Mortgage Chances

[BEN.KING]

Hi, I have four defaults on my credit rating. Two of them are now paid up in full, I will have the other two paid up by April or May next year. One of the accounts defaulted in November 2008, the other three all defaulted in 2009. Once I have settled all the accounts in full I will then start saving for a deposit. Can anyone tell me what my chances will be of actually getting a mortgage in around 18 months from now, once I have some money saved up?

[pretty_snowdrop]

Defaults show on credit report for 6 years. It will depend on the value of the default, however since there is more than one the chances of you getting a mortgage is slim.

[ubasses]

I would say zero I am afraid, as soon as they input all your details and the CRA search is done it will automatically reject. You are probably looking at 6 years from settlement of the final payment.

[BEN.KING]

But my defaults will have cleared by 2015 will they not? The last default appeared on my credit report in July 2009?

[granny grump]

With four defaults it reflects badly on your creditworthiness and your ability to manage your money

[ubasses]

The settled defaults will impact less over the years once settled, how much will vary with each individual lender. However when they call for the full report they will see the number of defaults and this will impact. When the time comes you may do better going to a mortgage broker who may be successful with a non mainstream lender.