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Adverse credit mortgage

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rglondon
rglondon Posts: 4 Newbie
First Post
in Mortgages & endowments
Hi, due to an unfortunately bad time in my life, I have 2 defaults, one from carphgone warehouse for £128 and another from a final gas bill that I wasn't even aware of for £97. Both are satisfied about 2-3 years ago. No other issues on my credit report. I have around 88000 deposit for house in range of 350000 in Essex. How many years do I have to wait for a mortgage? Someone told me it's 6 years and then the slate gets wiped clean.

Comments

  • K_S
    K_S Posts: 6,880 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 10 January 2021 at 7:50PM
    @rglondon If that is all the adverse you have on your credit file, I wouldn't even call it adverse. 2 defaults one Comms (plenty of lenders ignore) and one utility, both <£150 and satisfied, 2+ years old. And you have a healthy deposit too.

    Based purely on the info in your post, you should have no problem getting a mainstream 75% LTV rate. As MSE does, I would recommend that you get in touch with a broker when it's time for you to start viewing. Good luck!

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • amnblog
    amnblog Posts: 12,730 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As stated, no problem here RG. Your credit will not be an issue with regard finding a suitable lender.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • rglondon
    rglondon Posts: 4 Newbie
    First Post
    Hi, thank you that is really good news. Can you recommend a broker?
  • ACG
    ACG Posts: 24,606 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I can only echo the above, cracking deposit, fairly historic defaults and satisfied - should be fine.

    Speak to some brokers, if their first thoughts are subprime/specialist/adverse lenders, find another broker. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • K_S
    K_S Posts: 6,880 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @rglondon I've responded to your message.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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