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Mortgage help and default on file 6 years ago?
derbychris
Posts: 14 Forumite
Hi all,
New to this forum but viewed it a lot and hoping for some help with a complicated situation.
My wife and I are looking to move house later this year. The mortgage is just in my wifes name with Halifax for £85k as I was in an IVA at the time. This I completed in Oct 2012 but obviously I still have defaults on my credit file which I understand after speaking to Experian come off after 6 years, ie. Oct/Nov 2013.
We are looking to move house later this year and was hoping I could go onto the mortgage as we will be looking at mortgages around £130k. My wife is now part time due to us having our son so cannot borrow enough based on her wages alone. She currently earns approx £1100 after deductions, I get £1650 after deductions.
However after speaking to Halifax (current mortgage provider) they said I could only be added to the mortgage after 6 years had passed from the defaults coming off my credit file - so effectively 12 years after I took out my IVA. Apparently all credit searches for mortgages go back 6 years so will still pick up these defaults.
Are we now doomed never to buy another house and have to go back to renting? Or wait another 6 years before trying again? Any help would be great, many thanks
New to this forum but viewed it a lot and hoping for some help with a complicated situation.
My wife and I are looking to move house later this year. The mortgage is just in my wifes name with Halifax for £85k as I was in an IVA at the time. This I completed in Oct 2012 but obviously I still have defaults on my credit file which I understand after speaking to Experian come off after 6 years, ie. Oct/Nov 2013.
We are looking to move house later this year and was hoping I could go onto the mortgage as we will be looking at mortgages around £130k. My wife is now part time due to us having our son so cannot borrow enough based on her wages alone. She currently earns approx £1100 after deductions, I get £1650 after deductions.
However after speaking to Halifax (current mortgage provider) they said I could only be added to the mortgage after 6 years had passed from the defaults coming off my credit file - so effectively 12 years after I took out my IVA. Apparently all credit searches for mortgages go back 6 years so will still pick up these defaults.
Are we now doomed never to buy another house and have to go back to renting? Or wait another 6 years before trying again? Any help would be great, many thanks
0
Comments
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Get all 3 credit reports - equifax, experian and call credit and go to see a broker. It might be difficult but it could be possible - however its going to be too complicated to give an accurate answer on forums without seeing all the info.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Ok thanks for that. It's just so frustrating as financially we can afford it and I thought once November got here I'd be ok0
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If you have a 10% deposit then your going to struggle, if you have say 20% plus then its going to get easier.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Looks like renting then...! :-(0
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Still get your reports to a good broker (not an estate agent broker), i said you will struggle not that its impossible - it all depends on how it appears on your credit reports and all 3 reports may show different things.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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True, will still get my reports then. Think it shows us 5 defaults on my Experian one which obviously isn't good!0
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