Adverse Credit

Firsttimebuyers

Hi All,

Looking for a bit of advice again.

I have an unsatisfied default, dropping off August 2017 - we were planning on waiting until after this to apply for a mortgage - but have seen a house which we can afford a 10% Deposit on.

Are we more likely to be accepted for a mortgage with 10% Deposit rather than 5%? The Mortgage would be about 1.1x our joint income.

Thanks

Lilla_D

Hi, an unsatisfied default doesn't look good and getting a mortgage with 5% deposit won't be possible.

Whether you could get a mortgage with 10% deposit will depend on a number of things:
- the property itself (e.g. new build or older, ex-council or not, house or flat)
- what else is on your credit history
- what the circumstances of the default were, how much it is for and why it hasn't been satisfied
- income details (employed or self-employed, etc.)
- outgoings (general outgoings and credit commitments)
and lots of other little details dependent on your personal circumstances.

Net, there is no easy answer to your question without knowing the full background.

Firsttimebuyers

Thank you - I wish our Broker had been as honest as you rather than giving us false hope.

In other words, wait until after August when the 6 years are up

Thrugelmir

Firsttimebuyers wrote: »

In other words, wait until after August when the 6 years are up

There's still time to be pursued for the debt.

kingstreet

Firsttimebuyers wrote: »

Thank you - I wish our Broker had been as honest as you rather than giving us false hope.

In other words, wait until after August when the 6 years are up

Your broker has a bigger picture of you than we do.

An old default on only one version of your credit file may not even be picked up by a lender using a different credit reference agency.

It's very difficult to speculate on what might or might not be possible. I've seen stuff accepted when I expected a decline and vice-versa.

ACG

Without more information it is difficult to say whether or not it would be achievable but I would be surprised if it can not be placed. Rate wise would vary from normaly rates up to around 4.5% depending on the finer details.

Firsttimebuyers

Thrugelmir wrote: »

There's still time to be pursued for the debt.

Chance would be a fine thing, I've been trying to pay it off for 3 years but when I contact the Agency who bought it they can't find any record of it.

Thanks all

Torfoxwell

Please do not be disheartend - youll get there - i just got my mortgage through with adverse history , i got down in the dumps about mine but dont be glum chum & trust your broker they know bits we dont