Help chance of getting a mortgage with 1 default

Homebuyer123_2

Hi trying to get a joint mortgage with my partner for 185000. We have a joint income of around £50k.
Didn't realise I had a default until we started looking at mortgages a month or so ago. It's for about £50 on a new look card which I forgot to pay and ended up with a default. This is recent and was paid last month. It's still not showing up on my credit file as satisfied as yet.

Originally we wanted to get a 95% mortgage but this is looking unlikely. We have approached the halifax who have advised we will probably need a 15% deposit which is achievable. They did a soft credit search and said all are other accounts are ran well other than the default but because of this I has been passed to the underwriters for a decision. This was on Friday and we still haven't heard anything.

Can anyone help what are the chances of getting this mortgage with a 15% depost considering the default? Thanks in advance

kingstreet

You're going to have to wait for the decision. No-one here can predict the outcome.

It's a shame you didn't post here before you went ahead.

Standard advice would be to order all three versions of your credit file and put them in front of a whole market broker. If the default isn't visible on one version, the broker may have been able to get you a higher LTV with a lender which searches with that CRA only.

In terms of taking a default into account, it varies from lender to lender on registration date, amount, need for satisfaction and satisfaction date.

You should however have waiting until the default was showing as satisfied on the credit files on which it's visible, before you submitted a mortgage application; if only to maximise your chance of success.