Mortgage with large deposit but bad credit

jayplaytoday

Hi

I was wondering if someone could give me some advice on getting a mortgage with a large deposit but bad credit.(now settled)

I have a large deposit of 45% of the house purchase price but have in the last 3 years had several defaults on my credit file, I have in the last few days cleared all of the debts from my credit file and am waiting for them to update the credit history.

Problem is that I have seen a house I really like and need to act quickly and find a mortgage for 140k, I'm also a first time buyer.

Can anyone offer any advice or suggestions on the best Mortgage company's to contact, I have spoke to one broker who could get 89k a month ago but I really need to find the extra 50k somehow.

Thanks in advance for any help.

_Andy_

What is your income (gross annual salary)

jayplaytoday

about 37k including commission (which has been regular for the last 12 months)

_Andy_

and of that was is your basic?

jayplaytoday

27k basic salary

_Andy_

Based on that I can't see a lender offering the full amount you're after.

jayplaytoday

Hi Andy

The commission has been pretty regular in the last 4 years (only missing 1 month per year) would that not be taken into account.
Also the fact the the debts have now been settled but are not yet showing on the experian credit report.

property.advert

How long ago was the last default and how much were they for ? Also, how many ?

How come you have all these defaults but have cash of (140/0.55-140)=£115,000 ?

jayplaytoday

Defaults are all about 3 years old but have being chipping away with payment plan for the last 3 years, so i have been paying what i could at the time.

The deposit is due to inheritance, so i have only just been in a position to clear the debts, I had 6 defaults adding up to about 20k.