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First Time Buyer - Small Default
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Evening All,
I'm looking at buying my own place using the new first time buyers mortgage scheme, as my credit file has recently got into good shape with one exception of a default of £390 from British Gas over a disputed bill 4 years ago.
How much of an issue is this going to cause me?
I'm planning to have my credit card paid off before applying to, but will this default end all my chances?
Thanks
I'm looking at buying my own place using the new first time buyers mortgage scheme, as my credit file has recently got into good shape with one exception of a default of £390 from British Gas over a disputed bill 4 years ago.
How much of an issue is this going to cause me?
I'm planning to have my credit card paid off before applying to, but will this default end all my chances?
Thanks
0
Comments
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If you mean the Help to Buy scheme then yes the default will almost certainly mean a decline.I am a Mortgage AdviserYou 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.0
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I agree with GMS.
I can't see acceptance at 95% with, or without, Help To Buy - Mortgage Guarantee.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.0 -
Is the default settled?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Help to buy is there to overcome a lack of deposit, not adverse credit.
I would say you need a 10% deposit really if not 15%.I am a Mortgage AdviserYou 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.0 -
If you think yours is a small Default... i cannot even complete the submission for approval due to a £19 Default from Vodafone 5 years ago that i can't seem to get removed.
At the moment, this £19 error is stopping me from getting on the property ladder.
Wish Vodafone would at least acknowledge my letters and emails!
So yes... a Default will stop you from even submitting the approval in branch.0
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