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Will I ever get a mortgage?
LibertyBelle
Posts: 29 Forumite
I plan to buy a house in 2017 once I've saved a big enough deposit and the only default drops off my credit file (or so I thought)
Is there a chance this default will remain around forever and prevent me *ever* buying a house? I was told after 6 years of blameless borrowing (which I will have then, always pay off one credit card at the end of the month which is all I have left) I should be able to apply for a mortgage. But given the article below, I am confused.
http://www.lovemoney.com/news/property-and-mortgages/mortgages/27625/mortgage-market-review-finding-mortgage-harder
Please can anyone assist ? I guess if I will never buy a house it might be good to know now!
(all debt is paid back btw)
Is there a chance this default will remain around forever and prevent me *ever* buying a house? I was told after 6 years of blameless borrowing (which I will have then, always pay off one credit card at the end of the month which is all I have left) I should be able to apply for a mortgage. But given the article below, I am confused.
http://www.lovemoney.com/news/property-and-mortgages/mortgages/27625/mortgage-market-review-finding-mortgage-harder
Please can anyone assist ? I guess if I will never buy a house it might be good to know now!
(all debt is paid back btw)
0
Comments
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The MMR has no impact on an old historic default, which some lenders will accept now and will still accept after 26/4.
Once it falls off your credit file, six years after registration, it will have no impact at all.
MMR affects affordability and what outgoings are deducted.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Oh that's good to hear - thanks.
We are saving so much a month I'm sure we'll past affordability - we live like paupers putting away so much each month!0
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