Credit Score & Mortgage

Grezz24

Hi All,

Unsure of the best place to post this (credit file and ratings or mortgage section) however ive gone with here.

My score is currently 801 on Experian (low end of fair).

I had two small credit cards which i defaulted on both of them, i paid off both defaults (experian is down at the moment but i believe it was 2015/2016 that both defaults were closed down).

These obviously appear on my account, so i expect its why im a low score and will remain that way until the defaults clear off my account.

I have £0 debt, and currently working my way to a 5% deposit, all other accounts are fully upto date with no late payments etc.

After reading peoples replies in here i appreciate the 'score' is there to get you to buy into their products, however from peoples experience does a 'fair' score, and the old defaults drastically reduce my changes of a mortgage, or any lending for that matter (i got an AIP with Halifax who i bank with - however this is soft search and just lookings at what they 'could' lend not what they 'would)

Cheers, G

[Deleted User]

The recent defaults certainly won't make it any easier to get a mortgage - but of course, it all depends on your wider application.

A larger deposit in particular can derisk the application for a lender.

Use a decent broker.

bamgbost

how large a deposit...?

Ebe_Scrooge

bamgbost wrote: »

how large a deposit...?

As large as possible. 10% is a good figure to aim for ( or even more if possible ), though I fully appreciate that that's a lot of money to find. But as ZX81 says, the larger your deposit, the lower the risk to the lender - therefore, the higher the chance that they'll be prepared to overlook any negatives on your credit history.

Grezz24

It would be help to buy that i am looking at.

so 5% deposit (about £10,000) and the 20% govt scheme so i would be looking for a 75% mortgage.

cjmillsnun

If you have an AIP with Halifax, it is worth having a meeting with them. Be entirely honest about your past (they know about it anyway as they use Experian so will see the same information in the report as you do).

My mortgage is with Halifax and I had 6 defaults at the time.

When did the accounts go into default. This is more important than when they were paid off, as it is 6 years from when the account went into default that they disappear from your file rather than 6 years from when it was all paid off.