Bad Credit

[Rob2D2]

Hi All

I am in need of advice and am hoping someone here can help. I know you have probably heard all of this before but any help is greatly appreciated.

My situation is that I have a default on my credit file which I got while at university. The default is for £313 and is just over 4 years old now.

I would really like to get a mortgage but I'm very concerned that it isn't going to be possible until the default drops off.

My girlfriend has a small mortgage on a flat but we would love to live in a house, living in the south doesn't make this easy. I now have a good job and have been in full time employment since leaving uni. Needless to say I regret this default a great deal.

My main question is, is it possible to get a 90% mortgage with a 4 year old default on your file?

Many Thanks

Rob

[Ronny]

There are some lenders who offer mortgages direct to customers only that will ignore your default.

I think Ipswich BS will ignore a default if it is either over 3 years old or under £500. Both of which applies to you.

[Sean Hughes]

Yes it is potentially possible, it depends on the lender. Most lenders will use Equifax or Experian to get your credit check from. You can get a copy of your credit rating from either company for very little cost. This would enable you to find out what state your credit file is in.

If you find a lender you want to make an application with, you can always ask one of their sales people to check with their underwriters to see whether this might have an impact. Doing this will save you the hassle of going through an application only to be declined.

If you don't want to give your potential lender your name you don't have to, simply telephone them and ask them how their underwriting criteria would be applied to someone in your position

[donnaphipps49]

I believe it is possible. It depends on the lender. There are some who offer mortgages that will completely ignore your default.

[propertydiamond]

Good luck, it would be a tad unfair if you couldn't for such a small amount when you were a student!

[Marcelbrowner]

You just have to knock on lender doors, until someone will say yes.

With your bad credit history it wont be easy.

Good luck with your mortgage

[jannypan]

There are some lenders who offer mortgages direct to customers only that will ignore your default.

[spes123]

In addition to Sean's reply, be careful how many lenders you approach as each time your credit record is checked it can have a negative impact on your credit score. So I would do as Sean says and ask first before making the application, that way you save both the time in making the application and reduce the risk of further damage to you credit score.

[MortKing]

Its a kind of gamble for you, explaining what is the truth might help you, but you will never blame those companies to have some suspicious look for you. Just remember to be honest and mark your word from now on.

[UK Mortgage Broker]

There are currently a number of mortgage lenders who will ignore historic adverse credit, typically over 2 years old. Some lenders will ignore current small defaults and ccjs