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ellie1105

Will there be a big difference if I apply for a mortgage 2 months before settled default drops of my file?

Eg. Account defaulted July 15. Can I apply in May 2021 or better to wait till July 2021? Thanks

ACG

It is not quite that simple, the devil is in the detail. 
You would be more likely to get accepted if you have a 25% deposit than a 10%, likewise if the deposit is saved rather than gifted that will help. If you have a good income in a long term stable job, that would score better than a lower paid job you started 3 months ago. 

But the biggest one is whether you go to a lender who is open to Defaults. 

You would be more likely to be accepted if you waited, but that does not mean you can not get one in May. It might be worth having a chat with a broker and letting them get everything down on paper and see what they think is possible.