Mortgage with default?

Chaz1990

Me and my partner are looking to obtain a mortgage in the next few months. He has an excellent credit score with no blemishes. I on the other hand have a default on my account for the sum of £200 it is satisfied and settled and has been for two years. I know most people say this but it was an unfair default as the company withdrew £600 from my account and then failed to pay out on an insurance claim. I have contacted them and they refuse to help. I have placed a Notice of correction on my account and have evidence of all conversations.

I currently run my own business and will shortly be selling. This will allow is to raise a deposit of around £30,000-£40,000 on a house worth £125,000-£135,000. We currently pay £700 a month rent and have done for 4 years. Would evidence like this help?

I will be seeking employment elsewhere and understand I have to have 3months pay slips, my partner already works full time at another company and has been employed by them for 11 years.

What are the chances? Are we fighting a losing battle or we will eventually be able to buy a house?

Thank you for reading.

oopsadaisydoddle

Chaz1990 wrote: »

Me and my partner are looking to obtain a mortgage in the next few months. He has an excellent credit score with no blemishes. I on the other hand have a default on my account for the sum of £200 it is satisfied and settled and has been for two years. I know most people say this but it was an unfair default as the company withdrew £600 from my account and then failed to pay out on an insurance claim. I have contacted them and they refuse to help. I have placed a Notice of correction on my account and have evidence of all conversations.

I currently run my own business and will shortly be selling. This will allow is to raise a deposit of around £30,000-£40,000 on a house worth £125,000-£135,000. We currently pay £700 a month rent and have done for 4 years. Would evidence like this help?

I will be seeking employment elsewhere and understand I have to have 3months pay slips, my partner already works full time at another company and has been employed by them for 11 years.

What are the chances? Are we fighting a losing battle or we will eventually be able to buy a house?

Thank you for reading.

I got a mortgage with a default. However, mine was nearly gone by the time I applied.

Mine was also due to my ex not paying a joint loan. While we were married, I had no reason to worry that he wasn't paying. I also know i was jointly liable. I was paying other things as part of our marital finances. Anyway, I found out after the default was recorded and managed to arrange to pay it in full as soon as I was aware of it. I also I kept the receipt. There were a lot of other things he hid from me and this is what I put on my notice of correction.

When we applied for the mortgage, we used an independent financial advisor. They told us which building societies considered defaults. My credit report also backed up that this default was the only bad thing on an otherwise perfect file.

Every situation is different but we also had in our favour that we had worked for the same companies for 8 (me) and 12 (DH) years consecutively.

We got a very good fixed rate deal.

Chaz1990

It's such a mind field. I have no idea where to start. We've been thinking of buying for a while but have been waiting so that my file improves but now our landlord has put our current home up for sale. It's all happening so quickly. I have nothing on credit and haven't had for 7months. My partner has been with Nationwide BS for 13 years and has a very good relationship with them so we will try them and see what happens. Thank you for your reply.

Tixy

How old is the default?

It is small, settled and you are going to have a large deposit.
I'd imagine you have a reasonably good chance of finding a reasonable deal. Agree that an independant mortgage adviser is the way forward.

Does husband earn a good salary? you may be able to get a mortgage based on his income, which would mean you don't need to wait to find employment and then have the 3months payslips.