Posted on 7 August 2012 by Louise
I have a satisfied default on my credit report, uip to date on all credit accounts with low balances £200-£300. My partner and I are looking to buy a property worth around £140,000 with a £14,000 deposit. His credit score is immaculate. Is my credit history likely to make it impossible to get a mortgage?
Your credit history is likely to make it impossible for you to get a mortgage without a far bigger deposit and a very good reason for why the default was registered and why it will not happen again.
There is a small possibility that your partner's credit history is good enough to offset yours, but he 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.
You should speak to a local independent mortgage adviser now to get a certain answer and a plan for the future.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.