95% Mortgage with a default?

arsenalmad

Hi all,

Me and the wife are looking to buy our 1st house, we are in a relativley good financal position, with joint earnings around 50k pa. And both with excellent credit scores on experian.
But we would like some advice on the possibility of getting a 95% mortgage with a default on my credit file.
The default is for £145 and is 18 months old, we've been told by one broker that the chances of getting a mortgage is very slim as most lenders wouldn't consider us, not until the default is over 2 years.
We read that some people have had success with writing to the creditors and getting a default removed, so we have written to them and pleaded with them to remove the default as it is for such a small amount and was settled immediately i was aware of it! (A family member had taken a catalogue in my name and then not paid)

Is there any hope for us or are we stuck for the next 4 1/2 years until the default expires?

Thanks in advance for any help and infomation!

Paul

Dave_Ham

Hi there,

Aside from the username and tonight's big game, I will try and be as realistic as possible.

At 95% LTV, if the default is on Experian, Equifax and Call Credit (and you need to check) then you have absolutely no chance I am afraid.

95% LTV products are incredibly difficult in any case, even without the significant impact of the default.

The only way I think they will remove the default is if you report the family member for fraud and go through the correct process of involving the police.

Given the value and provider, pester power may be better as there are examples on the forum of catalague companies removing defaults when paid in full and with some heavy persuasion.

All the best (just not in tonight's game)