What are the chances of getting a mortgage?

Posted on 5 September 2012 by Keeley

What are the chances of getting a mortgage?

My partner and I are hoping to get a mortgate. We are currently renting, my partner has been removed from the mortgate he had with his ex-wife and my ex and I are currently in the process of doing this. We both have a good credit score although I have a default which is nearly 3 years old. I am paying it off, it was a debt my ex built up on my account that I didn't know about due to moving out of our marital home. The default had been applied by the time I became aware of the debt. We have a large deposit, what are the chances of us getting a mortgage?


First of all please make sure that no payments are missed on your current mortgage whilst you and your ex are in the process of having your name removed.  Having a 3 year old default is bad enough in the eyes of some lenders, but have recent mortgage arrears would be the last straw for all of them.

The chances of getting a mortgage with the default showing is very restricted, even with a large deposit and you will need to be able to show that your circumstances have changed so that it is unlikely to occur in the future.  A good credit score will help you as it shows that despite this blip the rest of your credit has been well conducted.

The only way of knowing for sure is to speak to a wide variety of lenders and give them the full background to your current position.  This is where a good independent mortgage broker is worth every penny.  They will know which lenders to avoid and then how to present your application for the highest chance of success with those who might.  I believe we can help you and that you would benefit from speaking to one of our mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will want to arrange a meeting where they can take your full details before researching the whole of the mortgage market for you.


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.

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