Mortgage advice with default!

SE2301

My partner and I have just had an offer accepted on our dream home. We have at 10% deposit to put down and will be looking for a 90% LTV. 

My partner had a excellent credit rating, and we both have good affordability (no debt or money commitments). We are about to start applying for mortgages (through a broker) but I am stressing out because I have a default and a few missed payments on my credit report aith a score of fair. 

I know each application is different and our broker is supporting, but in the meantime I was hoping to hear some success stories of those that have blips on their file and have been able to get reasonable mortgages? 


The default is almost 5 years old and settled (feb 2019) and the missed payments from Feb 2020. 

toilet123

Hey, i wanted to respond as this really resonated with me, your situation sounds very similar to mine, i was so so nervous about going through the process. I went through an excellent broker who i cannot recommend enough and I have ended up with a mortgage on a decent rate with a high street bank with my 10% deposit . to be honest i actually can't believe it, i am so happy! if you want my broker recommendation just private message me. good luck, you will be fine!

pauldavies54321

I understand there are options with defaulted payments on credit files. You'll just need to go to specialist lenders. Of course you might have slightly higher interest rates than the high street though.

Herzlos

Normally you'd try and get an agreement in principle before making an offer (I thought most estate agents would check you had the funds lined up). Did you do any affordability checks or get mortgage quotes in advance?

Anyway, since the cart is already before the horse, your best bets are your own bank (who know you best) and a broker. Having a few financial blips shouldn't be terminal; the default is close to timing out so should be treated as such.