Found a 4 year old default, can I still get a mortgage?

Karenp1232

So, I have recently done a credit score check, it is very poor due to an old account that defaulted 4 years ago, it was an old address and the company changed so I hadn't heard from them. It is for £31, will this stop me getting a mortgage?
I am in full time employment, 24,000 a year, no debt at all. A credit card I always pay in full on time. An overdraft I don't use. At the same time as the default account, I was a student and got wrapped up in pay-day loans. But paid them all off on time. My partner has a gleaming credit report, no debt and earns 29,000 per year.
Will we have a higher interest payment? We have 25,000 deposit and look to borrow £160,000.

ap1985

Hi karenp1232..you should still be able to get a mortgage. I had adverse credit which was really bad and I am going through the mortgage process as we speak. Don't lose hope. Speak to London and Country as they really helped me in my situation. You have a good deposit as well so shouldn't have any problems.

kingstreet

Karenp1232 wrote: »

will this stop me getting a mortgage?

Unlikely to be an issue with many lenders

Will we have a higher interest payment?

Unlikely to be necessary.

A decent broker will get you decent high street rates.

ACG

I would satisfy the default, its not often I say that on here as they usually involve large defaults where the money would be better spent going towards the deposit but for the sake of £24 it will open up a couple of additional high street lenders.

Personally I think you will be fine with high street lenders, although it might need a 10% deposit.