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Would 2 defaults on fully paid off accounts stop us being accepted for a mortgage?

Would 2 defaults on fully paid off accounts stop us being accepted for a mortgage?

They were £400 & £500 but paid off now
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Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    What date were they registered?

    What purchase prices are you looking at and what deposit do you have?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It will certainly go against you.
    But if everything else looks good (e.g. decent, clean credit history other than that, decent deposit, decent income multiple / affordability) then I would have thought you'd be ok - especially if the defaults were a long time ago.
  • Daniyella
    Daniyella Posts: 221 Forumite
    They were in 2010 and 2008,

    We were looking at doing new buy and we have £13k inc money for our fees, I'm not even looking at properties as I don't want to build my hopes up
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  • kingstreet
    kingstreet Posts: 39,298 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Newbuy as in 95%?

    With two defaults, I'd say that is very, very unlikely to happen for you.

    Sorry.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Sorry I agree, incredibly unlikely.

    If you are buying as 2 of you and only 1 has the defaults, depending on other variables you may be able to get in sole name but lots of considerations here
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Daniyella
    Daniyella Posts: 221 Forumite
    My other half is self employed too just to add to the difficulty!!
    It's so frustrating as we've paid £855 a month in rent for the past year and our mortgage would be less

    Ill go get some lottery tickets I think!
    :staradmin Competition wins! :starmod:
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  • londoncouple_2
    londoncouple_2 Posts: 17 Forumite
    Tenth Anniversary Combo Breaker
    edited 30 January 2013 at 4:15PM
    Answer
    Received
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    I know how it is we are paying £1000pm on a tiny rental and have a little one on the way, We have a 50% deposit and only 1 historic default from 2008 that we paid off in full a year ago! We keep applying with our broker and nobody wants to touch us even with over 100k in a savings account :*(


    You need a new broker!

    There is more than one way to skin a cat and it often takes a very experienced broker that has a think outside the box mentality.
  • Not sure why I put we've paid £855 a month for the past year, we've paid it for nearly 3 years lol!

    Yeah sounds like u need a new broker London couple cos that doesn't sound right x
    :staradmin Competition wins! :starmod:
    John Frieda Hair products, £250 House of Fraser Giftcard, £250 Superbreak vouchers, Bblonde entire range,£100 Pets at Home Giftcard, Benefit Cosmetics, Peppa Pig goodies
    Thanks to everyone who posts!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We have a 50% deposit and only 1 historic default from 2008 that we paid off in full a year ago!

    There's you answer. 3 years to settle a debt.

    Black and white.
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