Mortgage with defaults

squibs1219

Hello
I am looking for some advise on whether I should try to apply for a mortgage or just keep trying to improve my credit rating. I have a low credit score which occurred whilst I was at university and just not managing my money very well. Consequently I have 4 defaults within the last 4 years, with the last default being in 2011, therefore another year and they would be all over 3 years old. I also have a CCJ for under £300. This was due to moving house I didn't get the reminders for a parking ticket until this was already in place and paid it straight away.

I know it doesn't look good, but I am now working full time, make regular payments to my credit card to increase my credit payment history and don't have anything over £500 on a credit card and non are in arrears. All happened between 2009 and 2011.

I have a £25% deposit towards a mortgage and my partner has a good credit score but does not earn enough to apply for a mortgage on his own.

I would be grateful of any advice.

Thrugelmir

When was the CCJ dated?

ACG

When in 2011?

If theyre over 2 years old, there are definitely options available based on what you have said. The 25% deposit will also help.

Its worth getting your credit reports (experian, equifax, callcredit/noddle) and taking them to a mortgage broker. You will probably struggle on the high street, but there are lenders who would consider you (based on what you have said).

Dave_Ham

Hi there,

With a 25% deposit and a good broker you will be able to get a mortgage now (other things being equal)

If the latest of the recent default/CCJ are over 2 years, then likely to secure a mortgage on good rates.

Suggest you get all 3 credit files; Experian, Equifax and Call Credit to be sure nothing from the University days has caught you up more recently.

All the best

squibs1219

CCJ Issued March 2010, settled June 2010 for £242. I have a default in December 2009, a default in January 2010 a default in August 2010 and September 2010.

My partner has a good credit score and we have £36,000 deposit and looking to borrow around £104, 000 on a property we have seen for £139,950. Our income is £21,000 and £19,000 and both get additional unsociable hours pay and overtime accumulating consistently to around £400 a month.

Many thanks for your advice so far

Dave_Ham

Excellent, get yourself a broker and they should be able to make this happen...

Good luck

Bubbles87

We have pretty much been excepted with Halifax with 2 defaults, we got told by bank that they ignore defaults off under £250 & that are over 3 years old & that they are satisfied...

droiderm

What does pretty much accepted mean ?