Mortgage advice needed.

DEC1982

I currently have an interest only mortgage with Birmingham midshires with my husband fully paid every month no missed payments at all. We are considering moving due to our expanding family and going on to payment. Unfortunately I have a satisfied default on my file from last year everything else on both our files paid up to date. I was just wondering if its even worth looking into?
Many thanks

kingstreet

So little information, a helpful response is practically impossible.

You don't make clear if you are asking about the chances with your current lender, or with any lender?

In the circumstances, it may be worth a call to your current lender as an opener...

Some lenders may accept a default registered a certain time ago, others where the default is below a certain amount, others still if the default is satisfied.

All of these are going to depend on the loan to value.

I suggest that once you've spoken to BMS, you get hold of all three of your statutory credit files;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Which you should take along to a meeting with a good independent or whole market mortgage broker. Ask friends and relatives for a recommendation. Failing that, use https://www.unbiased.co.uk remembering to switch off "sponsored ads only" option so you get a full list, not just the paid-for adverts.

The £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score."

Let_Us_See

In order to give accurate advice can you confirm what was the default, how much (one smallish one not normally a problem) and date satisfied.

Dave_Ham

Key here is the date the default was actually registered...

DEC1982

Hi the default was registered in may last year then satisfied in jan this year. The amount was £550. It was an overdraft that the bank cancelled after I moved my wages to another account.

With regards to the mortgage question I was just wondering if its worth persueing in any respect as if I'm going to be flat out rejected I'd rather not have the search on my file.

Does your existing company still credit check you for a mortgage? Sorry I'm very new to these things

Thrugelmir

DEC1982 wrote: »

Does your existing company still credit check you for a mortgage? Sorry I'm very new to these things

Yes they do. The default will be detected.

The fact you were unable to settle a relatively small debt quickly would be a major concern. As suggests your household finances are stretched.

The settled default is barely a month old. The date you defaulted is not the issue here.

ACG

How much are you looking to purchase a new property for?
How much mortgage will you need?

If were talking a high LTV, then you may struggle. If its not too high then there is a probably a relatively good chance.