Yes another not perfect credit record, future application

lufc7

I apologise if this has been asked elsewhere but I would like to get a feeler for the chances of me and my wife getting a mortgage next year once the worst of our adverse data falls off the CRA files(2xold paid off defaults). But there will be an arrangement to pay still showing(card was cleared and closed Oct 2009) we are saving and after clearing all debts last year will have savings approx £13500 saved as a deposit(hopefully more) we will be looking at houses around the 100k - 110k. My wages are £30k and my wife approx £10k(pt due to expensive childcare). With the above info is it likely that someone/anyone will consider us for a mortgage? Other debts are nil,nada not a thing now. Thank you in advance for any encouragement or reality checks

Dave_Ham

You will have a chance for sure with a decent broker and full sight of all of your credit reports.

Stay close to your credit files as like I am sure you are aware these are mega important in your situation.

Good luck

lufc7

Just a bit of a thread bump. Has anyone managed to get mortgages in similar circumstances? And how much effect do old Arrangement to pays have on applications? Cheers

Dave_Ham

Not as much impact as a default or CCJ, more than being late on the odd payment.

May be best to start a new thread and put some specifics down and we will be able to give you more clarity.

If still in an arrangement to pay, it is pretty much a dealbreaker.

lufc7

Cheers Dave for your response, the only reason I tagged onto this thread was because I started it originally with the same sort of question.
Additional info:

Natwest current bank 2x full current accounts(been with them 6+ years) no overdrafts but have never asked or wanted them
Oweing/limit
CC Natwest 0/2000+
CC Aqua. 0/1400+
CC Cap1. 0/1400+
Very. 0/500+

2x defaults for combined total £12000+ satisfied with HSBC, due to fall off CRA in march/April 2013

Due to defaults we are saving as much as we can to be looking for a mortgage post April 2013 after we confirm they have dropped off CRA.

Only adverse data then will be Arrangement to pay which finished in 2009 one for myself and one for the wife both settled.

Earnings approx £30000 and £10000

Other debt £0

Deposit between £13500-20000

Looking at properties unto £100000

Hope this extra info helps with any advice you could give, thank you

Dave_Ham

Hi there,

You could probably get a fair product now, if you can get to 20% deposit.

Aside from that your plan for when the defaults drop off is sound - just do not apply to HSBC as they stay with them internally for longer..

Good luck

lufc7

Thank you for the encouragement, will defo wait till they have dropped off and use the time between now and then to save like mad. We are lucky to be paying very low rent at the moment so will be using it to our advantage while we can, thank you again for your speedy responses