First Time Buyer - Small Default 30 October 2013 at 7:13PM in Mortgages & endowments 5 replies 674 views

[Deleted User]

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

GMS

If you mean the Help to Buy scheme then yes the default will almost certainly mean a decline.

kingstreet

I agree with GMS.

I can't see acceptance at 95% with, or without, Help To Buy - Mortgage Guarantee.

chanz4

Is the default settled?

ACG

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%.

adamck

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.