Struggling to get mortgage because of defaults

dugma1975

I would appreciate some advise please.

I defaulted on some loans back in 2006. They were reported as defaults in feb 2008. I was misled as I enetered a dept management programme and seem to be paying for that now.

Since the defaults were recorded I have clear all outstanding debts and I am only 7 months away from all defaults being wiped from my credit report.

The problem I am facing is that I am desperately trying to get a mortgage. My credit score is showing as excellent with a high score but yet the 3 lenders I have approached have all declined my application because of my defaults which occured back in 2008.

I am very low because I have done everything to correct my errors from years ago and now I do not know how to proceed because if i just keep applying for mortgages and keep getting declined my credit score will lower on each search.

I would appreciate some advise from users or advisors as to how I can proceed with lenders that would not only ignore or at leats look favourably at my defaults seeing as they are wiped in 7 months but would also consider my wifes full salary as she is on maternity leave.

I am very low and would appreciate some advise

Thanks in advance

kingstreet

Value/size of defaults?

Are they satisfied?

Loan to value?

opinions4u

Save a bigger deposit.

Let time elapse.

Pay all your bills on time.

ACG

The defaults are probably the lesser of the 2 issues here. The DMP is probably the bigger problem.

Assuming you have a 15% plus deposit i think there should be ways around this. First thing is to stop applying blindly, you could really do with speaking to a broker and letting them find a lender for you as applying randomly is going to have a negative effect on your credit score and make a hard task even harder.

amnblog

ACG wrote: »

The defaults are probably the lesser of the 2 issues here. The DMP is probably the bigger problem.

Assuming you have a 15% plus deposit i think there should be ways around this. First thing is to stop applying blindly, you could really do with speaking to a broker and letting them find a lender for you as applying randomly is going to have a negative effect on your credit score and make a hard task even harder.

Default lesser issue - CORRECT

Should be ways round this - CORRECT - id like to see more deposit

Stop applying blindly - CORRECT

Speak to a broker - CORRECT

Negative effect - CORRECT

Hard task harder - CORRECT

Nail and head comes to mind ACG

Thrugelmir

When did you finish clearing the debts through the DMP?

This is a more critical date than when you originally defaulted.

nottoolate

if all the debts were defaulted the end date of the dmp is irrelevant. the credit record will clear 6 years from the default dates.

dugma1975

ACG wrote: »

The defaults are probably the lesser of the 2 issues here. The DMP is probably the bigger problem.

Assuming you have a 15% plus deposit i think there should be ways around this. First thing is to stop applying blindly, you could really do with speaking to a broker and letting them find a lender for you as applying randomly is going to have a negative effect on your credit score and make a hard task even harder.

I have 15% deposit and have only applied for mortgages via brokers si am not applying blindly!

GMS

dugma1975 wrote: »

I have 15% deposit and have only applied for mortgages via brokers si am not applying blindly!

Which lenders have declined?

dugma1975

Thrugelmir wrote: »

When did you finish clearing the debts through the DMP?

This is a more critical date than when you originally defaulted.

Cleared all debts oct 2010 and therefore was clear from DMP then! I realise u was naive with DMP but they chose to mislead me and not inform me that I would default when stopping my direct debits

dugma1975

GMS wrote: »

Which lenders have declined?

Halifax, nationwide and natwest