No debt but default - how do i tell fiance who wants to buy a house?

money11111

Years ago I made a huge mistake by not redirecting mail which resulted in me not realising I had missed payments on a credit card - and now have a default (all paid) which comes off my credit file November 2015.

I do not have any debts at all.

My partner wants to buy a house, which is great, but I never had a reason to tell him I had a default until I recently found out it affects getting a mortgage.

I feel really embarrassed as it makes me look irresponsible (it was 5 years ago) and i'm worried it means we won't be able to get a joint mortgage until it has come off my credit file - which is over a year away.

Any tips of talking to him or on the house front?

Thank you

ACG

Good news - there are lenders who will ignore the default due to how old it is.

There are lenders who will not ignore it, but it does fit criteria so assuming the rest of your reports are fine then it should fit.

So, getting a mortgage should not be an issue. Getting a mortgage at relatively normal rates should also not be a problem.

But I would suggest speaking to a broker, just so they make sure you go to the right lender first.

A 1 off default, is not necessarily irresponsible, its just a mistake - we have all made them.

PeacefulWaters

No debt but default - how do i tell fiance

You say "I have a default that drops off next year. It came about because <insert explanation>. The good news is it probably won't affect getting a mortgage."

Thrugelmir

Make a determined effort to save every £1 you can to increase the size of your deposit.

amnblog

How do you know your partners credit file is clear?

All sorts of people have blemishes on their credit files.

Particularly those with phones on monthly plans and those using mail order catalogues.