What are the chances of getting a Mortgage?

Funkygibbon

What are the chances of me getting a mortgage with the following details.

I've got 2 defaults the are satisfied.
Defaulted on 23/02/2007 satisfied on 05/07/2009
Defaulted on 06/05/2005 satisfied on 05/07/2009
10% Deposit on a £150k house.
Combined income of £45k

Kind Regards

_Andy_

hi

How much were the defaults actually for?

Funkygibbon

Hi,
The amounts are below.

Defaulted on 23/02/2007 satisfied on 05/07/2009 £1113
Defaulted on 06/05/2005 satisfied on 05/07/2009 £1193

Cheers

_Andy_

ISTBC and hopefully a broker on here can confirm but I don't think any lenders offer 90% with adverse (I may well be wrong!)

Wh05apk

Normally at 90% you will need to be squeaky clean, any defaults satisfied less than 12 months will normally decline at most ltv's.

May be worth applying in August (to let july's data refresh) possibly with one of the smaller b/s who don't credit score, but look at individual circumstances, I would suggest you contact a broker.

Funkygibbon

Thanks for the replies!
Will they start looking at me after the 12 months of the defaults being satisfied?

Wh05apk

Some might do, but it won't be easy, the days of "adverse" lenders who would lend to anybody are gone, high street lenders are now able to chose who they lend to, so I think you will need to find a good broker to possibly get a smaller lender to assess individually, assuming there is a good explanation for the defaults.

Funkygibbon

Ok, thanks again!!
What can I do to make it easier to get a mortgage then?

Thanks!

beecher2

Funkygibbon wrote: »

Ok, thanks again!!
What can I do to make it easier to get a mortgage then?

Thanks!

Make sure you aren't late with any payments, ensure you're on the electoral roll, and keep saving. Work out how long it would take you to save 20% deposit if you really set your mind to it.

Funkygibbon

Will having a 20% Deposit make it easier to get a mortgage even with a default?
By the time I've saved up 20% I think I'll only have 1 default against me.

Wh05apk

Without knowing all your details it is difficult to say, but generally the larger % deposit you have the lower the risk to the lender so the more chance of getting it, I really would suggest you contact a broker directly who can fully assess your situation and make specific recommendations.