Applying for a mortgage with old default

GrillMonkey

Hi All,

I'm looking to get a mortgage with my wife but I have 2 old defaults both are satisfied and both are over 3 years old.

I've recently signed up to Experian and got a credit report which has my score listed as excellent, it shows the two defaults and that they are both satisfied.

Should I be OK with my application or am I better off waiting until the defaults expire?

Thanks in advance for any advice,

Dave_Ham

Hi, a lot will depend upon your particular situation.

I would suggest this is likely to be achievable, although certainly not by all lenders.

Forget the score and Experian grading, this is irrelevant as lenders see defaults rightly as a significant issue.

So long as the current credit/employment positions are good, this potentially can be achieved now although may make sense to approach a broker with your credit reports..

All the best

GrillMonkey

Thanks for the reply Dave,

I've been in the black since the defaults happened and my current employment is over 2 years, full time and permanent. I shall take your advice and contact a mortgage broker with my report.

Thanks again.

mkmini81

I had a similar situation. had 2 defaults that fall off this month. with a broker i got accepted with Woolwich and complete next month.

Samwaydors

It looks like we are all in a similar situation. How old were the defaults when you applied for your mortgage if you don't mind me asking. I have just had one this year April 2013, and was told over the telephone by a broker to wait a year and it would be looked at more favourably. It was for £40 and satisfied straight away. Everything else, employment, deposit amount, credit file ticks all the boxes just this default standing in my way. Thanks