Advice needed please re moving house and poor history

Lizzieb61

Hi, Up until 3 years ago I'd had a perfect score for my entire adult life. A divorce, financial problems and self employment with a few bad periods has resulted in my current situation. I have just finished a fixed rate mortgage having struggled for the past 4 years since my separation. I defaulted on some of my credit and whilst I have always paid the mortgage, it's been a couple of weeks late on several occasions. I have decided now, for financial and personal reasons that I've had enough and plan to sell my house and either a. move into my mum's annexe for 6 months to regroup, or b. go for a much smaller place and look to have at least half my current mortgage. I expect I will have around £70k to put down on a property around £120- 130k. My self employed accounts show around £17k for the last tax year and I expect the same or a little more for this next tax period. I am on a debt management plan for my debts and plan to settle this once the house is sold.
I would prefer to go straight from this house to a flat rather than go to my mum's for a while.
My question is, am I likely to be able to get a mortgage straight away ( assuming all debts cleared when house is sold), or would I be better to wait 6 months to a year and try then.
Or maybe it's c. no-one will touch me with a barge pole ! I'd appreciate any thoughts. Many thanks, Liz

kingstreet

You'll struggle to get another mortgage on a DMP. You may be better waiting until it's completed before you think about trying.

When you do, talk to an independent or whole market broker.