First time buyer mortgage with default

Mcrowde2

Hello, I'm looking to buy my first house and gain a residential mortgage! I have a default of £23 on my credit rating which only allows me to get mortgages that require a 25%deposit! At a push, calculating in all other costs related to buying a house I can only afford about 20%.
Would getting a joint mortgage with my mum or sister who both have immaculate credit ratings allow me to get mortgages which require lower deposits then 25%?
Any advice on this would be welcomed...

Thanks

ACG

The default does not mean you need 25%... it may with some lenders but not all.

What is the default for?
When did it go on your credit report?

Mcrowde2

The mortgages I've looked at all required 25% deposits! An independent mortgage advisor couldn't find one that would take less then 25%deposit either! It's from a payment on a mobile phone contract, where I didn't cancel a contract by the correct day so therefore had to pay an extra month. I refused on principle (looking back maybe should have just paid it). It was logged nearly 2 years ago.

Mortgage_Mark_2

There is one lender that I submitted an application to last week who's stance is to 'ignore all telecommunication issues' - their max LTV is 85%...

Get a better broker!

LauraBee48

I agree with Mark.

Get yourself a broker. I'm in a similar situation to you. My broker says I'm looking at 85% LTV. Defaults don't necessarily mean a 25% deposit.

Dave_Ham

Vote 2 for better broker, given the value of the default and potentially using another person you may be able to stay on the highstreet.

Get your Experian, Equifax and Call Credit reports to a more experienced broker.

Good luck

ACG

Vote 3 for a better broker.
There should be no issue placing this at "normalish" rates assuming the rest of the case is all ok with as little as a 15% deposit.