Mortgage ability due to credit issues

ACG

It is an easy question to answer, but like anything in our industry there are buts...
Regardless of whether or not you pay off the default, with a 5 year old default there will be options at 90% LTV. 
BUT...
If you have bad credit, you can still get a mortgage with higher interest rates. There becomes a stage where you go from having to use those lenders to being able to look at "normal" lenders. If you are on the cusp of high street rates, having paid off the default could help you get the normal rates. The problem is nobody can tell you when that comes, I have 10 years experience as a broker (literally 10 years to the day) and even now I could not make any guarantees, we just use judgement based on past experiences. 

Hopefully that makes sense. 

Cabincrewcasey

ACG said:

It is an easy question to answer, but like anything in our industry there are buts...
Regardless of whether or not you pay off the default, with a 5 year old default there will be options at 90% LTV. 
BUT...
If you have bad credit, you can still get a mortgage with higher interest rates. There becomes a stage where you go from having to use those lenders to being able to look at "normal" lenders. If you are on the cusp of high street rates, having paid off the default could help you get the normal rates. The problem is nobody can tell you when that comes, I have 10 years experience as a broker (literally 10 years to the day) and even now I could not make any guarantees, we just use judgement based on past experiences. 

Hopefully that makes sense. 

Thank you for your reply that’s helpful x

would 9 defaults be significantly worse than 1 default? Or is it one is bad but multiples don’t do much more damage?

ACG

If you are looking at high street lenders it is a lot worse. If you are looking at specialist lenders, it wont have too much have an affect.