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Can I get a mortgage with these defaults?

Legacy_user
Legacy_user Posts: 0 Newbie
in Mortgages & endowments
I have defaults on my account from Feb 2013 and Sept 2012 (payments being made to these) later ones are Apr 09 and two from Jan 10 (settled). When's the soonest I could even dream of getting a half decent mortgage? I know defaults disappear after 6 years but wondered if I have any chance sooner than that...
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Comments

  • kingstreet
    kingstreet Posts: 39,340 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What's the loan to value and what are the default amounts?

    Do they show on all three versions of your credit file?
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • System
    System Posts: 178,375 Community Admin
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    I've only ever checked Credit Expert... The biggest one was the latest one, it was my overdraft of £1700, Natwest charged me immense fees which bumped the balance up to £2000 (account isn't in use anymore) The others were a couple hundred each.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,375 Community Admin
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    LTV would be 20% btw!
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ACG
    ACG Posts: 24,721 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Get all 3 credit reports.
    At 80% LTV (20% deposit), i would say definitely with 2 years of the most recent dated default - possibly sooner depending on everything else.
    I am a Mortgage Adviser
    You 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.
  • kingstreet
    kingstreet Posts: 39,340 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    All three reports will not necessarily show the same things.

    Get them all then talk to a whole market broker.

    Equifax

    https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

    Experian

    http://www.experian.co.uk/consumer/statutory-report.html#orderReport

    CallCredit

    https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • System
    System Posts: 178,375 Community Admin
    10,000 Posts Photogenic Name Dropper
    Just signed up to Equifax, showed an even worse score of 203?? Experian show me as 'fair'. Callcredit need to verify me (think this is because electoral roll hasn't updated me yet, we've not long moved to this address)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • kingstreet
    kingstreet Posts: 39,340 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    CRA scores are worthless.

    Your broker needs to know what actual data is shown.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • System
    System Posts: 178,375 Community Admin
    10,000 Posts Photogenic Name Dropper
    They're worthless? Really??
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ACG
    ACG Posts: 24,721 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yes. Its a score the credit agency gives you.
    Each lender has their own way of scoring you.

    At best its an indication, but i have seen people with poor scores get accepted and people with good scores get declined.
    I am a Mortgage Adviser
    You 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.
  • System
    System Posts: 178,375 Community Admin
    10,000 Posts Photogenic Name Dropper
    Well that gives me a little bit of hope then!

    Now i need to find a mortgage advisor (trots off on the hunt...)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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