Will we get a mortgage?

longforthesun

OH and I have got a fair bit of debt and are slowly paying this back. As we have enough equity in our house we have decided to sell and clear all of our debts. Unfortunatley we have lots of defaults now.

We approached Halifax for advice and they would not offer us a mortgage however the lady at the branch said dont worry you will get one just not from us.

Is this true. I am worried sick that we sell and then cant buy again. We are now both earning ok wages about £44K in total we would still have about 20k left after paying everything off to use as a deposit. I understand we would not get a good interest rate but does anyone know where we would start looking for a mortgage.

_Andy_

What kind of property values would you be looking at?
How recent are the defaults, for what amount (total), and are they satisfied?

longforthesun

Would be looking at buying around 130/135. Defaults are all in the last year. They will be satasfied when we sell the house.

We are thinking of going into rented for 6months so we can pay the debts and get them satasfied and then look at buying.

_Andy_

I think you'd struggle with that kind of deposit.
Maybe a broker on here will confirm but I don't think anyone would lend at that LTV with the recent defaults.
What value were the defaults, altogether?

longforthesun

Defaults are approx 30k worth (sounds awful when you write it down) During the 6 months in rented we could prob get a further 6-8k for a deposit.

To be honest we would be willing to rent for longer than 6months but Ideally do not want to rent for another 5 years till the defaults drop off.