FTB - with poor credit history

nomilk

Hi

I am looking for some advice. A few years back I got myself into financial trouble. I ended up having 6 defaults (approx £20k) and a CCJ (under £400). These were from credit cards and 1 loan.

I was in low income job then, and buried my head in the sand.

All my debts have been settled in the past year, with agreeing partial settlements. On credit file shows all as settled. The defaults were from 2006 and 2007.

I have a secure job and my salary is 32k. My wife is on a short term contract but is looking for permanant work.

She will most likely be looking for part time job earning approx 10k.

We have 20k in savings towards a deposit.

Due to my poor credit history, I was wondering if anyone could kindly advise me what our chances would be of getting a mortgage. We are looking at houses between 120-160k.

I would be grateful for any advice.

Many thanks

GMS

nomilk wrote: »

Hi

I am looking for some advice. A few years back I got myself into financial trouble. I ended up having 6 defaults (approx £20k) and a CCJ (under £400). These were from credit cards and 1 loan.

I was in low income job then, and buried my head in the sand.

All my debts have been settled in the past year, with agreeing partial settlements. On credit file shows all as settled. The defaults were from 2006 and 2007.

I have a secure job and my salary is 32k. My wife is on a short term contract but is looking for permanant work.

She will most likely be looking for part time job earning approx 10k.

We have 20k in savings towards a deposit.

Due to my poor credit history, I was wondering if anyone could kindly advise me what our chances would be of getting a mortgage. We are looking at houses between 120-160k.

I would be grateful for any advice.

Many thanks

You would need a 20% deposit minimum most likely. Speak to a 'Whole of Market' broker. There may be options for you

nomilk

Thanks GMS, thats what I thought, and also working towards.

But in my situation, how likely is it? In all honesty, we are being sensible and being realistic with what we can afford.

Do you or anyone know what companies are out there or what kind of rate we would be looking at?

GMS

I know of companies who MAY consider at 80% but I would not name them as I do not know your circumstances.

You are looking at broker only lenders most likely so you really shoudl speak to one. If you fitted elsewhere a broker could usually help with that too.

Doubt HSBC, Post Office etc would do it, but may be worth a call to satisfy your mind