We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice for mortgage with a default
Options

storm45
Posts: 5 Forumite

Hello,
I hope you are all well.
I am looking to possibly purchase a flat with my partner however I don't know where I stand in regards to a mortgage as my credit history is not clean. The details are as below:
- looking to buy a flat which is between £350-400k
- our combined income is £71,400
- we have savings of £70k currently
The problem I have is that I got into financial trouble and so have missed payments leading to a default on a credit card, the amount was £9k. The default was applied on 25/02/2018 and I have just paid it off on 12/04/2022. In hindsight, I wish I had paid it off earlier, as I always had the intention of paying my debt but didn't understand until now that timing matters too.
Other than that one default, my credit file has been clean ever since and my partners is nearly perfect.
I just wanted some help and advice in the following scenarios please:
1 - Would I get any mortgage at this present time? And if so, what kind of amount and rate should I expect?
2 - If I wait for one year to pass since I have settled the default, and the default has become 5yrs old, what kind of amount and rate should I expect?
3 - last option is to wait for the default to drop off but I am really hoping I don't have to wait that long.
Any help with this would be much appreciated and apologies if I have missed out any other key information.
I hope you are all well.
I am looking to possibly purchase a flat with my partner however I don't know where I stand in regards to a mortgage as my credit history is not clean. The details are as below:
- looking to buy a flat which is between £350-400k
- our combined income is £71,400
- we have savings of £70k currently
The problem I have is that I got into financial trouble and so have missed payments leading to a default on a credit card, the amount was £9k. The default was applied on 25/02/2018 and I have just paid it off on 12/04/2022. In hindsight, I wish I had paid it off earlier, as I always had the intention of paying my debt but didn't understand until now that timing matters too.
Other than that one default, my credit file has been clean ever since and my partners is nearly perfect.
I just wanted some help and advice in the following scenarios please:
1 - Would I get any mortgage at this present time? And if so, what kind of amount and rate should I expect?
2 - If I wait for one year to pass since I have settled the default, and the default has become 5yrs old, what kind of amount and rate should I expect?
3 - last option is to wait for the default to drop off but I am really hoping I don't have to wait that long.
Any help with this would be much appreciated and apologies if I have missed out any other key information.
0
Comments
-
1. Yes there should be lenders. You should be able to get a little more than you need. Rate wise, tricky one, it could potentially be normal rates (2% ish) but it could be closer to 4%. Difficult to say for sure as the devil is in the detail.
2. Similar to above, more likely to get normal rates. But nobody knows what normal rates will look like in 12 months.
3. Probably answered above.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
ACG said:1. Yes there should be lenders. You should be able to get a little more than you need. Rate wise, tricky one, it could potentially be normal rates (2% ish) but it could be closer to 4%. Difficult to say for sure as the devil is in the detail.
2. Similar to above, more likely to get normal rates. But nobody knows what normal rates will look like in 12 months.
3. Probably answered above.
I think we'll give it a few months and save a bit more for a higher deposit.
I am definitely going to go with a mortgage broker but in your opinion, do I need to look for an adverse credit broker? Thanks in advance0 -
I dont think you necessarily need a specialist adverse broker, probably more of a good experienced broker.
That being said, specialist adverse brokers dont automatically go to adverse lenders. I would say only a third of our adverse cases end up with adverse lenders.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
ACG said:I dont think you necessarily need a specialist adverse broker, probably more of a good experienced broker.
That being said, specialist adverse brokers dont automatically go to adverse lenders. I would say only a third of our adverse cases end up with adverse lenders.
When the time comes, i'll definitely go for an experienced broker, I don't mind paying a fee for good advice and peace of mind. I'll come back here when i'm ready to move forward just in case there arenany changes. Thank you for your help.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards