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2 Defaults - can I get a mortgage?
Ryan233
Posts: 3 Newbie
Hello, I'm hoping for some advice.
Me and my partner are hoping to buy a house this year. We will both be FTB's.
I have 2 defaults on my credit file. One from 4 years ago and another 3 1/2 years ago, but combined they are worth about £500. One is settled, the other is now paid but not been updated just yet. The defaults came from starting a business a few years ago and things got quite tough over a 2 year period where I missed payments in my personal life etc (hence why I got some defaults). My girlfriend has some missed payments from a few years ago also. Last 3 years or so though we've been really good with our money and both have Excellent credit scores on Experian. Me and my girlfriend are both in stable jobs and are saving hard for a deposit which won't necessarily be the problem, but I wanted to know if the missed payments and 2 Defaults will stop me getting a mortgage at all?
Thanks!
Me and my partner are hoping to buy a house this year. We will both be FTB's.
I have 2 defaults on my credit file. One from 4 years ago and another 3 1/2 years ago, but combined they are worth about £500. One is settled, the other is now paid but not been updated just yet. The defaults came from starting a business a few years ago and things got quite tough over a 2 year period where I missed payments in my personal life etc (hence why I got some defaults). My girlfriend has some missed payments from a few years ago also. Last 3 years or so though we've been really good with our money and both have Excellent credit scores on Experian. Me and my girlfriend are both in stable jobs and are saving hard for a deposit which won't necessarily be the problem, but I wanted to know if the missed payments and 2 Defaults will stop me getting a mortgage at all?
Thanks!
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Comments
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@ryan233 Based on the limited info in your post, the 2 settled 3+ year old defaults and 3+ years old missed payments should not stop you from getting a mortgage. How much of an impact they will have on the rates you may be offered will depend on the details and rest of the background. Your options will open up significantly with a 15%+ deposit as compared to a 10% one.
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@K_S Thank you for your response - If we use HTB taking our deposit to 25% would that increase our chances?K_S said:@ryan233 Based on the limited info in your post, the 2 settled 3+ year old defaults and 3+ years old missed payments should not stop you from getting a mortgage. How much of an impact they will have on the rates you may be offered will depend on the details and rest of the background. Your options will open up significantly with a 15%+ deposit as compared to a 10% one.0
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