Can I get a mortgage despite having mortgage arrears 4years ago?

April2013

Hi All,
i am looking to get a mortgage and my credit score on Experian is excellent. I’ve been working very hard for the last few years to improve this. However, when I was struggling, I did accrue some mortgage arrears. I got a payment arrangement sorted and this has been clear and up to date for 3 years now. I’ve not had any late payments for anything in this time either but I’m panicking I won’t get a mortgage or only get one with a huge deposit. Can anyone advise? Despite being 3 years since I’ve had issues will I still be penalised? I have no defaults/ccj etc

Carrot007

I'm sure you can get something, and other people will be better placed to say what but yopu are thing on details.

Arrears to what extent. What happened in the end?

Is it only mortgage arrears? If so I would say that looks very bad as why were yopu paying other bills rather than priority no 1? (of course that sort of analysis will only ever be done manually so may not effect you).

April2013

No, there were a few problems across the board. There were 4 late payments registered, then I had a payment arrangement for 6 months to make up the deficit. I was still making payments for the late ones, just not the full amount. I caught up during the payment arrangement and have been up to date for 3 years, and still have the same mortgage. 

K_S

@april2013 On its own, mortgage arrears that are more than 3 years old should not stop you from getting a mortgage. With a 10% deposit you might be limited to a couple of potential lenders, but at 15%+ you should have more options.

April2013

K_S said:

@april2013 On its own, mortgage arrears that are more than 3 years old should not stop you from getting a mortgage. With a 10% deposit you might be limited to a couple of potential lenders, but at 15%+ you should have more options.

Thanks. I have 15%. I’m quite ashamed of the mess my file was in but I have tried my best and over the last three years have pulled my score up to 982 with Experian. Everything is in good standing etc and I’ve settled/closed the accounts I had issues with but someone told me I had no chance with mortgage arrears even if they were clear for 3 years!