Mortgage help - 2 defaults

Quimoi

PWG wrote: »

...Although there is a lender who will do 95% if the defaults are more than 3 years old.

Not meaning to hijack the thread but, out of idle curiosity, do you know what kind of rates that lender would offer on 95% LTV?

gg2011

Thanks for all your advise on the matter.

I will make sure I'm fully debt free.

The defaults are for £2500 and £80.00 Stupid i know but we all make mistakes and these have cost me

B0B

Do defaults not vanish from your credit file after 6 years ?

Hazzinho

B0B wrote: »

Do defaults not vanish from your credit file after 6 years ?

They do 6 years from the date the account defaulted.

murphyja

I am in a similar situation I have a credit rating of 790 on experian which is considered fair.

I have a default on an old credit card account which is now settled and closed, the default was placed on there on the account 08/05/2011 and is for only £1. What happen was I paid the card off, forgot about it, moved house, never updated my address with MBNA, bough a song using my itunes account which was connect to that card which i had forgotten, four-five months later get a call from a debt collection firm!!

If I explained the above to MBNA would they remove the default? I understand my actions were not correct by not updating my account but amount is laughable! even the agency which contacted me tought the whole affair was a farce.

Any advice would be gratefully received.

Creditcalm

ask lenders to remove defaults as a condition of repaying. Probably won't worl but worth and ask.

Obtain your credit reports from callcredit and Equinox (use checkmyfile as they show both these reports in full.

You may find the defaults (or at least one) don't show on other credit reference agency files. If so you can apply for mortgage with lender who doesn't use experian.

You might be fine anyway with a mainstream lender depending on default amounts and what they were for? They can be more lenient with a mortgage as it is secured debt AND you aren't likely to fall behind with payments for the same reasons (only something like redundancy usually)

Tixy

Creditcalm wrote: »

Obtain your credit reports from callcredit and Equinox (use checkmyfile as they show both these reports in full.

Or the cheaper option of callcredit through noddle for free and pay £2 for your equifax report.

rizla_king

And more accurate as checkmyfile is crap and out of date and their staff are utterly clueless.

Creditcalm

I have always found them really good? Freephone number which they answer straight away and easy to cancel (takes about 30 secs with no hard sell)?

Checkmyfile search once a month (same as noodle) but you get two and half reports for just 8 quid... Hell of lot better than agencies full services??

Tixy

Creditcalm wrote: »

I have always found them really good? Freephone number which they answer straight away and easy to cancel (takes about 30 secs with no hard sell)?

I can see you have recommended them on a number of threads today.

Creditcalm wrote: »

Checkmyfile search once a month (same as noodle) but you get two and half reports for just 8 quid... Hell of lot better than agencies full services??

The full services with the main agencies aren't generally recommended on this money saving site either.

If you need to check them each month then £4 is cheaper than £8 and for that £4 you can actually see what a lender searching experian would see. (£4 being £2 for experian and £2 for equifax).