Hopeful of a Mortgage ???

lj2010

Hi all i have been working hard on my credit file to improve as much as possible for a mortgage. I have a mortgage at the moment and have done since 2010. I have 4 Defaults 1 for a Utility company for £191 in may 2012, 3 Mobile Phones Defaults 1 for £234 and another £71 aswell as Another for £116 all from 2012.

Will these stop me getting a Mortgage with a Bank. I have been with the same bank for 14 years and had defaults before on my credit report before i got my Mortgage from this bank before. My Mortgage payments and everything else have been paid on time and are no other problems ????

Thanks in advance

Thrugelmir

In current climate you would looking at 3 years good clean history as a minimum requirement. Given your previous indiscretions. So at least 2015.

The lender will be more interested in your inability to pay small bills rather than a 14 year history.

Whiner

lj2010 wrote: »

Will these stop me getting a Mortgage with a Bank.

With all due respect, would YOU lend money to someone who has defaulted on 7 separate credit accounts?

TadleyBaggie

Whiner wrote: »

With all due respect, would YOU lend money to someone who has defaulted on 7 separate credit accounts?

Probably only 2 credit accounts (assuming the mobile phone contract is the same one each time) and only 4 defaults in total. Still a bad credit record however.

hop3y

lj2010 wrote: »

Hi all i have been working hard on my credit file to improve as much as possible for a mortgage. I have a mortgage at the moment and have done since 2010. I have 4 Defaults 1 for a Utility company for £191 in may 2012, 3 Mobile Phones Defaults 1 for £234 and another £71 aswell as Another for £116 all from 2012.

Will these stop me getting a Mortgage with a Bank. I have been with the same bank for 14 years and had defaults before on my credit report before i got my Mortgage from this bank before. My Mortgage payments and everything else have been paid on time and are no other problems ????

Thanks in advance

You're probably going to struggle.

James_Robertson

Hi,
I wouldnt have thought that "minor" defaults like utility bills or mobile phone bills are regarded as proper credit accounts.

Remember credit is defined as "loans, Credit cards etc.., so if you make a mess of one of your bank accounts or dont pay off a loan then that is what the banks are looking out for.

Your "defaults" are pretty minor and mobile phone companies are being extreme in treating their silly phone agreements as if they were "loans", they are not and they should not be allowed to jeapordise your finanical chances, because of something this minor.

My advice- avoid phone contracts, the staff give you the "hard sell", you are tied in for 18 mths or more! These companies are basically extrortionists!!

Jamie:mad:

Tixy

Are you hoping to remortgage your existing mortgage to a new lender?
Or hoping to move house and obtain a new larger mortgage?
Or hoping to get a second mortgage in addition to your existing mortgage?

Your existing mortgage lender may well be the best bet in your circumstances. The defaults may well cause you an issue with other lenders on the market, particularly for the best deals (those with the lowest rates and highest ltv).

I'd approach your existing mortgage company first, and failing that consider speaking to a mortgage broker with details of your file and exactly what you are looking for.

Thrugelmir

James_Robertson wrote: »

Hi,
I wouldnt have thought that "minor" defaults like utility bills or mobile phone bills are regarded as proper credit accounts.

Paying bills to contractual terms tells a lender much about a borrower.

Easy way to thin out applications.

lj2010

It was for a new house and a new mortgage product Ill leave it another 3 months then have alook at my credit score again. I am being told lots of diffrent things some people saying done trust Experian Credit score as an indicator and others saying get Experian Credit score up into top end of fair or start of good before thinking of applying ?

WHat do i believe ??

Tixy

lj2010 wrote: »

WHat do i believe ??

I would read this - What your credit score really means and take very little notice of your experian score or people who suggest it is a good indicator as to whether you are likely to be accepted.
Why not just speak to a mortgage broker now about your likely chance of getting a mortgage based on your circumstances / credit file / ltv etc?

Thrugelmir

lj2010 wrote: »

WHat do i believe ??

Well multiple defaults will reduce your options that's a certainty.