Shared Ownership/Default

Posted on 13 March 2012 by Lacey


I will be looking for a mortgage of roughly £50,000, as I will be doing the shared ownership scheme. I will hopefully have a deposit of £20,000. I have recently had a default placed on my credit file, which I have now settled and was for a small amount. I am up to date with the rest of my finances; which includes car finances and credit card. Do you think I have a chance of getting a mortgage for this amount?

Lacey

I think that the default could well derail your home ownership plans.  Lenders tend not to like the combination of Shared Ownership and a poor credit record with them accepting one or the other, but not both.

If you have not done so already I recommend that you get hold of your credit file from one of the main agencies:

Equifax Ltd

Credit File Advice Centre

PO Box 1140

Bradford

BD1 5US

0844 335 0550

www.equifax.co.uk

Callcredit Plc

Consumer Services Team

PO Box 491

Leeds

LS3 1WZ

0870 060 1414

www.callcredit.co.uk

Experian Ltd

Customer Support Centre

PO Box 8000

Nottingham

NG80 7WF

0844 481 8000

www.experian.co.uk

I believe you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 once you have your credit file and tell the consultant the date and title of your question, after they have taken all your details they will be able to find out if anyone will consider you for a mortgage.

Peter

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