New to mortgages could do with a bit of help!

mccracd

Hello, as per the title i am new to the whole mortgage process.

I have had 2 low value defaults on my credit file which have now surpassed the 6 year mark and are gone, will this still effect the lenders decision? Have checked with both creditexpert.co.uk and equifax and both confirm that the defaults are no longer recorded. credit file is clean apart from those.

Any advice would be much appreciated!

Thanks

leccyblue

You should be fine with lots of lenders now, though there are some lenders who ask whether you have ever had a default, and decline on this basis. It's just a case of avoiding these. A broker should be able to help you with this, or if you have a specific lender in mind perhaps have a look at their lending criteria to ensure that they are not one of them.

mccracd

Cool, thats given me a bit more reassurance! If anyones reading this and has been in a similar situation i'd appreciate your input too!

ACG

6 year old defaults should be fine as theyre not on your credit report.

If your applying with anything less than a 10-15% deposit then assuming any of the defaults were with banks/lenders - might be a good idea to steer clear of them (ie default with RBS, then avoid RBS/Natwest) as they may keep that on their records for longer than 6 years.

mccracd

the defaults were with Orange and 02.

The deposit will be 10% and will be going to Santander who ive banked with for about 5 years now so hopefully they'll approve me.

If not then thats the way it is, not like i have anything to lose really!

ACG

You shuold be fine.

If it gets declined speak to a broker, im sure there will be a home for this.

On a side note, i dont think Santander are particularly cheap... you could be paying far more than you need to just because you bank with them. It could be worth doing some research or speaking to a broker.

mccracd

i plan to speak to a broker but will be telling them my circumstances from the get go, if i dont get a warm feeling then maybe just rent for a while.

Three more paycheques to go!

thanks for all the advice, makes me feel a bit more confident about the whole thing!