Mortgage with 2-3 year old defaults?????

simone82

Hi, can someone give me some advice on whether you think I have any chance of getting a mortgage with a number of defaulted closed accounts?  Please note that all defaults are now fully paid off.  I have managed to save up a good deposit and would like to buy my first home within the next 6 months.

I am really scared and embarrassed to approach the banks/lenders/brokers etc and don't know where to start as I am ashamed of my credit report which is pages long!!!! 

Any advice is greatly appreciated

Suseka97

There's no need to be ashamed - stuff happens and there's many folks out there in a similar situation.  Your best bet is to go with a broker who has experience with adverse credit, they will be able to confirm where you stand and will find the best lender for your situation.  There are a few brokers who post on this forum, so maybe on of them will be along to give general advice and you could then speak with one of them directly. 

bell2020

We have defaults that are 5 years old (one that is 3years old) and they're still being paid off via a dmp. We have an application going through with Vida Homeloans at the moment. Look at their criteria online. I think its really common for defaults etc nowadays, you probably have nothing to worry about. Depending on the amounts you may even be able to apply with a high Street lender. There are some good brokers on here, they can't advertise but they're identifiable by their signatures ☺ good luck!

ACG

Dont be ashamed, you would be surprised at how many people have defaults. 
We only really do adverse, I am just doing some research at the minute and it looks like around 20-25% of the population has adverse to some degree. 

Speak to a broker, you would be surprised what we have seen. I guarantee we will have seen worse. 

To answer your question though, you will probably need a 15-20% deposit and it should be possible from what you have said. 

FTB_society

I feel for you.. I was exactly like you 2months ago.. I had 1 year old CCJ, so anxious and almost panic.. but  without much hope,, I sent a personal message to one of Mortgage adviser here. that was the best thing I have done. he was so kind to give me some advices. but, at that time, he was too busy to take any more applications, but I rather waited for 2 weeks for him rather than going to another MA.. and it turns out that was the second best thing I have done !, He managed to get me mortgage offer from Natwest within 2weeks !!!..miracles .. I am moving next week ! (the MA I am talking about is one above, ACG )

ACG

FTB_society said:

I feel for you.. I was exactly like you 2months ago.. I had 1 year old CCJ, so anxious and almost panic.. but  without much hope,, I sent a personal message to one of Mortgage adviser here. that was the best thing I have done. he was so kind to give me some advices. but, at that time, he was too busy to take any more applications, but I rather waited for 2 weeks for him rather than going to another MA.. and it turns out that was the second best thing I have done !, He managed to get me mortgage offer from Natwest within 2weeks !!!..miracles .. I am moving next week ! (the MA I am talking about is one above, ACG )

Your Cheque is in the post   

shakAFC

Like everyone else has said, don’t worry! Just find a good broker who can help and good luck.