Mortgages with a defult

[Abz1982]

Has anyone ever managed to get a mortgage with a Default on credit rating lately? Its not a MASSIVE amount £500...........and I am just sorting things so that it is paid off BEFORE we apply.....but its on OH credit rating and its still obviously going to be on there.

I know that combined we have less debt than my sister did singaly when she got her place, but her OH dad gave them a 40k deposit...........we have £5100 for a £101.9k mortgage (so the 5%).

 

[suzib76]

Depends how old it is, if its relatively new it may have an impact but if its a few years old iy shouldnt make too much of a diference. i dont think it will prevent you from getting a mortgage bt it ciuld afecct the rate

 

[Sarahwoo]

I think you might find you need bigger deposit if your credit rating isn't squeaky clean, I would have thought at least 10%.

 

[Mrs Cupcake]

i hate to say it but i think your chances of getting a mortgage are pretty low - i expect that lenders will require at least 10% especially if your/oh's credit score isn't perfect.

You could try the nationwide mortgage calculator which asks lots of questions and tells you the most they would be willing to lend you (if good credit score) to give you an idea of whether you will be able to borrow that amount based on your salary/outgoings/etc

 

[Abz1982]

Well, we got a mortgage as it was a share scheme, so the LTV was only 80% (The scottish exec would count as the other 20%) and the default runs out in December. It got is 4.89% APR.

Not that we can get the house now anyways