Getting a Mortgage with a Defaults

Leon_W

Any lender will quite rightly ask the question " Why have you defaulted for the sum of £300 when you have a £45,000 deposit ? "

Be prepared with a plausible reason as any lender will think it suspicious.

frazyoussef

Thanks for all your responses.

JamesD - yeah lowering the value of the properties we've been looking at certainly seems the answer. The default was March this year I believe but would have to look at her Checkmyfile credit reports that we have to double check exactly when it is.

Thrugelmir - Reading a few websites which advise on repairing your credit rating say that getting a card like the capital one basic to increase the rating is perfectly ok if used correctly. Wifey has assured me it will be used responsibly and ill also be keeping an eye on it. Do you think by taking the card out it will have a negative impact on our application?

Leon W - this is very true, the deposit is simply under lock and key with her father for safe keeping to prevent her from spending it on anything other than its purpose to put down as a deposit for a house.

Thanks again guys!