4 year old defaults

clairbear1000

Hi

I was looking for some advice. I've started to seriously consider my first property but I have two old settled defaults from a catalogue from 2009. I also have some missed payments back then but for the last 4 years everything has been paid on time and all debt paid off.

My salary has increased to 47k and I am looking at flats in the region of 160k with currently a saved deposit of 5% but working up to 10% and beyond.

How likely am I to get considered for a mortgage, and how much does the deposit depend on it? I.E would they discount me if I had 5% but look at me if I had 12%?

I realise it's just your opinions but they are most appreciated.

If I have missed relevant info, please just ask.

Thanks

ACG

At 5% your going to struggle until they drop off your file.

At 10% its a possibility, at 15% 99.9% sure it could be placed subject to everything else fitting.

Are the defaults showing on all 3 of your creidt reports? (Equifax, experien and callcredit/noddle).

clairbear1000

I think they only show on Experian. I can only see a year's information on noddle / call credit, maybe I can look into that.

By the time I get to 15% more time will also have passed as well. I am just wondering if I have to wait an entire 24 months. I also don't want to get laughed out of the bank / mortage brokers office.

thanks

ACG

At 95% your going to struggle.
Get all 3 reports infront of a decent mortgage broker and at 90% there may be a way around it.

You wont get laughed out at 90%.

Trust me, we have seen worse... taxi drivers who can afford a lot more than their accounts suggest (im saying nothing) but its things like that which are a waste of our time.