95% mortgage concern

Rklsmith7 · 21 October 2013 at 10:55PM

I have been looking further into 95% mortgages but now unsure if we will qualify as my partner defaulted on a credit card years ago. It was only £100 at the time but after going to uni and moving around he never received the reminders. The debt was sold on and he only realised he had this until last year which was when he paid it with full and final settlement. It is due to come off his file in 5 months (6 years since the date of default).
Is it even worth trying until march considering we need a high ltv? What do you suggest?

Many thanks

Gordon_Hose · 22 October 2013 at 7:42AM

If I were you I'd wait 5 months until it drops off his file.

kingstreet · 22 October 2013 at 8:37AM

On which version(s) of his credit file is the default visible?

Rklsmith7 · 22 October 2013 at 8:45AM

It was on experian

kingstreet · 22 October 2013 at 8:55AM

Only on Experian and neither of the others?

Rklsmith7 · 22 October 2013 at 8:58AM

Experian was the only one we checked this was back last year when he first discovered the default

Gordon_Hose · 22 October 2013 at 9:03AM

You need to check all 3. Experian, Equifax and Noddle. The £2 statutory reports will do.

Rklsmith7 · 22 October 2013 at 9:08AM

And if it is visable on all 3 would you advise to hold off untill march?

kingstreet · 22 October 2013 at 9:10AM

I would. You are unlikely to get 95% on standard, or HTB - MG terms with a visible default, IMHO.

Gordon_Hose · 22 October 2013 at 9:10AM

Personally, I would. Even though it's an old debt, a 95% mortgage is going to carry more risk for the lender as it is, and, I suspect, any sort of default, regardless of age, is going to get your application thrown in the bin