Will I be accepted for a mortgage with defaults

amy125

Hiya,
so me and my partner are applying for a mortgage for our first home (both first time buyers). We have decided to try with NatWest. We have already received an agreement in principle with them and now it’s onto the next part! 

We have a deposit of £35,000 and the loan amount will be £127,500. When looking at our credit scores mine is 999/999 on Experian. I have no missed payments/defaults etc. However my partners score is 645/999 which says poor. They have 2 defaults on their account. One of £81. This default was dated just over 5 years ago and one of £37, dated almost 4 year ago. 

I have a phone appointment in week to apply fully for the joint mortgage, does anyone think we will be accepted? Also will ringing the two company’s (both mobile phone providers) and settling the amounts owed help towards being accepted? 

pearsforlife

You will be fine, telecoms defaults are the ones with the least weight - and at sub £200 and over 3 years old you are clear off their adverse lending policy. Don’t fret as long as your income is ok, and your not self employed it should be a fairly simple case. 

EDIT: Just read they are unsatisfied, I can’t see it being an issue due to the amounts but discuss them with the advisor. 

amy125

Income is good, we could’ve borrowed more. Also none of us are self employed! 

Thank you for replying it has made me feel much better!

amy125

Can I make the 2 defaults satisfied quickly?

ddonq1412

if you pay them off today it  can take 6 weeks for creditors to adjust the credit file. so looking at 2 months. you can put it a note on your credit file to advise paid  but waiting for creditor to adjust. that will make underwriting look at the note and maybe hold on to decision to they see if it corrected.

pearsforlife

Only issue with putting a note on your file means the application will most probably refer instead auto-accept/decline - can be a good or bad thing..

520d2012

You could pay it and keep a record. If it gets picked up you have the evidence.
Where possible try and avoid the comment on the CRA

MovingForwards

Do not put a notice of correction on your credit history files. It will mean an application will have to be manually reviewed, possibly leading to a higher level of scrutiny.