Planning to get a mortgage next November please help.

I tried to go for a mortgage this year (part buy part rent) but got declined because of a default I done back in 2010. It was settled on the 03/10/2011 – It was an orange mobile phone bill and the default was £449.
I went with Barclays as I have been with them for 20 years and have a really good credit rating with them because I run my account well with them, the mortgage advisor advised me that Barclays ignore all defaults after 3 years so to come and try again in October next year. This works out better for us as the new %5 scheme is on so we will have roughly £13K deposit by then.

The only thing is I am anxious that although the Barclays man said it will be fine and that was the only thing stopping us from getting a mortgage, I am anxious something else will get in the way. Can I have some advice on how I can prepare myself for this and get everything looking good.

Replies

  • MallyGirlMallyGirl Forumite, Board Guide
    5.6K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    ✭✭✭✭
    I would set up all bills to be paid monthly by DD so you cannot forget to pay anything, if you have credit cards set them to be paid in full or minimum payment (whichever fits your needs) by DD.
    Maximise your deposit as it gives you better choices.
    I would commit to a regular saving account for your deposit - interest rates are better for regular saver accounts - and it will enforce the discipline of having less money on hand.
    Good luck
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
This discussion has been closed.
Latest MSE News and Guides