Joint Mortgage with a Default

LogicBlue

Afternoon all,

I have researched the forums to find information regarding mortgages with a default which has been very helpful. But the chances of acquiring a mortgage with a default on the credit file seems too bleak!

I am at the stage in my life where me and my long term partner are looking to buy our first home. I despise the fact that a small default can hinder all chances of being accepted for a mortgage.

We are looking at a house of £180,000 and we have a 20% deposit of £36,000 that we can use.

The downside is, I have a default of £38.00 on my account that has been 'satisfied', it is 14 Months old. I'm currently in dispute regarding this but I doubt I will be able to get it shifted. Unfortunately, it is something that im just going to have to live with for 6 years.

I must admit, im abit shocked how easily the banks refuse credit to defaulted applicants. Especially providing that I have many successfully settled credit agreements in my name. I read that the banks are only interested in making money (probably true) , looking back I must have made banks thousands with my agreements in the past without a hitch - So I would of thought I am an ideal customer. I guess its a risk evaluation.

So, due to the small default (I will not bore you with my excuse for this) do you think we are more than likely going to be declined for a joint mortgage application?

Is there any hope at all in securing a mortgage? I don't feel very optimistic about my home owning dream at the minute.

I feel that there should be some sort of additional route applicants with a default can take to prove, despite the default, that they are a trustworthy applicant to secure a fair rated mortgage.

Reading threads its like ''Got a default?...then you have no chance'' Defaults are thrown out like confetti these days, they should really be monitored by some sort of financial body.

Any advice from your guys will be exceptional!

Thanks for taking your time to read my post

Thanks

GMS

Speak to a mortgage broker. If the only issue is the default then there will be places for this.

Don't apply at random to lenders as declines will harm credit scores

LogicBlue

GMS wrote: »

Speak to a mortgage broker. If the only issue is the default then there will be places for this.

Don't apply at random to lenders as declines will harm credit scores

Sound advice, I will speak to a mortgage broker..im sure they have access to mortgages based on these kind of circumstances.

Thanks again!

ACG

A £38 default 14 months old and a 20% deposit... dont worry.

Speak to a broker i would imagine normal rates will be achievable. If you get a broker who tries to place this with an adverse lender walk out of there. With a bit of leg work this should be placeable at normal rates.

Thrugelmir

Are you sure it's the default which is the issue?

LogicBlue

ACG wrote: »

A £38 default 14 months old and a 20% deposit... dont worry.

Speak to a broker i would imagine normal rates will be achievable. If you get a broker who tries to place this with an adverse lender walk out of there. With a bit of leg work this should be placeable at normal rates.

Thanks for your reply ACG. I will bear that in mind.

LogicBlue

Thrugelmir wrote: »

Are you sure it's the default which is the issue?

Hi Thrugelmir. I have a default on my credit report, any default is an issue as far as im concerned.