Mortgage chances with defaults

amy2015

Please be kind... I am hoping some one can help. I have made a right mess in the past and that it is finally coming to bite me! My partner is wanting to buy a house with me next year and he will have a deposit of 70k from a sale of a house. He has perfect credit history and we were wanting to buy a house for £250k. However I have 4 defaults on my credit file all paid in full and now at zero.
Cabot default date 30/04/13 £690
O2 29/03/16 £115
O2 5/01/2016 £220
Lovell 12/07/13 £620

Am I wasting my time am I likely to have any chance with these defaults? I have since had 2 capital one credit cards in order to improve my credit rating but it doesn't seem to increase I am currently showing at 503 on noddle and 482 on Experian

Any advice would be appreciated I can't stop worrying about it

ashp_2

I'm sure one of the mortgage advisors will be able to give you better advice but I think you should be able to get it sorted under a decent mortgage advisor, its a shame about those 2016 defaults, they could be an issue. The big deposit should work in your favour.

amy2015

I know I'm so disappointed in myself for them! Do the defaults have to be over 3 years ago before they will consider? It's so hard finding a mortgage broker it is like a minefield so many and as you can tell I don't have an idea

ACG

Forget the credit score, that score is worthless.

There are a couple of high street lenders who would potentially look to accept them. Should they decline you there are potentially non high street lenders who would possibly look to accept you.

So yes I think you will have options, but it is probably worth going through a broker with experience in adverse as it will not be for every lender.

amy2015

Thanks ACG I appreciate your advice! Can i ask would they be at ridiculous rates though? Is there any truth in that the defaults should be over 3 years old?

How do I go about finding a broker who specialises in the adverse. There are so many brokers out there it's hard to know which one to go for

ACG

It depends what you class as ridiculous rates, they could be higher (1-2% higher) if the high street options can not be used.

Friends/Family/Google?

Thrugelmir

amy2015 wrote: »

However I have 4 defaults on my credit file all paid in full and now at zero.
Cabot default date 30/04/13 £690
O2 29/03/16 £115
O2 5/01/2016 £220
Lovell 12/07/13 £620

When were they settled? Default date is only one aspect.

Do you owe money on the credit cards?

amy2015

Thanks. Google seems to bring up loads of options but it does seem like a minefield

amy2015

They were settled 6months ago. I have two credit cards with small limits of 500 each I used it to pay for petrol and pay off in full. I thought if I could show responsible use of credit it would help?

ACG

Call one or 2 up. Have a chat with them and see how you get on.
If you like and trust them and they seem knowlegeable and confident, thats probably a good sign.

amy2015

Do you think I would have to wait for a longer time period for the defaults to be settled? Thanks I am going to give a few a call I just need putting out my misery. We live and learn eh!