Mortgage application

Hello all,

I hope everyone is well. 

I have a question that I wanted to put out there to help me with a decision. 

As everyone knows the rates have risen massively and they are probably only going to go higher in the next few months…

With this in mind I want to look at buying my first house as soon as possible, one thing is holding me back however, i defaulted on a credit card quite a while ago, and the six years are almost up (the default was dated 20th December 2016). This was my only defaulted account and I have no missed payments or ccj’s or any other adverse of any kind. 

I am waiting for the default to ‘fall off’ my credit report, before I make an AIP online or contact a mortgage broker. For my peace of mind I just want to make my application with a ‘clean credit’ record for want of a better term. I of course won’t be applying to the bank i defaulted with however. 

My question is, how soon after the 20th December would I be safe to run an AIP or full mortgage application. I know equifax takes a week or so to update their records of defaults, so I was hoping to look first week in January 2023. Does this sound okay or would anyone else suggest waiting a little longer to make sure it doesn’t hamper my chances with any prospective lenders? I know this may be difficult to predict but just wanted to see people’s thoughts or if anyone had a similar situation.

Affordability wise I am fine I have no credit commitment and my credit card with Halifax has been open for a 10 years no missed payments with no balance on it. I can lend £370k apparently, and only require £155k for the property in my area. 

Thanks a lot,

Helen 😀


  • ACGACG Forumite
    22.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    In theory it should be off the next day. 
    However some lenders get credit reports that can be up to 90 days out of date at DIP stage. 

    Were actually seeing rates coming down by a lot of lenders and as the market generally gets quieter from november you could find that rates do start to come down more. On the flip side the base rate is probably going up on Thursday, but the gap between the base rate and mortgage rates is quite high at the minute so there is room for rates to come down by maybe 1% if they really wanted to. 

    Holding off could be cheaper... but it might also not be (sorry, the fence is pretty comfy). 
    I am a Mortgage Adviser
    You 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.
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