Halifax mortgage with a default

Spectre007

Hi all this is my first post, my application for a 30% shared ownership property has been approved by guiness, value of 30% share is £84500 I am putting down £29000 as a deposit and require a mortgage of £55500, my annual salary is £26775 and have a permanent job, I am single, no loans and credit cards, live with parents but desperate to move out and get my own place, I have got DIP from Halifax and offical official mortgage application has been submitted (halifax has already taken out £430 valuation money) i am really concerned as I have an un settled default of £2650 with barclays bank from December 2012, my mortgage broker seems confident but I am extremely nervous, can I get some valuable advise from respected members here. Many Thanks

savingwannabe

hello I think this is really detailed.

Good luck I hope you are successful in all you wish for Abs007

Thrugelmir

What action has been taken to recover the debt? Has the debt been passed to a DCA?

More importantly why haven't you settled the debt.

Spectre007

Hi thanks for your response, I only discovered this default earlier this month when I got hold of my credit file before applying for mortgage, barclays never chased me or tried to recover, I am more than happy to settle it if that boosts my chances of getting a mortgage.

Torfoxwell

Always good to settle it , however when i applied for my mortgage i had 2 defaults and my mortage advisor said basically because they are historic ( mine are from 2011 ) it didnt matter if they were settled or not , so pay it if i were you but application wise according to my mortagge advisor it makes littlw difference

Spectre007

Thanks for your response, that's what my advisor said settling at this stage won't make any significant difference, but as I said if it does then I'll settle it, so coming back to the original question do you guys think it's possible to get the mortgage in my current situation since my application is already submitted? Thanks

Torfoxwell

Did you declare it on your application ? And passed the credit score ? I think its just 50/50 some of the brokers on here might be able to give you a better answer though

Spectre007

Yeah default was declared on the application, regarding passing the credit score I am not sure at what stage application is, but they gave me DIP for more than what I need but as most people are saying DIP means not much, fingers crossed.

Spectre007

Hi guys any brokers or under writers here? or anyone who been through similar situation or work for Halifax mortgage team, any advise is much appreciated

Thrugelmir

Abs007 wrote: »

I only discovered this default earlier this month when I got hold of my credit file before applying for mortgage, barclays never chased me or tried to recover, I am more than happy to settle it if that boosts my chances of getting a mortgage.

You must have been aware of the debt though. Odd that you've received never ever received any communication. The mortgage application in itself could possibly trigger action.

Torfoxwell

My apolications with the underwriters atm with halifax will let you know how i get on ��