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Mortgage with Satified Default

Walker19791986
Walker19791986 Posts: 4 Newbie
in Mortgages & endowments
HI,

I am currently looking into the possibility of getting a mortgage, however I do have a default on my credit file from March 2012. This was put on my file during the period in which my ex-wife and I were going through divorce.

This default has since been satisfied in full. Will this effect my chances of getting a mortgage or is there a possibility I can get this default removed from my credit file?

I have written to Lloyds Bank already and asked for a copy of the Default Notice which they have been unable to provide.

Any advice or help would be much appreciated
«1

Comments

  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It depends on the size of the default and the rest of your credit file.

    One for a broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 24,912 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    How much do you have for a deposit? (as a percentage of the purchase price)
    How big is the default?
    I am a Mortgage Adviser
    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.
  • Walker19791986
    Walker19791986 Posts: 4 Newbie
    The defaulted balance was £5735 and as I said this has since been settled in full
  • Walker19791986
    Walker19791986 Posts: 4 Newbie
    I currently have a 5% deposit and am looking for a joint mortgage with my partner.

    I currently earn £55,000 per annum and she earns £25,500
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your deposit is too low and the default too large.

    Can't see it happening.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Wozza85
    Wozza85 Posts: 128 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Walker19791986 wrote: »
    I currently have a 5% deposit and am looking for a joint mortgage with my partner.

    I currently earn £55,000 per annum and she earns £25,500

    Apparently 5% mortgages are tough to get with something negative on your credit file, maybe a broker can help? With 80K total income and the default settled you may be ok but will depend on lender i guess.
  • ACG
    ACG Posts: 24,912 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Is the default showing on all 3 credit reports?

    If it is i would not fancy this. I think you need to wait an additional year or up your deposit to around 15%.
    I am a Mortgage Adviser
    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.
  • Walker19791986
    Walker19791986 Posts: 4 Newbie
    Can i get the default removed?
  • Wozza85
    Wozza85 Posts: 128 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Walker19791986 wrote: »
    Can i get the default removed?



    Nope, stays for 6 years after settled date.
  • ACG
    ACG Posts: 24,912 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Did you owe the money to lloyds and not pay it?
    If its a valid default how would you be able to get it removed?

    Companies have a legal obligation to record an accurate reflection of your account. If it went into default then its accurate.
    I am a Mortgage Adviser
    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.
This discussion has been closed.
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