Help to Buy with Defaults

mkmini81

Hi Newbi here needing some help....

Im looking to purchase a new house on the help to buy scheme. The issue i have is i had 3 defaults logged back in Oct 2007 (2 have satisfaction dates June 10).

What lenders are there that would be able to look at my situation with out being declined straight away. (dont want to go through loads of credit checks)

Experian credit score is 823 and checked Equifax and that is showing as 386 (amber as i have lived in the property im in now for less then 3 years)

All help appreciated!

amnblog

Very tricky, lenders to H2B market don't like any adverse.

If not large defaults might be worth starting with Halifax as they do a 'soft footprint' credit score which means it won't show on your file.

Dave_Ham

Firstly, forget the credit scores as they are worthless. The information itself is crucial to your application.

As a rule Help To Buy schemes do not like adverse, although the historic nature of the adverse may provide an option.

I would not want to flippantly preference one lender over another without full facts, but the specifics of the rest of your case would be vital to where placed.

Good luck

kingstreet

Are the defaults visible on both Equifax and Experian versions of credit file?

mkmini81

thanks for the reply's.... I can only see them on Experian, nothing on Equifax.

I have spoken to a broker and he advised to wait till July as then the satisfaction date is over 3 years, would that be correct as i thought it was on default date as not all lenders place a date for satisfaction.

Forgot to add all defaults are settled on experian.

Dave_Ham

Then would be worthwhile speaking with another broker, fancy a solution here.

All the best