Posted on 7 August 2018 by Louise
I have a satisfied default due to circumstances out of my control and I was wondering how long I need to wait?
Your credit history is likely to make it impossible for you to get a mortgage without a big deposit (20%) and a very good reason for why the default was registered and why it will not happen again. Another would be if the amount you want to borrow is a low multiple of your annual salary but depending on your income, I wouldn’t be able to advise.
If you are going into a joint mortgage there is a small possibility that your partners credit history is good enough to offset yours, but they would also need to be earning enough to afford the mortgage on his own for your default to be accepted.
I think that it is more likely that you will have to wait until the default falls off the back of your credit file, this will happen 6 years after the date of first registration or until you have a deposit of at least 20% to put towards the purchase.
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