Advice needed please-mortgage & bad credit

lexi110

My fiance and I are looking to get a shared ownership property together, as this means we can get on the ladder sooner as we already have the deposit saved.
However until 4 weeks ago my credit rating was o.k ive gone on there now and its very poor, due to a wonga default that happened over a year ago but it does state it is settled
My questions are: 1, why has it taken them so long to update my credit score? Because its been so long do I have any way to complain, as it should update every 4 weeks, it could now be 6 years to clear but now its 7.
2, as im only looking for a small mortgage Approx £56000 and my partner has excellent credit, will they be as strict in accepting me?
Anyone who can give me advice I will be extremely grateful!

Want to get all the facts before I start getting excited about properties lol.

Many thanks
Lexi

lvm

Just want I confirm:

Are you saying it's taken Wonga over a year to report the default or it's taken a year for the default to show up on your credit report?

When was the last payment you made to Wonga before they defaulted you and what was the default date? Defaults should normally been applied up to 6 months after payments have stopped.

If it has taken over a year since you settled the account and Wonga have only just applied the default (with a later date) then write and ask for this to be changed to the actual date.

If the default has only just started showing on credit report but is correct, there won't be anything you can do as it's an accurate reflection of your credit history.

A default, particularly from a PDL company of only just over a year old will ring major alarm bells with any mortgage company. That coupled with the fact you're looking at shared ownership - I'd be surprised if you could get one, even at a ridiculous rate of interest.

Could your partner get a mortgage alone?

_Andy_

Even if it was a year ago not recently, you'd still not secure a mortgage from any high street lender with that on your file.

I would suggest posting on the mortgage forum. I would assume though in the absence of a deposit you won't have any options at all.