defaults and mortgage application.

jellybean87_2

My husband and I are thinking of moving house. I have just checked our credit reports using noddle. Dh has defaults on his file from the end of 2009 to the start of 2010. If we wait 8 months these will be off his file. Does that mean lenders can no longer see that he has defaulted in the past and therefore more likely to lend?


Also is it worth trying to get a mortgage now or best to wait?
Thanks

Westminster

To answer your first question - any defaulted account will no longer be visible on your credit reports on the 6th anniversary of the default date.

The only caveat to that is that there is nothing to prevent those defaulted creditors from retaining their own records beyond 6 years - so you may wish to filter out lenders with whom you have defaulted when looking for a new mortgage company.

amnblog

Westminster is on to something here.


The defaults will not show on the file 73 months on from the date of registration. The Lending institutions that were burnt by them however may keep further records and therefore may reject you as a matter of course.


A file will no defaults will appeal to a wider range of lendesr than one as you describe, but you may still have options now if you need them.