Mortgage with defaults
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Hi,
I will be looking to apply for a mortgage of £50,000 with 10% deposit in January 2019 however I have several unpaid defaults on my account in 2013 and 1 in January 2014 due to being made unemployed and also being young and naive. I have a phone contract and credit card (high interest) that I pay every month and have never missed a payment in the two years of having them.
I have also been advised if you are living in Scotland the defaults fall off your credit report in 5 years rather than 6, is this true?
How likely would I be to be accepted for a mortgage?
Many thanks,
Meg
I will be looking to apply for a mortgage of £50,000 with 10% deposit in January 2019 however I have several unpaid defaults on my account in 2013 and 1 in January 2014 due to being made unemployed and also being young and naive. I have a phone contract and credit card (high interest) that I pay every month and have never missed a payment in the two years of having them.
I have also been advised if you are living in Scotland the defaults fall off your credit report in 5 years rather than 6, is this true?
How likely would I be to be accepted for a mortgage?
Many thanks,
Meg
0
Comments
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No, it is 6 years.
I think you will struggle to find a mortgage with those defaults.
Best to try a mortgage broker but be aware you are likely to get a mortgage with a higher than normal APR.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
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