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  • FIRST POST
    • Louisebetty
    • By Louisebetty 14th Sep 18, 6:05 PM
    • 2Posts
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    Louisebetty
    Advice - Supply Teacher with Default Debt
    • #1
    • 14th Sep 18, 6:05 PM
    Advice - Supply Teacher with Default Debt 14th Sep 18 at 6:05 PM
    Hello,

    Just looking for some advice - Iím a supply teacher trying to get a mortgage I am from Uk and moved back to UK in December and since then have worked as supply teacher - starting permanent job in January.

    I applied for mortgage with Teachers Building Society and have just been rejected as I have a unknown debt from 2006 which defaulted in 2013 - Iím guessing it is from my uni days but have never recieved any info regarding in all these years. I can pay back the default no bother but still refused mortgage.

    I have a 40% deposit ready to put down, any idea a different route I can go down?
Page 1
    • YHM
    • By YHM 14th Sep 18, 8:06 PM
    • 593 Posts
    • 224 Thanks
    YHM
    • #2
    • 14th Sep 18, 8:06 PM
    • #2
    • 14th Sep 18, 8:06 PM
    You should have plenty of options.

    Time for you to find a broker and let them source you a suitable mortgage lender...
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • Thrugelmir
    • By Thrugelmir 14th Sep 18, 9:28 PM
    • 60,976 Posts
    • 54,187 Thanks
    Thrugelmir
    • #3
    • 14th Sep 18, 9:28 PM
    • #3
    • 14th Sep 18, 9:28 PM
    I can pay back the default no bother
    Originally posted by Louisebetty
    Why haven't you settled the default then? Would at least show good intent.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Louisebetty
    • By Louisebetty 15th Sep 18, 7:02 AM
    • 2 Posts
    • 0 Thanks
    Louisebetty
    • #4
    • 15th Sep 18, 7:02 AM
    • #4
    • 15th Sep 18, 7:02 AM
    Mortgage broker saying no other options...

    Waiting for Debt company to give me information on default to repay - I have no issue repaying itís only 600.

    However still going to show on my credit record even if I have paid it - that is the issue.

    Anyone else been in similar situation that can advise?
    • scotgal30
    • By scotgal30 15th Sep 18, 7:50 AM
    • 61 Posts
    • 25 Thanks
    scotgal30
    • #5
    • 15th Sep 18, 7:50 AM
    • #5
    • 15th Sep 18, 7:50 AM
    Does your mortgage broker work with industry wide mortgages or only a few?
    You may be able to get a mortgage with adverse mortgage lenders, has your broker discussed this with you? After 2 years fixed you could try and change to a high st lender.

    As you’ve been away for some time, are you registered to vote? As if not this may also go against you.
    • Thrugelmir
    • By Thrugelmir 15th Sep 18, 11:32 AM
    • 60,976 Posts
    • 54,187 Thanks
    Thrugelmir
    • #6
    • 15th Sep 18, 11:32 AM
    • #6
    • 15th Sep 18, 11:32 AM

    However still going to show on my credit record even if I have paid it - that is the issue.
    Originally posted by Louisebetty
    Sometimes you just have to accept things for what they are. Hopefully learning from the experience. As what matters is the principle not the amount. Lenders profile not just credit check. Unsettled old debts tell them a lot about you and your attitude.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • zagubov
    • By zagubov 16th Sep 18, 12:16 AM
    • 15,604 Posts
    • 132,105 Thanks
    zagubov
    • #7
    • 16th Sep 18, 12:16 AM
    • #7
    • 16th Sep 18, 12:16 AM
    You need to settle this debt and to get a mortgage you might have to wait until you start permanent work and stick with it for a while.

    Teachers have a respectable level of job security, so I'm surprised what your broker has told you.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
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