Chances of a mortgage with poor history but large deposit?

Sheffield_Tiger

Had been struggling financially for a while and things did get quite bad 3-4 years ago (lots of nasty letters, a few defaults, repayment arrangements made etc, no CCJs) but managed to turn floundering at the deep end into, I suppose the most suitable analogy is swimming with a lifebelt - no fear of drowning but not able to get out of the pool.

I do have an inheritance due and I estimate, with clearing the debts and allowing a "buffer" for fees and any home improvement/rainy day savings (there's a thought I'd not had for a long while) that I should have around £35K to put down, and looking in the region of £80-100K to buy my first home.

Chances in this climate?

Even perhaps with a 3-year sub-prime deal and changing the mortgage after that?

I will of course be following mse advice re: whole of market mortgage advice when things get moving more, but I'm just wondering whether I am hoping too much in this climate?

herbiesjp

You could be looking at a 65% LTV mortgage or lower.

You may have some options available, but it will depend not only on the deposit you have, but on the actual details of your scenario, and in particular your credit history.

So your first step would be to get an up to date copy of your credit file and then show this to a whole of market adviser.

Having no debts, and just the mortgage, will be a big plus.

However, the adviser would need to see just how "bad" the credit file looked in order to assess whether or not you would be eligible combined with your other details.