all the credit agencies plus the court register?

nothing on experian or equifax, where do you check court reg?