What are my chances?

machairs

The situation is thus;

We have 9 years left to run on a mortgage of around £45000. The property is worth around £135000.

I earn approx £15000 working pt and dh earns approx £19000 working ft.

3 children and horrific childcare bills but we do get CTC of around £10000 per year which more or less offsets the childcare bill.

We also have a lodger and that takes in around £3200 per year.

Based on online calcs it looks like we could get a decent mortgagewhich, added to our equity, would allow us to buy a house big enough (hopefully!) for around £200000 leaving us with a mortgage of £110000 which we intend to pay back over 20 years.

We have a car loan outstanding of £4000 which has about 18 mos left to run. We also have around £5000 on CC's (taking advantage of 0% or low interest rates so they are spread over 3).

Now, I have 3 defaults on my file and I have checked Experian for them. They are for late payments (dim moments when I have been late paying a credit card once and Kays Catalogue twice). Never missed them before nor since.

I suppose what I am asking is would we be considered equally for a mortgage or would we now fall into the "risk" category? Would the large amount of equity we have as a deposit help offset the 3 late payments?

Cannon_Fodder

On the surface, there are enough "dim" moments, that you would not be a straightforward case.

You could try a mortgage broker, who should know which lenders are being less strict.