DMP - Credit file / mortgage

Tayoss

I'm after a little advise...I'm nearing the end of a DMP (1 year early due to a PPI claim thanks to this website!). I have 4 default notices on my credit file, not due to drop off till mid 2014. My partner and I are renting currently and desparatley want to buy our own home.

Would we qualify for a 95% mortgage with my debt history and defaults?

Thanks for your help:money:

rising_from_the_ashes

Hi Tayoss & welcome to MSE.

Are the defaults unsettled / part settled or settled?

I'm afraid that it's currently really hard to get mortgages & even people with squeaky clean credit files are being turned down so I really doubt you'd be able to get a mortgage with 4 defaults on your file.

I'd suggest speaking to a mortgage adviser and seeing what they say. Best of luck

endora

I'd say probably not especially if you want to borrow 95%! These days it's hard enough to find a 95% mortgage even with good credit.

You may well be better off waiting till 2014, in the current climate house prices are no longer increasing rapidly as was the case between 1998-2008 so no real need to rush into buying.