Past credit defaults with mortgage applications

dr0106

Hi

I am a first time buyer with my partner and we feel we have everything ready to purchase our first property.
I have a current reasonable credit score of 904 however I have three default accounts from about 3-5 years ago all under £200 that were satisfied immediately. although I have had no debt in some time I understand this is left on your account for 6 years and can contribute negatively towards a mortgage application.
Does anyone have any advice regarding this or can help in anyway.

Thank you

Tixy

These are still likely to impact on your ability to get a mortgage and which lenders will consider lending to you and at what rate.

The higher the LTV you want to borrow then usually the more of a prolem the defaults will be.

Worth speaking to a mortgage broker for some advice on which lenders might consider you application and which lenders to avoid.

orfoster

Hi, I think you need to look into the defaults.
When did you fall into arrears and when were the defaults recorded on CRA? They should be registered between 3-6 months from the cause of action. Read the ICO technical guidance on issuing defaults. I hope this helps you.

Thrugelmir

Once history is written, move on. Best way of tackling any old negativity is keep saving for a larger deposit. As this demonstrates more than anything else that you've learnt your lesson. Both Halifax and Nationwide operate saving accounts that will improve the odds of acceptance.

Dovah_diva

The number of times we see it on this board - people tend not to give a fig for defaults, until they realise how much damage they can do when it comes to getting credit.