Mortgage advice

J_blondie

Will a BT telecoms default less than 3 years old be the problem in obtaining a mortgage?

Both my partner and I have had 3 defaults all settled dating over 3 years ago for small amounts less than £500 in total

Struggling to get a mortgage....

mrginge

What has your broker said?

J_blondie

Broker in January couldn't obtain one but I wasn't confident he had access to lots of lenders tbh. He said settle the defaults and give it a bit of time it was as vague as that. Maybe I need someone to look in depth and give advice??

amnblog

If the 'broker' didn't 'look in depth' earlier this year they have wasted both their time and yours.

Defaults will affect your ability to obtain leading. Multiple defaults on the file will worry mainstream lenders. Under £500 and over three years old mean you should have options.

Get this looked at properly by a competent broker.

Debtslayer

J_blondie wrote: »

Broker in January couldn't obtain one but I wasn't confident he had access to lots of lenders tbh. He said settle the defaults and give it a bit of time it was as vague as that. Maybe I need someone to look in depth and give advice??

When were the defaults settled?
Was he an Independant broker?
A good broker will look at all possibilities for you and give proper advice, doesn't sound like he was much good tbh

banks4u

Broker is talking rubbish, I had 7 defaults from 4/3 years ago all sattisfied and Halifax did it. Approach them direct

J_blondie

Thanks all for the advice I guess I need to ask around for a well experienced broker who can look in depth at it. Would the BT default being only 16 months old be the factor that is affecting us though as its not old?

All defaults settled this year some were in my maiden name and wasn't aware of them until looking into my credit File for the mortgage. Also defaults weren't settled when he applied would this put us in better standing now they are all settled?

We have a 10% deposit also

Thrugelmir

J_blondie wrote: »

All defaults settled this year

Doesn't look good to a lender. Until you want a mortgage they remain unpaid debts. Default dates are one matter. Settlement of the debt is equally if not more important. As tells the lender a lot about you as a potential customer.

J_blondie

Hi thanks for all the advice. We only settled the debts after going for a mortgage we have also paid off the final part of car finance also. All settled and no missed payments on that.

Should I find a competent broker in my area? We have 10% deposit and seem to have done all that we can to Impair credit in the only way we can at the moment.

Would the BT default be scuppering our chances with it being less than 2 years old? All other defaults are at least 3 years old now