Chances of High Street Rate Mortgage

freddie2020

Hi,

I have just taken out a Capital One Credit Builder Card.

I currently have six defaulted  accounts on my file.
In 1 year  -  4 of them will have dropped off as over six years old.
Will still keep paying them off under a DMP

So in 1 year my file should look like this - could I get a High Street Rate mortgage?

1.  12 months perfect history, paying off the CC in full each month.
2.  Two defaulted accounts still showing  (will drop off in 2023)
3.  Have paid off those two accounts - so will at least show have settled them.

Thanks for the help.
Freddie

MovingForwards

How much is outstanding on the DMP and when do you expect that to be paid off?

What % deposit do you have?

adamp87

Your DMP will still have to show the outstanding balances to your broker too and the payments made. So whilst the defaults have gone, the amount will still be counted.

freddie2020

Thanks,

So the accounts that have dropped off the credit report, but still not settled under the DMP - have to be shown to the broker?

About £20k  -   and would be looking at 25% deposit.

adamp87

freddie2020 said:

Thanks,

So the accounts that have dropped off the credit report, but still not settled under the DMP - have to be shown to the broker?

About £20k  -   and would be looking at 25% deposit.

You’d still have to account for debts owed and payments being made for affordability i believe