Adverse question

KLHughes

Hi,
I’ve asked 2 brokers this question and both gave me different answers so I thought a third opinion could be a good idea 🙈

So I’ve been told I should fit the criteria for a lender at the end of this month because a default will be 2 years old. Will I be able to put the mortgage application in the day after that date, or will I need to wait for my credit file to update that month? 

I’m going to lose a new build plot as they have put it back up for sale. We can go for a cheaper house with the really high interest lender, or we can wait and hope the original house is still up for sale at the end of the month but the developer will want us to put our mortgage application in straight away as soon as re-reserve. 

The other problem is if we let the cheaper house go so we can try get the original house with lower interest lender then if we declined the cheaper house will have probably sold already. The houses go REALLY fast on the estate we are interested in.

Sorry I hope that makes sense,
Thank you for any advice 

ACG

You should in theory be able to apply 24 months and 1 day after the default was registered. 
There is a lender out there who can override that rule and you can apply 1-2 months before the 24 months are up - but their rates are higher still, you would not be allowed to complete until you officially fit criteria however but that is unlikely anyway.