Mortgage after bad credit

itsarichmansworldsv2

I know Martin says credit scores are a load of nonsense however a few years ago we got ourselves into a bad financial situation and have a default on both our files which is due to fall off our report in March 24. 

We have paid all payments and nearly debt free apart from car loan and mortgage. Basically 4 years perfect payment history. We both earn substantially more now we are not going for the highest mortgage we can get and plan no debt future.

We have a mortgage with Halifax/BOS basically we want to port this part to a bigger house and need about another 60k to finance the new house. 

Anyone any idea what our chances are the fact that its only 4 years full payments do the banks look further back?

ACG

Banks use whats on your credit reports - so 6 years. 

Halifax can be ok with a little bit of adverse. Yours is relatively historic, quite minor by the sounds of it and you have a history of making payments. Not a guarantee, but if I was a betting man I would say you should be ok. 

MorningcoffeeIV

itsarichmansworldsv2 said:

I know Martin says credit scores are a load of nonsense

And he's right about that.

kingstreet

ACG said:

Banks use whats on your credit reports - so 6 years. 

Halifax can be ok with a little bit of adverse. Yours is relatively historic, quite minor by the sounds of it and you have a history of making payments. Not a guarantee, but if I was a betting man I would say you should be ok. 

Yeah. I agree. A low loan to value and a bit of historic adverse is usually straightforward with Halifax.

itsarichmansworldsv2

They did allow us to re-mortgage last year hence why we want to port so hoping that also a good sign, we moved our current account to HBOS too as to help as they will see our ingoings etc. I should say after 15 years with Birmingham midshires even with some bad decisions and burying our head in the sand we NEVER missed a mortgage payment.

If HBOS wont lend the extra whats our options ? 

ACG

Speak to a broker as it might be worth someone reviewing your credit report. 
But from what you have said I would be surprised if there was a problem.