Chances of a mortgage?

Noodes

Hello

After a sticky few years me and my other half are debt free :jAlong the way though, whilst I maintained an excellent credit rating, the o/h obtained 2 defaults, one for £700 (now settled two years ago) and one outstanding for £190 (didn't realise, had no debt collectors chasing, now paid) We have also managed to save 10k for a deposit on a house. (found out about the outstanding default when we checked our credit ratings for mortgage applications)

what I want to know is with the 2 defaults on a poor credit rating, an excellent credit rating and a 10k deposit, what are our chances of getting on the property ladder? Will we really have to wait 4 years before applying?

Thanks

kingstreet

It's not the amount of deposit that matters, it's what that means as a percentage of the price of the property. Are you going to be looking at £200k property, so that's a 95% mortgage, or are you looking at £50k flats, so that's 80%?

With adverse credit, the loan to value and the amount and registration dates of defaults are key.

Are both defaults visible on all three versions of the credit file?

Noodes

It'll be a 90k mortgage so 10% deposit.

Have only checked out Experian as we thought that would be the main one

kingstreet

Different lenders supply to and take information from, only one or perhaps two CRAs.

If you find one version looks better and you use a broker who knows which lender(s) uses only that CRA, you might improve your mortgage chances.

What are the registration dates and amounts of the defaults, please?