Morgage Advice plus 1 default

jord77

Hi Peeps

After advice again..

Right i am currently 26 i am a IT project Manager earning 28000k-32000k a year i currently have 1 default on my file from 4 years ago (orange for £117) what was paid of within weeks of getting default etc i have 2 Credit cards both Capital one and barclaycard with £100 on each etc and i have no other debts and not missed payments in the last 4 years etc

My question is what is the likely hood i will be able to get a mortgage on my own as i have just started a new job in the last 2 months also what affect would this default make ?

Looking to get a mortgage around 130,000k mark i currently have 15k to put down ?

My experian reports shows 996 ,
Equifax 371 Fair
Call Credit 2/5 ( not all that sure these are all that good)

Good advice would be wonderful

cheers

ACG

I think you may find affordability a bigger issue to overcome.

Ensure you check the calculators before submitting anything. The default should not be a major issue, its quite old, relatively small and its on a mobile phone - which some lenders ignore anyway... but you should check with the lender.

Alternatively get a broker involved as there is a bit of work to do here.

jord77

i have worked out its possible going to cost be between 500-600 a month that's what i am aiming for anyway. I am trying to keep below the Stamp duty etc I see you are a mortgage adviser what advice could you give to me as all i have been told it to just keep paying my credit cards in full every month just a little concerned with this default etc? also affordability will be ok as my GF will be living with me so will be paying me rent . This is a agreement as she has no money for deposit etc plus i rather it be mine anyway

ACG

The application is in your name only, affordability is based on your income only, not your girlfriends or any rent she will pay you.

My advise would be to speak to a broker, I genuinely think affordability is going to be tight. The default will be an issue but one that can be overcome easily enough.

Thrugelmir

jord77 wrote: »

i have worked out its possible going to cost be between 500-600 a month that's what i am aiming for anyway.

The cost of mortgages will rise in the future. So don't base your budget on current options. Base it on interest rates being 3% higher.