mortgage - help / advice

weso

Hi Folks new to the forum hoping for some help / advice.


I am hoping to move house in the new year. I have a default loan which is settled and the 6 year default period ends in Jan 15.
I was wondering what happens after the 6 year period ends, does the default still affect me if I applied for a mortgage ?


I earn approx 40k , my mortgage is 95k and my house is worth approx 170k. I owe £3500 on credit cards.


Also my wife is on low income and has bad credit history so we were thinking it might be better to just use myself when applying for a mortgage ... is this a good idea ?


Many thanks

stator

After 6 years it will drop off your credit report entirely. The only people who will know about it are you and the people you defaulted with, so don't apply for a mortgage with them

Check your credit reports a month after it should come off just to make sure

Yes, if she's got a bad history leave her off.

weso

Thanks stator
My current experian score is 872 is this likely to increase when the default period has ended ?

stator

Probably but I don't know, the experian score isn't really important. Lenders don't use it, they just use the raw data. When applying for a mortgage your chances will definitely be better with no defaults