26 Feb 2015

A question about : Mortgage with Unsatisfied Default?

Hi all,

So last Tuesday I went to a mortgage advisor and looked at the possibility of getting a mortgage with an unsatisfied default that is just under 5 years old. It is for Ј1400 with Natwest bank for an overdraft that was recalled while I was a very poor student. I am unaware who the debt is with now or who to pay and have no heard anything about it for around 2 years now.

During the appointment I got an agreement in principle through their system from Halifax for Ј225,000 with a 15% deposit. I was then told I could put in an offer on a house with this and proceeded to do so which has now been accepted.

My question is, how likely is my full application to get rejected with Halifax once I go forward based on credit rating? I have every intention of keeping up to date with the mortgage and I have 3 credit cards which I utilise and pay off every month.

I'm 23, earn Ј45,000 per year basic and have ~Ј1000-1100 disposable income per month. Looking for a 30 year mortgage.

My mortgage advisor is fairly confident but I'm not so sure.

Best answers:

  • I wouldn't be so sure either. Why would any lender wish to advance money to someone who hasn't previously repaid what they owe. Lending is as much about the profile of the borrower as their credit report.