mortgage with defaults

emmajim

Hi,

I am looking for a mortgage however struggling, I work f/t with the same company for 12 years earning £22000 pa.

I have had bad credit in the past of small amounts that are £415 default 4/9/09, £549 default 5/11/10, £420 default 4/1/08 and £571 default 26/5/11.

Can someone please advise me as when i seen a mortagage broker they gave a possible offer if i had a 25% deposit, I can stretch to 15%. Can someone please advise me further I am looking to buy the property i currently rent privately, £115000 is the house price.

Please help

Thanks :(

Dave_Ham

Have the defaults been paid and marked as such on the credit files with Experian, Equifax and Call Credit.

If so, when was the default in 2011 settled as this could have a bearing on the results.

If you only have one of the above credit reports, you might want to get the others..

Conrad

No chance with a 15% deposit. You are demonstrating over a consistent period a propensity not to honour the contracts you enter into.

Any broker recommending you a mortgage with a 15% deposit would be failing the responsible lending and treating customers farily principles and would be right sued by you when you failed to honour the mortgage contract.

You need to demonstrate about 3 years clean history with no late payments.

Also I'd argue with your income you should borrow a lot less.

emmajim

I am currently paying the 2011 one after I spoke with Santander they reduced it to
£321 and then the agency dealing with it have agreed to 3monthly payments of £93, I was unaware of this after changing bank accounts and found these where charges from the bank, how long does it need to show satisfied for it to have an impact, would it be better for me to pay if off sooner?.

The credit report I am currently using monthly is experian to sort out my credit.

Thanks

Dave_Ham

Conrad wrote: »

No chance with a 15% deposit. You are demonstrating over a consistent period a propensity not to honour the contracts you enter into.

Any broker recommending you a mortgage with a 15% deposit would be failing the responsible lending and treating customers farily principles and would be right sued by you when you failed to honour the mortgage contract.

You need to demonstrate about 3 years clean history with no late payments.

Also I'd argue with your income you should borrow a lot less.

A bit of a sweeping statement when we do not know the history or the detail on the case.

Whilst I remain conservative on any chance of success for the OP given the above, the rest of your post is a bit much.

emmajim

Conrad wrote: »

No chance with a 15% deposit. You are demonstrating over a consistent period a propensity not to honour the contracts you enter into.

Any broker recommending you a mortgage with a 15% deposit would be failing the responsible lending and treating customers farily principles and would be right sued by you when you failed to honour the mortgage contract.

You need to demonstrate about 3 years clean history with no late payments.

Also I'd argue with your income you should borrow a lot less.

I feel this statement a little harsh as my circumstances and health conditions then and now have changed somewhat this is why I am sorting my finances out.

I was hoping some advice, my partner is unable to enter into the mortgage with me as he is already on a mortgage at another property so his Income will be contributing to the mortgage just not able to on paper.

Dave_Ham

You may have more scope considering your partner, as the very least from settlement date is likely to be 1 year which I assume may be a bit late for this home...

emmajim

Not necessarily no, can you advise me the best way forward for in a years time please for my credit and mortgage possibilities?

Many Thanks

emmajim

Also we had been told if he is on a mortgage he cant be considered as he is unable to come off it due to commitments at the moment unless it is sold?

Thanks

Thrugelmir

emmajim wrote: »

I am currently paying the 2011 one after I spoke with Santander they reduced it to
£321 and then the agency dealing with it have agreed to 3monthly payments of £93, I was unaware of this after changing bank accounts and found these where charges from the bank, how long does it need to show satisfied for it to have an impact, would it be better for me to pay if off sooner?.

Not making full and final settlement is the worst course of action you could have taken. Delaying settlement will have scored heavily against you as well in the case of Santanders debt.

Did you pay off previous defaults in installments as well.

Whilst Conrad's statement was perhaps overly harsh. The issue of consistently defaulting will greatly impact your credit record. Whatever the reason behind them.

emmajim

i was unaware this would cause an issue and look worse as I was just trying to resolve anything owing, the other defaults had been paid in full.

Thanks