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Worried about applying for a mortgage

laccal
Posts: 100 Forumite
Morning all - need some advice / help if possible
Many years ago (about 6) my credit was awful and I was with Payplan etc but that's another story ......fast forward to now and I am back on track with life and wanting to apply for a mortgage.
I checked my report with experian to see how they now see me ..and my 2 CCJ have now dropped off and all the defaulted accounts are gone. I have a score of 999 and it looks pretty good. I have 2 credit cards which I pay off monthly.
BUT here is the sticky bit which is worrying me. I had a Barclaycard and the history on the payments shows late 6 months up to sept 2013 and then settled ( which it was) my question is although it is over a year old and it was settled and experian do not acknowledge it as a negative factor will this flag up to lenders ??
Thank you for any advice. It's a bit worrying becoming an adult again and getting a mortgage with my new partner and just nervous this is gonna mess it up.
Many years ago (about 6) my credit was awful and I was with Payplan etc but that's another story ......fast forward to now and I am back on track with life and wanting to apply for a mortgage.
I checked my report with experian to see how they now see me ..and my 2 CCJ have now dropped off and all the defaulted accounts are gone. I have a score of 999 and it looks pretty good. I have 2 credit cards which I pay off monthly.
BUT here is the sticky bit which is worrying me. I had a Barclaycard and the history on the payments shows late 6 months up to sept 2013 and then settled ( which it was) my question is although it is over a year old and it was settled and experian do not acknowledge it as a negative factor will this flag up to lenders ??
Thank you for any advice. It's a bit worrying becoming an adult again and getting a mortgage with my new partner and just nervous this is gonna mess it up.
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Comments
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Yes, it will be a significant negative factor and will cause the fussiest lenders to refuse to lend to you as long as it is on your credit report. There are some lenders like First Direct that want a completely spotless history.
For less fussy lenders it shouldn't block you from getting a decent deal. As more time passes the effect will continue to gradually decrease. At around 18 months old the worst harm is already gone. The effect also depends on how much money was involved, £50 will have a significantly lower effect than £5,000.
It shouldn't mess you up, just restrict your mortgage choices. Just routine for a mortgage broker to deal with such things.0 -
A six months late credit card payment within the last 24 months?
Not a case for the high street.
Where are you deposit wise?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Deposit wise we are quite healthy.
We are looking at property 350000 with around 110000 deposit.0 -
Then you will get it placed but you will need some specialist help from a suitable mortgage broker. You should fess up to your partner beforehand if you have not already done so.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Then you will get it placed but you will need some specialist help from a suitable mortgage broker. You should fess up to your partner beforehand if you have not already done so.
Thank you - we have a mortgage advisor coming round next week so I will explain all to him. I am presuming this will send the rate we receive to higher than we would prefer if as you say we won't get a high street bank / B/soc
Re my partner - she is fully aware of my credit history hence the delay in applying previously as I was waiting for an historic default to drop off. Thought I had done all the hard work but when I checked I saw the Barclaycard. Really am quite worried / nervous about the whole thing.0 -
Slight twist as this was bugging me.
I have checked my paperwork and this Barclaycard account was sold in 2008 and I subsequently received a CCJ from CL finance in 2008 which dropped off my history last year BUT for some reason Barclay card were updating my credit file til 2013.
Just contacted Experian to try and sort this.
For all you debt free wanabees do you have any advice.
I am presuming Barclaycard should have stopped updating credit history and shown default once it turned into a CCJ in 2008 not 2013
Again any help would be great0 -
Is it visible on all three versions of your credit file?
If you don't have all three, get them.
You may find the information varies from one to another and you can gain an advantage if the one which is cleanest is used by a particular lender(s).I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It's on 2 out of 3 (not on callcredit)0
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Right. Make sure your broker knows and they should be able to provide you with "high street" rate options from lenders who use only Call Credit.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Best to let the mortgage broker know in advance so they can be prepared.
One question to ask the broker is whether a delay would help the rate significantly. Notice the 24 months mentioned by amnblog.
You should also ask whether it would be a bad idea to get a long fix and/or to pay significant arrangement fees. This is because the steadily passing time may let you get a cheaper mortgage deal relatively soon.
For those requests you might ask for rates assuming it was now, two years and three years in the past, to help to illustrate the effect.0
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