Satisfied Default on Credit Score

Jadelouiseexox

Advice needed - I have a satisfied default of £66 on my account from 5 years ago. (Other then this our credit scores are great)

We are first time buyers but are really struggling with finding a bank that will lend to us - we did have a mortgage accepted by Sainsbury’s last September however after a down value they no longer offer mortgages which has put us back to square one. Any ideas as we have tried 2 different mortgage advisors who have run out of ideas?

Willing2Learn

Hi Jadelouiseexox and welcome to the forum

Some MSE members have reported that creditors have occasionally used their discretion to remove a default from the credit file of a borrower who has 'satisfied' the defaulted account. This is only ever done as a 'goodwill gesture'. But there is no harm in politely asking.

As far as I am aware, a good mortgage broker who specialises in adverse credit should be able to assist you with your mortgage application.

ACG

Pretty much every lender will accept a 5 year old satisfied default for that amount on criteria. Are you failing the credit checks with other lenders or...?

What is the problem you are coming up against?
If you are struggling, speak to a broker.

Jadelouiseexox

Thanks for the reply! 😊

Our mortgage advisor has said he is struggling to find anyone else that would accept us without paying a higher rate, everything else is fine credit check wise it’s just this default they lenders don’t seem to like?

Willing2Learn

Use a different mortgage broker. People with far worse credit history than you manage to get a mortgage using a mortgage broker.

ACG

Definitely find another broker. If that is the only issue and their first and only thought was Sainsburys bloody mortgages (a lender who were only around for 5 minutes!) he/she needs to get some experience or find a new career.

haras_nosirrah

I just managed to place a mortgage for someone from this site who was repossessed and bankrupt 4 years ago with a 10% deposit

normal rates.

Get a new broker.

Thrugelmir

Jadelouiseexox wrote: »

(Other then this our credit scores are great)

Scores aren't relevant. As lenders use their own criteria in assessing your application. What's the issue causing a "higher rate of interest" to be offered?

haras_nosirrah

Best advice.

If you don't have a broker in mind then read through the boards and pm a broker from here who you feel gives good advice.

There are many excellent whole of market brokers who post here. At least then you know the situation as from what you have said here this sounds very placeable but without doing a full fact find and seeing documents no broker will be able to advise you.