Default Getting a Morgage

jord77

Hey

I am after some advice, 3 years ago i was in a massive arguement with orange over a £117 phone bill i had anyway after 4 months i paid it and that was the end of the story, well gess not i went to apply for a credit card this year and got declined checked my credit file turns out i got this default. the Default was paid 3 years ago etc. I Currently work for barlcays as a IT Engineer i earn 25k a year and have 15k deposit for a house and a credit score of 900. My issue is i want to apply for a house on my own but this default has 3 years left on it. would i be able to get a morgage ?

cheers

Thrugelmir

The default may not be the only reason for the decline.

matttye

In addition to the above posts, in future it would be a good idea to check your credit files before applying for credit.

Trajal

jord77 wrote: »

Hey

I am after some advice, 3 years ago i was in a massive arguement with orange over a £117 phone bill i had anyway after 4 months i paid it and that was the end of the story, well gess not i went to apply for a credit card this year and got declined checked my credit file turns out i got this default.

Defaults are bad for mortgages. End of story.

jord77 wrote: »

the Default was paid 3 years ago etc.

It will stay for a further 3 years from the date of the default and you will struggle to get any credit in the meantime.

jord77 wrote: »

I Currently work for barlcays as a IT Engineer i earn 25k a year and have 15k deposit for a house

You might get a mortgage but not much of one with that level of salary.

jord77 wrote: »

and a credit score of 900.

This is not a good indicator, every financial institution has their own scorecard. The 'score' that you are referring to is sadly very misleading and basically useless.

jord77 wrote: »

My issue is i want to apply for a house on my own but this default has 3 years left on it. would i be able to get a morgage ?

cheers

I bet you can get a mortgage but as I said it won't be great and you will struggle to get a good deal with a default on your credit file. Concentrate on building a higher deposit and make sure you pay everything on time for 3 years, that's my advice mate.

Good luck - it's a struggle but will be worth it.