Mortgage with a default.

[Sharpandshineyteeth]

Does anyone have any advice.

I have always been in a shit financial position but then I retrained and after 5 years, a, moving my way up to a good salary. £33,000 to be exact.

I stupidly got a default 6 months ago when I let my DP take a mobile contract and he opened all the letters until I get a letter from a collection agency.

Also, I have been paying off my virgin media bill at what I thought was minimum payment to keep my services of but after checking my credit file, I've been paying late for 12 months so no great.

On the plus I have 3 credit cards in good standing, I am very close to only having borrowed 50% of credit limit, which experian said is good. I'm on the electoral role and have a catalogue with a £500 limit which I don't use.

I have lived in a Council house for 10 years. Always paid my own rent and now I have a discount which means I would only need a Mortgage for £60k. Also am I right in thinking my deposit would be my discount? Or do I still need one.

Thank you for reading all of this. I am waiting for some call backs for agency's who say they can deal with defaults but don't know how legit it is.

Thank you for reading all of this. I am waiting for some call backs for agency's who say they can deal with defaults but don't know how legit it is.

What type of agencies? The types of people who tell you that they can get defaults removed etc are usually not legit. Defaults can't be removed if they have been applied correctly in the first place, which it sounds like it was. Is the default now satisfied or is it still outstanding?

You would be better off speaking to a mortgage broker who has experience of right to buy and adverse credit.

There are lenders out there that will give you a mortgage just don't expect a good rate at first. Best speaking to a broker.

I thought it was frowned upon these days to buy council houses cheap? That aside, don't be fooled in to falling for one of these agencies that promises the world as they will come at a high price; see an independent financial adviser specialising in mortgages, who will be able to find you the best deal across the market, and will be paid either by a fee from you or by commission from broking the mortgage.

I would assume that you would still need a deposit, to show your mortgage company that you have good financial standing and affordability.

I don't see why it is frowned upon. I've paid for this house almost twice over in rent. It's my only chance of buying.

I will contact a broker, not sure I could afford a financial advisor.

I have no problem with people owning a home, and think that after a long term commitment in a council home that right to buy is a fantastic opportunity. I also know from numerous posts on here that it is blamed for the current housing crisis, and socialist voters are generally against it so apologies if my comment sounded like I was criticising you, it was more just an observation.

A broker will cost the same as a financial adviser for the same service, and may not be independent. Good luck, hope you get sorted.