Remortgage advise please!

fluffy333

Hi, need some advise from someone more knowledgable than me please! We got our first mortgage of £212,000 almost two years ago on a fixed rate that is coming to an end. We met with the mortgage advisor today to arrange the re mortgage. We currently owe £200,000 (house valued at £270,000). We have a lump sum of £90,000 that we want to pay off leaving a remortgage of £110,000. The advisor came up with a 5 year fixed rate that we were happy with, but after submitting the application it was declined! The lender use Equifax which I've never checked - I've always used experian. I've signed up with equifax tonight and found two defaults for over £5k for someone with the same name as me but not me! This happened on experian and I managed to get them removed so am presuming I can get them removed from equifax in the same way. But I also found a default on here that is mine for £138.00 defaulted in 2008. I don't know what this is for but am not disputing it. My question is when I clear the defaults that aren't mine and pay the one that is I understand that my default will still remain on my file. Will a default for a relatively small amount cause the mortgage lender to decline my application again or will the substantial amount I have to pay off help my application? Or should I reapply for a mortgage with a lender that will only check experian where I know my report is clear and fine? Sorry for the rambling post but I've worked myself up a bit over this and am worried about having too many credit checks carried out in a short space of time. Many thanks for any advice.

Thrugelmir

Best to speak to your broker. Let him determine a lender which will accept it.

ACG

I agree with the above.

It all depends on who the lender is and what the default was for. Some lenders ignore defualts under certain amounts or if theyre over a certain age - other lenders dont.