Mortgage Chance

[BEN.KING]

I am really hoping to finally get my own place this year. I have no debt, and a credit score of 999, but I have 3 settled defaults on my experian credit report. I had 4 originally, one came off in November last year, the last of them will come off in June this year. I am saving my deposit currently and by the time all of my defaults are off my report I should have enough for a 10% deposit. I contacted a mortgage adviser recently explaining this, and he said that even though all of my defaults may appear to come off, lenders will still be able to see that I have defaulted, and I may still need 20%-25% deposit. Is this true? If so, it begs the question, what is the point in us being able to see our credit reports in the first place? I thought the whole point of a credit report was so that we could see what the lenders see.

[CheekyChops]

I don't think that they will, once they come off they are off.

Was it an independent mortgage broker that you consulted or an advisor that works within a Bank or Estate Agents?

[BEN.KING]

It was a broker I think, from mortgage advice bureau.